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

                                   FORM 10-QSB


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

For  the  quarterly period ended September 30, 2001    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 September 30,
2001  was  19,689,748.

<PAGE>

                             TRI-VALLEY CORPORATION

                                      INDEX
<TABLE>




                                                                     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. . . . . . . . . . . . . . . . . .              11

    Item 1.  Legal Proceedings . . . . . . . . . . . . . . . .              11

    Item 2.  Changes in Securities . . . . . . . . . . . . . .              11

    Item 6.  Exhibits and Reports on Form 8-K. . . . . . . . .              11

SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . .              12







<PAGE>


PART I - FINANCIAL INFORMATION

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

                          TRI-VALLEY CORPORATION
                       CONSOLIDATED BALANCE SHEETS


                               ASSETS

                               September 30, 2001.  Dec. 31, 2000



                                      (Unaudited)    (Audited)
                                     ------------  -----------
<S>                                  <C>           <C>
Current Assets
  Cash. . . . . . . . . . . . . . .  $    673,919  $ 1,373,570
  Accounts receivable, trade. . . .       127,089      813,611
  A/R Related Parties . . . . . . .         1,000        4,750
  Prepaid expenses. . . . . . . . .        12,029       12,029
                                     ------------  -----------

    Total Current Assets. . . . . .       814,037    2,203,960
                                     ------------  -----------

Property and Equipment, Net . . . .     1,932,107    1,306,689
                                     ------------  -----------

Other Assets
  Deposits. . . . . . . . . . . . .       104,705      100,105
  Note Receivable . . . . . . . . .       125,000      125,000
  Acquisition Costs . . . . . . . .        51,270       51,270
  Investments in partnerships . . .        29,059       29,059
  Other . . . . . . . . . . . . . .        13,913       13,914
  Well Database (net of accumulated
    amortization of $50,062 at
    Sept. 30, 2001 and $44,788
    at December 31, 2000. . . . . .        58,588       63,862
  Goodwill (net of accumulated
    amortization of $218,728 at
  Sept 30, 2001 and $210,593
    at December 31, 2000. . . . . .       215,125      223,260
                                     ------------  -----------

      Total Other Assets. . . . . .       597,660      606,470
                                     ------------  -----------

      Total Assets. . . . . . . . .  $  3,343,804  $ 4,117,119
                                     ============  ===========
</TABLE>



<PAGE>

     The  accompanying  notes  are  an  integral  part  of  these
     condensed  financial  statements.
                              3








                      LIABILITIES AND SHAREHOLDERS' EQUITY
<TABLE>
<CAPTION>


                                         September 30, 2001     Dec. 31, 2000
                                        --------------------  ---------------
<S>                                     <C>                   <C>
CURRENT LIABILITIES
  Notes and contracts payable. . . . .  $            10,554   $       10,672
  Trade accounts payable . . . . . . .              165,743          581,017
  Amounts payable to joint venture
    participants . . . . . . . . . . .               95,074          540,142
  Advances from joint venture
    participants . . . . . . . . . . .            2,408,698        2,517,737
                                        --------------------  ---------------

    Total Current Liabilities. . . . .            2,680,069        3,649,568
                                        --------------------  ---------------

Long-term Portion of Notes and
  Contracts Payable. . . . . . . . . .                6,934           12,038
                                        --------------------  ---------------


Commitments

Shareholders' Equity
  Common stock, $.001 par value:
    100,000,000 shares authorized;
    19,689,748  and  19,554,748 issued
    and outstanding at Sept 30, 2001
    and Dec. 31, 2000, respectively. .               19,689           19,555
  Less:  Common stock in treasury,
   at cost, 163,925 shares . . . . . .              (21,913)         (21,913)
  Capital in excess of par value . . .            8,723,554        8,666,688
  Accumulated deficit. . . . . . . . .           (8,064,529)      (8,208,817)
                                        --------------------  ---------------

    Total Shareholders' Equity . . . .              656,801          455,513
                                        --------------------  ---------------

    Total Liabilities and
      Shareholders' Equity . . . . . .  $         3,343,804   $    4,117,119
                                        ====================  ===============
</TABLE>



<PAGE>

     The  accompanying  notes  are  an  integral  part  of  these
     condensed  financial  statements.
                                   4


                             TRI-VALLEY CORPORATION
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                          For  the  Three  Months     For  the  Nine  Months


