1

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.  20549

                                    FORM 10-Q


             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                       SECURITIES AND EXCHANGE ACT OF 1934

For  the  quarterly period ended June 30, 2002               Commission File No.
0-6119

                             TRI-VALLEY CORPORATION
             (Exact name of registrant as specified in its charter)

DELAWARE                    84-0617433
(State  or  other  jurisdiction of          (I.R.S. Employer Identification No.)
incorporation  or  organization)

       5555 BUSINESS PARK SOUTH, SUITE 200, BAKERSFIELD, CALIFORNIA 93309
                    (Address of principal executive offices)

                                 (661) 864-0500
              (Registrant's telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding  12  months  (or  for such shorter period that the Registrant was
required  to  file  such  reports),  and  (2)  has  been  subject to such filing
requirements  for  the  past  90  days.  Yes  [X  ]    No  [  ]


The  number  of shares of Registrant's common stock outstanding at June 30, 2002
was  19,703,748.

<PAGE>

                             TRI-VALLEY CORPORATION

                                      INDEX
<TABLE>
<CAPTION>


                                                                                                               Page
                                                                                                               ----
<S>                                                                                                             <C>
PART I - FINANCIAL INFORMATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     3

    Item 1.  Consolidated Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     3


    Item 2.  Management's Discussion and Analysis of Financial
                Condition and Results of Operations                                                               8


PART II - OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    12

    Item 1.  Legal Proceedings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    12

    Item 2.  Changes in Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    12

    Item 6.  Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    12

SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    13
</TABLE>




<PAGE>

                                       3

PART  I  -  FINANCIAL  INFORMATION

ITEM  1.  UNAUDITED  CONSOLIDATED  FINANCIAL  STATEMENTS
          ----------------------------------------------

                             TRI-VALLEY CORPORATION
                           CONSOLIDATED BALANCE SHEETS


                                     ASSETS

<TABLE>
<CAPTION>

                               June 30, 2002   Dec 31, 2001
                                  (Unaudited)    (Audited)
                                  ------------  -----------
<S>                               <C>           <C>
Current Assets
  Cash . . . . . . . . . . . . .  $  2,019,640  $   911,913
  Accounts receivable, trade . .       113,499      107,225
  A/R Related Parties. . . . . .         1,000          -0-
  Prepaid expenses . . . . . . .        12,029       12,029
                                  ------------  -----------

    Total Current Assets . . . .     2,146,168    1,031,167
                                  ------------  -----------

Property and Equipment, Net. . .     1,986,080    2,010,457
                                  ------------  -----------

Other Assets
  Deposits . . . . . . . . . . .       104,705      104,705
  Investments in partnerships. .         9,101        9,101
  Other. . . . . . . . . . . . .        13,913       13,913
  Goodwill (net of accumulated
    amortization of $221,439 at
    at December 31, 2001). . . .       212,414      212,414
                                  ------------  -----------

      Total Other Assets . . . .       340,133      340,133
                                  ------------  -----------

      Total Assets . . . . . . .  $  4,472,381  $ 3,381,757
                                  ============  ===========
</TABLE>


<PAGE>
     The  accompanying  notes  are  an  integral  part  of  these
     condensed  financial  statements.

                                        5







                      LIABILITIES AND SHAREHOLDERS' EQUITY
<TABLE>
<CAPTION>


                                         June 30, 2002    Dec. 31, 2001
                                        ---------------  ---------------
<S>                                     <C>              <C>
CURRENT LIABILITIES
  Notes and contracts payable. . . . .  $        7,353   $        8,265
  Trade accounts payable . . . . . . .         340,613          297,001
  Amounts payable to joint venture
    participants . . . . . . . . . . .          62,264           59,631
  Advances from joint venture
    participants . . . . . . . . . . .       4,311,597        2,654,713
                                        ---------------  ---------------

    Total Current Liabilities. . . . .       4,721,827        3,019,610
                                        ---------------  ---------------

Long-term Portion of Notes and
  Contracts Payable. . . . . . . . . .           7,477            8,371
                                        ---------------  ---------------



