<SUBMISSION>
<ACCESSION-NUMBER>0001144204-14-004658
<TYPE>5
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20131231
<FILING-DATE>20140129
<DATE-OF-FILING-DATE-CHANGE>20140129
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>DEER VALLEY CORP
<CIK>0000095047
<ASSIGNED-SIC>2451
<IRS-NUMBER>205256635
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>4218  W. LINEBAUGH AVE.
<CITY>TAMPA
<STATE>FL
<ZIP>33624
<PHONE>813-885-5998
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>4218  W. LINEBAUGH AVE.
<CITY>TAMPA
<STATE>FL
<ZIP>33624
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CYTATION CORP
<DATE-CHANGED>20010626
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>COLLEGELINK COM INCORP
<DATE-CHANGED>19991122
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CYTATION COM INC
<DATE-CHANGED>19990318
</FORMER-COMPANY>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>Vicis Capital, LLC
<CIK>0001341950
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>5
<ACT>34
<FILE-NUMBER>000-05388
<FILM-NUMBER>14556519
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>445 PARK AVENUE
<STREET2>SUITE 1043
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
<PHONE>212-909-4600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>445 PARK AVENUE
<STREET2>SUITE 1043
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
</MAIL-ADDRESS>
</REPORTING-OWNER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>Vicis Capital Master Fund
<CIK>0001365954
<STATE-OF-INCORPORATION>E9
<FISCAL-YEAR-END>1231
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>5
<ACT>34
<FILE-NUMBER>000-05388
<FILM-NUMBER>14556520
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>126 EAST 56TH STREET
<STREET2>TOWER 56, SUITE 700
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
<PHONE>212-909-4600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>126 EAST 56TH STREET
<STREET2>TOWER 56, SUITE 700
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>v366437_5.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2013-12-31</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0000095047</issuerCik>
        <issuerName>DEER VALLEY CORP</issuerName>
        <issuerTradingSymbol>DVLY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001341950</rptOwnerCik>
            <rptOwnerName>Vicis Capital, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>445 PARK AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1043</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001365954</rptOwnerCik>
            <rptOwnerName>Vicis Capital Master Fund</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>445 PARK AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1043</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionCoding></transactionCoding>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>12310458</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Vicis Capital Master Fund</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Call Options (obligations to sell)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2013-06-01</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>E</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>1</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2012-03-03</value>
            </exerciseDate>
            <expirationDate>
                <value>2013-06-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Vicis Capital Master Fund</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">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.</footnote>
        <footnote id="F2">On March 30, 2012, Vicis Capital Master Fund entered into a Common Stock Option Agreement with the Issuer. Pursuant to the Option Agreement, the Fund granted the Issuer an option to purchase from the Fund its remaining shares of the Issuer's Common Stock (the &quot;Option&quot;). The Option was exercisable for an aggregate exercise price of (i) $5,300,000 if the Option had been exercised before June 1, 2012; (ii) $6,300,000 if the Option had been exercised between June 2, 2012 and August 1, 2012; (iii) $6,800,000 if the Option had been exercised between August 2, 2012 and December 1, 2012; or (iv) $7,300,000 if the Option had been exercised between December 2, 2012 and June 1, 2013.</footnote>
        <footnote id="F3">The Option Agreement expired pursuant to its terms prior to being exercised by the Issuer. Pursuant to Rule 16(b)-6(d) under the Securities Exchange Act of 1934, as amended, the expiration of the Option qualifies for exemption from Section 16(b).</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Andrew Comito, Compliance Officer, Vicis Capital, LLC</signatureName>
        <signatureDate>2014-01-29</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Andrew Comito, Authorized Representative, Vicis Capital Master Fund</signatureName>
        <signatureDate>2014-01-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