                                                                2001          2000          2001         2000
                                                         ------------  ------------  -----------  -----------
<S>                                                      <C>           <C>           <C>          <C>
Revenues
  Sale of oil and gas . . . . . . . . . . . . . . . . .  $   177,904   $   231,055   $ 1,451,666  $   570,139
  Other income. . . . . . . . . . . . . . . . . . . . .      116,351       103,164       190,043    1,531,441
  Interest income . . . . . . . . . . . . . . . . . . .        4,305        29,948        20,807       72,810
                                                         ------------  ------------  -----------  -----------
    Total Revenues. . . . . . . . . . . . . . . . . . .      298,560       364,167     1,662,516    2,174,390
                                                         ------------  ------------  -----------  -----------

Cost and Expenses
  Oil and gas lease expense . . . . . . . . . . . . . .       45,765        22,379       288,309       85,089
  Mining exploration expenses . . . . . . . . . . . . .       70,347        73,719       125,729      123,622
  Project geology, geophysics,
    land & administration . . . . . . . . . . . . . . .       54,137        74,668       256,091      395,991
  Cost of sale of asset . . . . . . . . . . . . . . . .          -0-           -0-           -0-      394,240
  Depletion, depreciation and amortization. . . . . . .       16,102        19,860        45,834       59,582
  Interest. . . . . . . . . . . . . . . . . . . . . . .          690         4,783         3,446       12,581
  General administrative. . . . . . . . . . . . . . . .      283,691       337,151       798,819      965,390
                                                         ------------  ------------  -----------  -----------
    Total Cost and Expenses . . . . . . . . . . . . . .      470,732       532,560     1,518,228    2,036,495
                                                         ------------  ------------  -----------  -----------

Net Income/(Loss) . . . . . . . . . . . . . . . . . . .  $  (172,172)  $  (168,393)  $   144,288  $   137,895
                                                         ============  ============  ===========  ===========

Net Income (Loss) per Common Share. . . . . . . . . . .  $      (.01)  $      (.01)  $       .01  $       .01
                                                         ============  ============  ===========  ===========

Weighted Average Number of Shares . . . . . . . . . . .   19,689,748    19,548,081    19,689,748   19,548,081
                                                         ============  ============  ===========  ===========


<PAGE>
  The accompanying notes are an integral part of these
  condensed financial statements.
                                                                   5


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




<CAPTION>

                                                           For  the  Nine  Months
                                                           ----------------------
                                                              Ended  Sept.  30,
                                                              -----------------

                                                              2001          2000
                                                       -----------  ------------
<S>                                                     <C>          <C>
Cash Flows from Operating Activities
  Net loss/profit. . . . . . . . . . . . . . . . . . .  $  144,288   $   137,895
  Adjustments to reconcile net income
    to net cash used from operating activities:
      Depreciation, depletion and amortization . . . .      45,834        59,582
      Changes in operating capital:
      Amounts receivable . . . . . . . . . . . . . . .     690,272      (123,039)
      Deposits . . . . . . . . . . . . . . . . . . . .      (4,600)         (105)
      Trade accounts payable . . . . . . . . . . . . .    (420,496)      419,595
      Amounts payable to joint venture
        participants and related parties . . . . . . .    (445,068)      105,589
      Advances from joint venture
        participants . . . . . . . . . . . . . . . . .    (109,039)   (6,130,746)
                                                        -----------  ------------


Net Cash Used by Operating Activities. . . . . . . . .     (98,809)   (5,531,229)
                                                        -----------  ------------

Cash Flows from Investing Activities
  Capital expenditures . . . . . . . . . . . . . . . .    (652,738)     (206,330)
                                                        -----------  ------------

Cash Flows from Financing Activities
    Principal payments on long-term debt . . . . . . .      (5,104)       (6,589)
  Proceeds from issuance of common stock . . . . . . .      57,000       256,100
                                                        -----------  ------------
      Net Cash Provided (used) by Financing Activities      51,896       249,511
                                                        -----------  ------------

Net Decrease in Cash and Cash Equivalents. . . . . . .    (699,651)   (5,488,048)
Cash and Cash Equivalents at Beginning
  Of Period. . . . . . . . . . . . . . . . . . . . . .   1,373,570     8,050,469
                                                        -----------  ------------