Shareholders' Equity
  Common stock, $.001 par value:
    100,000,000 shares authorized;
    19,703,748  and  19,689,748 issued
    and outstanding at June 30, 2002
    and Dec. 31, 2001, respectively. .          19,704           19,690
  Less:  Common stock in treasury,
   at cost, 163,925 shares . . . . . .         (21,913)         (21,913)
  Capital in excess of par value . . .       8,760,339        8,746,653
  Accumulated deficit. . . . . . . . .      (9,015,054)      (8,390,654)
                                        ---------------  ---------------

    Total Shareholders' Equity . . . .        (256,923)         353,776
                                        ---------------  ---------------

    Total Liabilities and
      Shareholders' Equity . . . . . .  $    4,472,381   $    3,381,757
                                        ===============  ===============
</TABLE>



<PAGE>

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>


                                               For  the  Three  Months      For  the  Six  Months


                                                    2002         2001          2002          2001
                                             ------------  -----------  ------------  -----------
<S>                                          <C>           <C>          <C>           <C>
Revenues
  Sale of oil and gas . . . . . . . . . . .  $   189,942   $   544,648  $   355,396   $ 1,273,762
  Other income. . . . . . . . . . . . . . .       24,927        64,256       39,998        73,692
  Sale of direct working interest . . . . .      637,390           -0-      637,390           -0-
  Interest income . . . . . . . . . . . . .        4,982         5,242        7,191        16,502
                                             ------------  -----------  ------------  -----------
    Total Revenues. . . . . . . . . . . . .      857,241       614,146    1,039,975     1,363,956
                                             ------------  -----------  ------------  -----------

Cost and Expenses
  Oil and  gas lease expense. . . . . . . .       87,965       146,918      137,688       242,544
  Mining Exploration Expenses . . . . . . .       11,693        21,586       42,817        55,382
  Project geology, geophysics,
    Land & administration . . . . . . . . .      175,035       103,983      266,188       201,954
  Cost of Sale of direct working interest .      627,687           -0-      627,686           -0-
  Depletion, depreciation and amortization.       12,981        13,631       25,963        29,732
  Interest. . . . . . . . . . . . . . . . .          229           435          477         2,756
  General administrative. . . . . . . . . .      301,934       263,387      563,555       515,128
                                             ------------  -----------  ------------  -----------
    Total Cost and Expenses . . . . . . . .    1,217,524       549,940    1,664,374     1,047,496
                                             ------------  -----------  ------------  -----------

Net Income (Loss) . . . . . . . . . . . . .  $  (360,283)  $    64,206  $  (624,399)  $   316,460
                                             ============  ===========  ============  ===========

Diluted Earnings per Share. . . . . . . . .  $       .00   $       .00  $       .00   $       .02
                                             ============  ===========  ============  ===========
Basic Earnings per Share. . . . . . . . . .  $       .00   $       .00  $       .00   $       .02
                                             ============  ===========  ============  ===========
Weighted Average Number of Shares . . . . .   19,703,748    19,661,081   19,703,748    19,661,081
                                             ============  ===========  ============  ===========
</TABLE>

<PAGE>

                                                       7

TRI-VALLEY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)



<TABLE>
<CAPTION>

                                                                For  the  Six  Months
                                                                ---------------------
                                                                  Ended  June  30,
                                                                  ----------------

                                                                   2002          2001
                                                             -----------  -----------
<S>                                                          <C>          <C>
Cash Flows from Operating Activities
  Net loss/profit . . . . . . . . . . . . . . . . . . . . .  $ (624,399)   $  316,460
  Adjustments to reconcile net income
    to net cash used from operating activities:
      Depreciation, depletion and amortization. . . . . . .      25,963        29,732
      Shares issued officer compensation. . . . . . . . . .      11,700           -0-
      Changes in operating capital:
      Amounts receivable-(Increase)decrease . . . . . . . .      (7,274)      391,647
      Trade accounts payable-Increase(decrease) . . . . . .      42,700     (459,834)
      Amounts payable to joint venture
        participants and related parties-Increase(decrease)       2,633     (266,967)
      Advances from joint venture
        Participants-Increase(decrease) . . . . . . . . . .   1,656,884     (382,913)
                                                             -----------  -----------


Net Cash Used by Operating Activities . . . . . . . . . . .   1,108,207     (371,875)
                                                             -----------  -----------

Cash Flows from Investing Activities
  Capital expenditures. . . . . . . . . . . . . . . . . . .      (1,586)    (259,446)
                                                             -----------  -----------

