SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Vicis Capital, LLC (Last) (First) (Middle) 126 E. 56TH STREET TOWER 56, SUITE 700 (Street) NEW YORK NY 10022 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 05/10/2007	3. Issuer Name and Ticker or Trading Symbol DEER VALLEY CORP [ DVLY.OB ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, $0.001 par value per share	1,120,153	I(1)	By Vicis Capital Master Fund

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A Cnvrtble Preferred Stock, $.01 par value per share	(2)	(3)	Common Stock, $0.001 par value per share	600,000	$0.75	I(1)	By Vicis Capital Master Fund
Series E Cnvrtble Preferred Stock, $.01 par value per share	(2)	(3)	Common Stock, $0.001 par value per share	750,000	$.00	I(1)	By Vicis Capital Master Fund
Series B Warrant to Purchase Common Stock	08/11/2006	03/07/2013	Common Stock, $0.001 par value per share	3,000,000	$2.25	I(1)	By Vicis Capital Master Fund
Series D Warrant to Purchase Common Stock	08/11/2006	03/09/2013	Common Stock, $0.001 par value per share	2,000,000	$0.75	I(1)	By Vicis Capital Master Fund
Series F Warrant to Purchase Common Stock	07/23/2007	07/23/2012	Common Stock, $0.001 par value per share	250,000	$2.25	I(1)	By Vicis Capital Master Fund
Series F Warrant to Purchase Common Stock	11/16/2006	11/16/2011	Common Stock, $0.001 par value per share	750,000	$2.25	I(1)	By Vicis Capital Master Fund

1. Name and Address of Reporting Person* Vicis Capital, LLC (Last) (First) (Middle) 126 E. 56TH STREET TOWER 56, SUITE 700 (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Vicis Capital Master Fund (Last) (First) (Middle) 126 EAST 56TH STREET TOWER 56, SUITE 700 (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Represents the indirect holdings of Vicis Capital LLC. All of the foregoing represents securities held directly by Vicis Capital Master Fund. Vicis Capital LLC acts as investment advisor to Vicis Capital Master Fund and therefore has voting and dispositive power over all the foregoing shares. For the purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, Vicis Capital LLC may be deemed to be the beneficial owner of, but hereby disclaims such beneficial ownership of, the foregoing shares.

2. Immediately.

3. None.

	/s/ Keith Hughes, Authorized Representative of Vicis Capital LLC and Vicis Capital Master Fund	04/01/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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