Cash and Cash Equivalents at
  End of Period. . . . . . . . . . . . . . . . . . . .  $  673,919   $ 2,562,421
                                                        ===========  ============

Supplemental Information:

  Cash paid for interest . . . . . . . . . . . . . . .  $    3,446   $    12,581
                                                        ===========  ============

  Cash paid for taxes. . . . . . . . . . . . . . . . .  $    7,779   $     6,678
                                                        ===========  ============
</TABLE>



<PAGE>
  The accompanying notes are an integral part of these
  condensed financial statements.
                                       6




                             TRI-VALLEY CORPORATION
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                            FOR THE NINE MONTHS ENDED
                           SEPTEMBER 30, 2001 AND 2000
                                   (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
nine-month  period  ended  September 30, 2001, 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-KSB for the year ended December 31, 2000.




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.




NOTE  3  -  RECENT  ACCOUNTING  PRONOUNCEMENTS
            ----------------------------------

In  July  2001  the  Financial  Accounting  Standards  Board issued Statement of
Financial  Accounting  Standards  (SFAS) No. 142, "Goodwill and Other Intangible
Assets."  This  standard  becomes  effective  for  fiscal  years beginning after
December 15, 2001.  Beginning in the first quarter of fiscal 2002, goodwill will
no  longer  be  amortized  but  will be subject to annual impairment tests.  All
other  intangible  assets  will  continue  to  be amortized over their estimated
useful  lives.  Goodwill  existing  at  September  30, 2001, will continue to be
amortized  through  the end of fiscal 2001.  Through the end of fiscal 2001, the
company  will  test goodwill for impairment using the current method, which uses
an  un-discounted  cash  flow  test.


<PAGE>
ITEM 2.  MANAGEMENT'S 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
---------------------

For  the  nine months ended September 30, 2001 we have continued to evaluate the
Ekho  No.  1  with  the  assistance of a team of expertsWe currently are in the
process  of  finding  interested  parties  to invest in the project to hopefully
bring  it  into  completed,  producing  status.

We  continue  to  endeavor  to  bring  the  appropriate parties into the Sunrise
Natural  Gas  Project.  Our efforts will require one or more horizontal wells to
be drilled.  We anticipate initially four wells will be drilled to determine the
aerial  extent of the project.  Ultimately this project could require as many as
forty  wells  for  full  development.

We  are  planning  on drilling at least one well in our Sonata gas prospect this
year,  which  is  west of the Sunrise Project Area.  With the Sunrise and Sonata
projects,  Tri-Valley  has over 12,000 acres in the middle of the McClure Shale.

Natural  gas  prices  began  the  year  at historic highs but have more recently
fallen.  We sold gas for as much as $14.64 per Mcf early in the year, but in the
third  quarter  we  also  sold for as low as $2.71.  We believe that natural gas
prices will continue to be volatile (especially in California) for the remainder
of  2001  and  possibly  for  years.

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

The  Russian  scientists  from  TsNIGRI, the Russian Mineral Institute in Moscow
began  this years' activity for Tri-Valley the latter part of July.  Our efforts
continue to obtain sufficient data to enable a joint venture with a major mining
company  for  exploration  of  our  Alaska  claims,  similar  to the Placer Dome
arrangement  of  the  previous  two years that ended at the end of 2000.  Placer
Dome  withdrew  from  the joint venture primarily due to the continued low price
for  gold,  which  led  to  a reduction in most exploratory project worldwide by
almost  all  large  mining  companies.

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

Three  Months Ended Sept. 30, 2001 as compared with Three Months ended Sept. 30,
--------------------------------------------------------------------------------
2000
----

In the quarter ended September 30, 2001 total revenue decreased $65,607 compared
to  the  same quarter in the year 2000.  This decrease was due to a reduction in
natural  gas  sales in the period ending September 30, 2001.  We had oil and gas
sales of $231,055 in the third quarter of 2000 compared to $177,904 for the same
period  in  2001  a  reduction of $53,151.  Other income was $13,187 higher this
period  compared  to  the same period in 2000.  Interest income was $25,643 less
for  this  period  versus  the  same period in 2000 because we had less funds on
deposit  in  interest  bearing  accounts,  awaiting expenditures on drilling and
completion  of  wells

Costs  and  expenses  decreased to $470,732 for the quarter ending September 30,
2001 from $532,560 for the same period in 2000.  Oil and gas lease expenses were
$23,386  higher  in  the  period  ending  September  30,  2001, due to work over
expenses  on  the  Hanson  wells. Geologic, geophysical, land and administration
costs  were  $20,531  less  this  period  compared  to  the same period in 2000.
General  and Administrative costs were $53,460 less for this quarter compared to
the  same  period  last  year due to reduced legal expenses related to a lawsuit
that  ended  in  2000.