Cash Flows from Financing Activities
    Principal payments on long-term debt. . . . . . . . . .        (894)      (4,248)
  Proceeds from issuance of common stock. . . . . . . . . .       2,000        54,500
                                                             -----------  -----------
      Net Cash Provided (used) by Financing Activities. . .       1,106        50,252
                                                             -----------  -----------

Net Decrease in Cash and Cash Equivalents . . . . . . . . .   1,107,727     (581,069)
Cash and Cash Equivalents at Beginning
  Of Period . . . . . . . . . . . . . . . . . . . . . . . .     911,913     1,373,570
                                                             -----------  -----------

Cash and Cash Equivalents at
  End of Period . . . . . . . . . . . . . . . . . . . . . .  $2,019,640    $  792,501
                                                             ===========  ===========

Supplemental Information:

  Cash paid for interest. . . . . . . . . . . . . . . . . .  $      477    $    2,756

  Cash paid for taxes . . . . . . . . . . . . . . . . . . .  $    5,137    $    7,779





</TABLE>



                             TRI-VALLEY CORPORATION
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                            FOR THE SIX MONTHS ENDED
                             JUNE 30, 2002 AND 2001
                                   (Unaudited)

NOTE  1  -  BASIS  OF  PRESENTATION
            -----------------------

The  financial  information  included  herein  is  unaudited;  however,  such
information  reflects  all  adjustments  (consisting  solely of normal recurring
adjustments),  which  are,  in  the  opinion of management, necessary for a fair
statement  of results for the interim periods. The results of operations for the
six-month  period  ended  June  30,  2002, are not necessarily indicative of the
results  to  be  expected  for  the  full  year.

The  accompanying consolidated financial statements do not include footnotes and
certain  financial  presentations  normally  required  under  generally accepted
accounting  principles;  and,  therefore, should be read in conjunction with the
Company's  Annual  Report  on  Form  10-K  for the year ended December 31, 2001.




NOTE  2  -  PER  SHARE  COMPUTATIONS
            ------------------------

Per  share  computations  are  based  upon the weighted average number of common
shares  outstanding  during each year. Common stock equivalents are not included
in  the  computations  since  their  effect  would  be  anti-dilutive.



<PAGE>

                                       13

ITEM  2.  MANAGEMENT  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
          ----------------------------------------------------------------------
           OF  OPERATIONS
           --------------

BUSINESS  REVIEW

Notice  Regarding  Forward-Looking  Statements
----------------------------------------------

This  report  contains  forward-looking  statements.  The  words,  "anticipate,"
"believe,"  "expect,"  "plan,"  "intend," "estimate," "project," "could," "may,"
"foresee,"  and  similar  expressions  are  intended to identify forward-looking
statements.  These statements include information regarding expected development
of  the Company's business, lending activities, relationship with customers, and
development  in  the oil and gas industry.  Should one or more of these risks or
uncertainties  occur,  or  should underlying assumptions prove incorrect, actual
results  may  vary  materially  and  adversely from those anticipated, believed,
estimated  or  otherwise  indicated.

Petroleum  Activities
---------------------

We  drilled  the Sonata 3-1 in May and began testing and evaluating the results.
We  have  determined  that  the  Sonata 3-1 is a dry hole and will be abandoned.
Subsequent  to  June  30,  2002,  we  decided that we have thoroughly tested and
evaluated  this  Sonata  prospect  and  do  not  believe it will be a successful
project.  Therefore,  we  are discontinuing operations on the Sonata project and
writing  off  all  costs  associated  with  this  play  as  of  June  30,  2002.

We  spudded  the Sunrise-Mayel No. 2-H on July 12, 2002.  We expect the drilling
to  take approximately 20 days after which we will begin testing which will take
another  6  or  7  weeks.

In  the  second  quarter  we  continued to focus on the OPUS-I private placement
memorandum.  The  documentation  was  completed  in mid May and we are currently
pursuing  the  capital  formation  for  this  partnership.  The  OPUS-I  is  a
partnership  to  drill up to 23 individual prospects in California's San Joaquin
Valley  and  up  to  three  prospects  in  Nevada's  Railroad  Valley.


