X0303 4 2010-02-26 0 0000095047 DEER VALLEY CORP DVLY 0001133200 MASTERS CHARLES G 3111 WEST DR. MLK BLVD., SUITE 100 TAMPA FL 33607 1 1 0 0 PRESIDENT & CEO COMMON STOCK 2008-05-09 4 M 0 80000 A 14498 D COMMON STOCK 2008-05-09 4 M 0 33334 A 36090 I BY SPOUSE STOCK OPTION 2010-02-26 4 D 0 100000 D COMMON STOCK 100000 161444 D PREFERRED STOCK 2008-05-09 4 M 0 6000 D COMMON STOCK 80000 241444 D PREFERRED STOCK 2008-05-09 4 M 0 2500 D COMMON STOCK 33334 274778 I SEE FOOTNOTE The Reporting Person converted 6,000 shares of Series A Convertible Preferred Stock into 80,000 shares of common stock. Each share of Series A Convertible Stock converts into 13.34 shares of common stock. As of the date of filing this Form 4, the Reporting Person directly owned 14,498 shares of Common Stock. The Reporting Person's spouse converted 2,500 shares of Series A Convertible Preferred Stock into 33,334 shares of common stock. Each share of Series A Convertible Stock converts into 13.34 shares of common stock. As of the date of filing this Form 4, the Reporting Person beneficially owns, by his spouse, 36,090 shares of Common Stock. The Issuer redeemed from the Reporting Person (a) options exercisable for 50,000 shares of common stock and an exercise price of $1.14, and (b) options exercisable for 50,000 shares of common stock and an exercise price of $1.11. Consists of: (a) 33,334 common shares issuable upon exercise of the Company's Series A Common Stock Purchase Warrant owned by Charles Masters' spouse, (b) 2,024 common shares issuable upon exercise of another of the Company's Series A Common Stock Purchase Warrants owned by Charles Masters' spouse, (c) 16,667 common shares issuable upon exercise of the Company's Series B Common Stock Purchase Warrant owned by Charles Masters' spouse, and (d) 109,419 common shares issuable upon exercise of the Company's Series BD Common Stock Purchase Warrants directly owned by Charles G. Masters. /s/ CHARLES G. MASTERS 2010-03-25