1

                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 March 31, 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)

      230 SOUTH MONTCLAIR STREET, SUITE 101, BAKERSFIELD, CALIFORNIA 93309
                    (Address of principal executive offices)

                                 (661) 837-9300
              (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 March 31, 2001
was  19,664,748.

<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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    10

    Item 1.  Legal Proceedings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    10

    Item 2.  Changes in Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    10

    Item 6.  Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    10

SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    11
</TABLE>




<PAGE>

                                       3

PART  I  -  FINANCIAL  INFORMATION

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

                             TRI-VALLEY CORPORATION
                           CONSOLIDATED BALANCE SHEETS


                                     ASSETS

<TABLE>
<CAPTION>

                                  March 31, 2001 Dec. 31, 2000
                                     (Unaudited)     (Audited)
                                     ------------  -----------
<S>                                  <C>           <C>
Current Assets
  Cash. . . . . . . . . . . . . . .  $    995,718  $ 1,373,570
  Accounts receivable, trade. . . .       623,653      813,611
  A/R Related Parties . . . . . . .         3,776        4,750
  Prepaid expenses. . . . . . . . .        12,029       12,029
                                     ------------  -----------

    Total Current Assets. . . . . .     1,635,176    2,203,960
                                     ------------  -----------

Property and Equipment, Net . . . .     1,433,491    1,306,689
                                     ------------  -----------

Other Assets
  Deposits. . . . . . . . . . . . .       100,105      100,105
  Note Receivable . . . . . . . . .       125,000      125,000
  Acquisition Costs . . . . . . . .        51,270       51,270
  Investments in partnerships . . .        29,059       29,059
  Other . . . . . . . . . . . . . .        13,914       13,914
  Well Database (net of accumulated
    amortization of $46,546 at
    March 31, 2001 and $44,788
    at December 31, 2000. . . . . .        62,104       63,862
  Goodwill (net of accumulated
    amortization of $213,305 at
  March 31, 2001 and $210,593
    at December 31, 2000. . . . . .       220,548      223,260
                                     ------------  -----------

      Total Other Assets. . . . . .       602,000      606,470
                                     ------------  -----------

      Total Assets. . . . . . . . .  $  3,670,667  $ 4,117,119
                                     ============  ===========
</TABLE>



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

                                        6







                      LIABILITIES AND SHAREHOLDERS' EQUITY
<TABLE>
<CAPTION>


                                         March 31, 2001     Dec. 31, 2000
                                        ----------------  ---------------
<S>                                     <C>               <C>
CURRENT LIABILITIES
  Notes and contracts payable. . . . .  $        10,554   $       10,672
  Trade accounts payable . . . . . . .          202,548          581,017
  Amounts payable to joint venture
    participants . . . . . . . . . . .          504,677          540,142
  Advances from joint venture
    participants . . . . . . . . . . .        2,185,830        2,517,737
                                        ----------------  ---------------

    Total Current Liabilities. . . . .        2,903,609        3,649,568
                                        ----------------  ---------------

Long-term Portion of Notes and
  Contracts Payable. . . . . . . . . .            9,790           12,038
                                        ----------------  ---------------


Commitments

Shareholders' Equity
  Common stock, $.001 par value:
    50,000,000 shares authorized;
    19,664,748  and  19,554,748 issued
    and outstanding at March 31, 2001
    and Dec. 31, 2000, respectively. .           19,655           19,555
  Less:  Common stock in treasury,
   at cost, 163,925 shares . . . . . .          (21,913)         (21,913)
  Capital in excess of par value . . .        8,716,089        8,666,688
  Accumulated deficit. . . . . . . . .       (7,956,563)      (8,208,817)
                                        ----------------  ---------------

    Total Shareholders' Equity . . . .          757,268          455,513
                                        ----------------  ---------------

    Total Liabilities and
      Shareholders' Equity . . . . . .  $     3,670,667   $    4,117,119
                                        ================  ===============
</TABLE>



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

<TABLE>
<CAPTION>

                                    For  the  Three  Months
                                    -----------------------
                                       Ended  March  31,
                                       -----------------

                                       2001         2000
                                   -----------  -----------
<S>                                <C>          <C>
Revenues
  Sale of oil and gas . . . . . .  $   729,114  $   134,180
  Other income. . . . . . . . . .        9,436      356,545
  Interest income . . . . . . . .       11,260       15,331
                                   -----------  -----------

    Total Revenues. . . . . . . .      749,810      506,056
                                   -----------  -----------


Cost and Expenses
  Oil and gas lease expense . . .       95,626       23,801
  Mining exploration expense. . .       33,796       35,424
  Ekho geology, geophysics,
    Land & administration . . . .       16,138       14,173
  Sunrise geology, geophysics,
    Land & administration . . . .       81,833      111,470
  Depletion, depreciation and
    amortization. . . . . . . . .       16,101       19,861
  Interest. . . . . . . . . . . .        2,321        2,669
  General and administrative. . .      251,741      281,249
                                   -----------  -----------

    Total Cost and Expenses . . .      497,556      488,647
                                   -----------  -----------

Net Income. . . . . . . . . . . .  $   252,254  $    17,409
                                   ===========  ===========


Net Income per Common Share . . .  $       .01  $       .00
                                   ===========  ===========