Precious  Metals
----------------

There  has  been no physical activity on our Alaska claim block during the first
two  quarters  of  this year.  We do have plans to drill one deep placer and two
lode  targets  in  the  third  quarter  pending  funding.  However, we did spend
$42,816  on  mining  claims  and  miscellaneous  expenses  during  this  period.








ITEM  2.  MANAGEMENT  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
          ----------------------------------------------------------------------
           OF  OPERATIONS,  CONTINUED
           --------------------------

Three  Months  Ended  June 30, 2002 as compared with Three Months ended June 30,
--------------------------------------------------------------------------------
2001
----

In the quarter ended June 30, 2002, we recorded a net loss of $360,283, compared
to a net gain of $64,206 in the second quarter of 2001.  The main reason for the
loss  was  a  decrease  of  $354,706  (65%)  in oil and gas revenue due to lower
natural  gas  prices  in  2002.  In  the  second  quarter of 2002 we received an
average price of $2.23 per mcf (thousand cubic feet) of our natural gas compared
to  $12.42  per  mcf  for  the same period in 2001.  The decrease in oil and gas
income  approximately  equaled  our  net  loss  for  the  quarter.

Total revenues and total expenses rose in the second quarter of 2002 compared to
2001  because  of  our  drilling  results  on the Sonata project.  In the second
quarter  of  2002,  we  drilled  the Sonata 3-1 well and determined it was a dry
hole.  Shortly  after  the  end  of  the  quarter,  we  decided to cease further
development efforts on the Sonata project.  Because of this decision, as of June
30,  2002,  we  recognized  all  previously  unrecorded  revenue and capitalized
expenditures  pursuant  to  our joint operating agreement for the Sonata 3-1, as
sale  of  direct  working  interest  of  $637,390, and we recorded an offsetting
expense  of $627,687 associated with the well, as cost of sale of direct working
interest.

In  the  second  quarter  2002  we  had  a  decrease of $39,329 in other income,
compared  to the second quarter of 2001, due to receiving no distribution from a
gas  partnership  in  which  we  are  a  non-operating  partner.

Overall,  mainly  as  a result of ceasing operations on the Sonata project, both
total  revenues  and  expenses  rose  in  the second quarter of 2002.  Our total
revenues  rose  by $243,095 to $857,241 in the three months ended June 30, 2002,
compared  to  the  same  period  in  2001.  Total  expenses  rose by $667,584 to
$1,217,524  in  the  quarter,  compared  to  the  same  period  in  2001.

Oil  and gas lease expenses were $58,953 less in the current quarter compared to
the  same  quarter  last  year due to less well work over expenses in 2002.  Our
project  geology,  geophysics,  land and administration costs were higher in the
quarter  ended  June  30,  2002  because of increased land acquisition costs and
geologic work over the same period last year.  Our mining costs are reduced this
year  over  last  year  because  we  did  not have any active Alaska exploration
activities  this  year  due  to  lack  of funds available.  Finally, general and
administrative  expenses  rose by 15% over the same quarter last year mainly due
to  increased  legal  costs associated with the private placement memorandum and
office  lease  expenses.








ITEM  2.  MANAGEMENT  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
          ----------------------------------------------------------------------
           OF  OPERATIONS,  CONTINUED
           --------------------------

Six  Months  Ended  June  30, 2002 as compared to Six Months Ended June 30, 2001
--------------------------------------------------------------------------------

We  had a loss of $624,399 for the current six-month period compared to a profit
of $316,460 for the same six-month period in 2001.  This loss is due mainly from
lower  natural  gas prices in 2002 compared to 2001.  Oil and gas sales revenues
fell  by  $918,276 (72%) in the first half of 2002 compared to the first half of
2001.  In  the  first  six  months of 2002 we averaged $2.55 for our natural gas
compared  to  an  average  of  $11.27  for  the  six months ended June 30, 2001.

Because of the discontinuation of the Sonata project, discussed in the preceding
section,  we  reported  sales of direct working interest of $637,390 for the six
months  ended June 30, 2002. Similarly, and we recorded a cost of sale of direct
working  interest  on  the Sonata project of $627,687 in the six month period in
2002.

We had reduced other income by $33,694 in the first half of 2002 compared to the
first  half of 2001 because of reduced income from a gas partnership in which we
are  a  non-operating  partner.