We had a loss of $172,172 for the three months ended September 30, 2001 compared
to  a  loss  of  $168,393  for  the  same  period  in  2000.

Nine  Months  Ended  Sept.  30,  2001  as  compared  to  September  30,  2000
-----------------------------------------------------------------------------

We  had total revenue of $1,662,516 for the nine months ended September 30, 2001
compared  to revenue of $2,174,390 for the same period in 2000.  Revenue for the
period  in  2000 included revenue from the sale of the Sunrise Prospect in 2000;
we  have  not  had  a  corresponding  sale  in  2001.  For the nine months ended
September 30, 2001, we had a 254% increase in oil and gas sales due to increased
natural gas prices for the nine months ended September 30, 2001, compared to the
same period in 2000.  Other income was $1,341,398 less for the nine months ended
September  30, 2001 compared to the same period last year.  This decrease is due
to  revenue  received  in 2000 for the sale of a prospect.  We have not sold any
prospects  in  2001.  Interest  income  was down $52,003 for the current year to
date  nine  months  because  we  had  less  funds on deposit in interest bearing
accounts,  awaiting  expenditures  on  drilling  and  completion  of  wells.

Costs  and  expenses  were  $1,518,228  in  the period ending September 30, 2001
compared  to $2,036,495 for the same period in 2000.  Oil and gas lease expenses
were  up  for the first nine months due to the Company doing re-works of several
of  its  wells.  Project  geology,  geophysics,  land  and  administration  were
$139,900  less  this  year  due  to costs in 200 related to the Sunrise Project.
Cost  of sale of assets is $394,240 less this period compared to the same period
in  2000  due  to the sale of the Sunrise prospect in 2000.  Interest expense is
$9,135 less this period ending September 30, 2001 compared to the same period in
2000.  General  and Administrative costs were $166,571 less due to reduced legal
expenses  related

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


to  the  lawsuit.

Net  income,  for the nine months ended September 30, 2001, is $144,288 compared
to  $137,895  for  the  same  period  in  2000.

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

We  had  current assets at September 30, 2001 of $814,037 compared to $2,203,960
for  the  period ending December 31,2000.  This decrease was due to reduction of
cash  and reduction in accounts receivable.  Current liabilities were $2,680,069
for  the  period  ended  September  30, 2001 compared to $3,649,568 for the year
ending  December  31,  2000.  This  reduction was due to a reduction in accounts
payable  and  reduction  in  advances  from  joint  venture  participants.

Operating  Activities.  Cash  provided by operations were deficit of $98,809 for
the nine months ended September 30, 2001 compared to a deficit of $5,531,229 for
the  same period  in 2000.  This was due to reduced expenditures of the drilling
operations  for  the  Sunrise well. The $389,169 decrease in advances from joint
venture  participants  at  September 30, 2001 is due to the expenditure of funds
used  for  the  drilling  activity  on  the  Sunrise  Project  and Project Ekho.

Financing  Activities.  Net  cash  provided  by  financing  activities decreased
$197,615  for  the period ended September 30, 2001, over the same period in 2000
due  to  the  reduced  amount  of sales of the Company's common stock in private
transactions.




















PART  II  -  OTHER  INFORMATION

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

None

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

During  the  quarter  ended  September  30,  2001, we issued 5,000 shares of our
common  stock  to  one  ex-employee  who  exercised  stock  options in a private
transaction  pursuant  to  the  exemption  contained  in  Section  4(2)  of  the
Securities  Act  of  1933,  for  aggregate  consideration of $2,500.  The shares
sold/issued  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.

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




      November  14,  2001          /s/  F.  Lynn  Blystone
                                  ------------------------
                                   F.  Lynn  Blystone
                                   President  and  Chief  Executive  Officer


      November  14,  2001          /s/  Thomas  J.  Cunningham
                                   ---------------------------
                                   Thomas  J.  Cunningham
                                   Secretary, Treasurer, Chief Financial Officer