We  had  a  decrease  in  oil  and  gas lease expense of $104,856 because we had
reduced  work  over  expenses  and  an  increase  of $64,234 in geology and land
acquisition  costs.  Our  general and administrative costs are $48,427 higher in
the  period  ending  June 30, 2002 compared to the same period in 2001.  This is
due  to  increased  legal costs associated with the private placement memorandum
and  increased  rent  for  office  facilities.

Capital  Resources  and  Liquidity
----------------------------------

Current  assets  are  $2,146,168  at  June 30, 2002 compared to $1,031,167 as of
December  31,  2001.  This  is due to an increase of $1,107,727 in cash from our
capital  formation  program  OPUS I.  Current liabilities are $4,721,827 for the
six  months  ended  June  30,  2002  compared to $3,019,610 for the period ended
December  31,  2001.  This  increase  is  due  to  advances  from  joint venture
participants  in  our  drilling  programs.

Operating  Activities.  We  had  a  positive cash flow of $1,108,207 for the six
months  ended June 30, 2002 compared to a negative cash flow of $371,875 for the
same  period  in  2001.  This change is due to funds acquired in 2002 from joint
venture  participants  for  drilling  activity.  Our  primary source of funds is
comprised  of  selling  prospects  and  oil  and  gas  sales.









ITEM  2.  MANAGEMENT  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
          ----------------------------------------------------------------------
           OF  OPERATIONS,  CONTINUED
           --------------------------


Investing  Activities.  In  the  second quarter of 2002, we expensed $227,985 of
capital  expenditures  that  had been capitalized related to the Sonata project,
which  reduced  our  total  capital  expenditures  (which  result  from  lease
acquisitions)  for  the  first six months of 2002 to $1,586 compared to $259,446
for  the  first  half  of  2001

Financing  Activities.  Net  cash  provided  by  financing activities was $1,106
compared  to  $50,252 for the same period in 2001.  This $49,146 decline was due
to  us receiving $54,500 dollars from sales of our common stock in the first six
months  of  2001  compared  to  $2,000  this  year.





































PART  II  -  OTHER  INFORMATION

ITEM  1.     LEGAL  PROCEEDINGS
             ------------------

None

ITEM  2.     CHANGES  IN  SECURITIES
             -----------------------

During  the  quarter  ended  June 30, 2002, we issued 2,000 shares of our common
stock  to  an  individual  in  a  private  transaction pursuant to the exemption
contained  in  Section  4(2)  of  the  Securities  Act  of  1933,  for aggregate
consideration  of  $1,000.  These  shares  were  from  options  exercised  by an
ex-employee.  The  shares  are  restricted  securities,  which  bear  a  legend
restricting  transfer of the shares unless registered or sold under an exemption
from registration requirements under the Securities Act.  The exercise price for
these  shares  was  $.50  each.

ITEM  6.     EXHIBITS  AND  REPORTS  ON  FORM  8-K
             -------------------------------------

(a)     Exhibits
None

(b)  Reports  on  Form  8-K:
           None

<PAGE>
                                   SIGNATURES




     Pursuant  to  the  requirement  of the Securities Exchange Act of 1934, the
Registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  thereunto  duly  authorized.


                        TRI-VALLEY  CORPORATION
                                    (Registrant)



      August  12,  2001      /s/  F.  Lynn  Blystone
                            ------------------------
                             F.  Lynn  Blystone
                             President  and  Chief  Executive  Officer


      August  12,  2001     /s/  Thomas  J.  Cunningham
                            ---------------------------
                            Thomas  J.  Cunningham
                            Secretary,  Treasurer,  Chief  Financial  Officer





                                  CERTIFICATION

Each of the undersigned hereby certifies that this Quarterly Report on Form 10-Q
complies  with  the  requirements  of  Section  13(a) or 15(d) of the Securities
Exchange  Act  of 1934, as amended, and the information contained in such report
fairly represents, in all material respects, the financial condition and results
of  operations  of  the  Company.

      August  12,  2001      /s/  F.  Lynn  Blystone
                              ----------------------
                             F.  Lynn  Blystone
                             President  and  Chief  Executive  Officer


      August  12,  2001     /s/  Thomas  J.  Cunningham
                            ---------------------------
                            Thomas  J.  Cunningham
                            Secretary,  Treasurer,  Chief  Financial  Officer