Weighted Average Number of Shares   19,661,081   19,335,915
                                   ===========  ===========
</TABLE>



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


<TABLE>
<CAPTION>

                                                   For  the  Three  Months
                                                   -----------------------
                                                      Ended  March  31,
                                                      -----------------

                                                     2001          2000
                                                 -----------  ------------
<S>                                              <C>          <C>
Cash Flows from Operating Activities
  Net income. . . . . . . . . . . . . . . . . .  $  252,254   $    17,409
  Adjustments to reconcile net income
    to net cash used from operating activities:
      Depreciation, depletion and amortization.      16,101        19,861
      Changes in operating capital:
      Amounts receivable. . . . . . . . . . . .     190,932       (24,043)
      Deposits. . . . . . . . . . . . . . . . .         -0-          (105)
      Trade accounts payable. . . . . . . . . .    (378,587)      665,791
      Amounts payable to joint venture
        participants and related parties. . . .     (35,465)       35,071
      Advances from joint venture
        participants. . . . . . . . . . . . . .    (331,907)   (1,599,224)
                                                 -----------  ------------


Net Cash Used by Operating Activities . . . . .    (286,672)     (885,240)
                                                 -----------  ------------

Cash Flows from Investing Activities
  Capital expenditures. . . . . . . . . . . . .    (138,433)      (40,806)
                                                 -----------  ------------

Cash Flows from Financing Activities
    Principal payments on long-term debt. . . .      (2,248)       (2,168)
  Proceeds from issuance of common stock. . . .      49,501        82,960
                                                 -----------  ------------
      Net Cash Provided by Financing Activities      47,253        80,792
                                                 -----------  ------------

Net Increase in Cash and Cash Equivalents . . .    (377,852)     (845,254)
Cash and Cash Equivalents at Beginning
  Of Period . . . . . . . . . . . . . . . . . .   1,373,570     8,050,469
                                                 -----------  ------------

Cash and Cash Equivalents at
  End of Period . . . . . . . . . . . . . . . .  $  995,718   $ 7,205,215
                                                 ===========  ============

Supplemental Information:

  Cash paid for interest. . . . . . . . . . . .  $    2,321   $     2,669
                                                 -----------  ------------

  Cash paid for taxes . . . . . . . . . . . . .  $      -0-   $     5,958
                                                 -----------  ------------
</TABLE>



<PAGE>

                                        7

                             TRI-VALLEY CORPORATION
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                           FOR THE THREE MONTHS ENDED
                             MARCH 31, 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
three  month  period ended March 31, 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-K  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.



<PAGE>
                                        9

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 Ekho No. 1 well in the fiscal year 2000.  However we encountered
"tight"  sands  that  require  artificial fracturing of the oil-bearing zones to
enable  the  well  to  be  completed  as  a commercial well.  All but one of our
Canadian  partners  were  financially  unable  to continue with this project and
unfortunately  were  forced to withdraw.  Consequently, we are in the process of
attracting  new  partners  to  participate  in  completing  this  project.

We  drilled  the  Sunrise-Mayel  No.  1 in December of 2000 and during the first
quarter of 2001 we hydraulically fractured, 'frac-ed', a lower zone in the well.
We  were not satisfied with those results and in April we fractured another zone
and  are  analyzing that data.  Additionally during the first quarter of 2001 we
reworked  the  Hanson  3  and  4  to  increase  production.

Currently  we are in the process of permitting for the drilling of a well in our
Sonata  prospect.  The  actual date of drilling will depend on the time it takes
to  get  a  permit and contract a drilling rig.  We are not able to contract the
drilling  rig  until the permit is issued.  It has generally been taking 60 days
for  this  permitting  process.

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

There  was  no  exploration activity on our Alaska project in the first quarter.
Normally  our  activity  begins  there  in late May or early June due to weather
constraints.  Again  this season, as in years past, a team of Russian scientists
from  TsNIGRI,  the Russian Mineral Institute, will be performing field research
activities  under  our  joint  scientific  research  agreement.








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

Three  Months Ended March 31, 2001 as compared with Three Months ended March 31,
--------------------------------------------------------------------------------
2000
----

The  Company  had revenues of $749,810 for the three months ended March 31, 2001
an  increase  of $506,056 (207%), over revenues of $243,754 for the three months
ended March 31, 2000.  For the first quarter of 2001, the Company recorded a net
profit of $252,254 compared to a profit of $17,409 in the first quarter of 2000.
The increase in revenues and profits for the first three months of 2001 resulted
from  increased  natural  gas  prices  paid  for  our  production  in  Northern
California.  The  Company  received $729,114 from oil and gas sales in the first
quarter  of  2001,  an  increase  of  $594,934  (443%) over oil and gas sales of
$134,180  in  the  first quarter of 2000.  In the first quarter of 2000, we sold
interest in a prospect to third parties,  therefore our "other income",  in 2000
was  greater  than  the  comparable  period  in  2001.

Costs  and expenses were $497,556 for the quarter ended March 31, 2001, compared
to  $488,647  for  the  same  period for 2000.  This increase was due in part to
expenses  incurred  for  the two Hanson wells being reworked.  The Sunrise GGL&A
costs  were  $81,833 for the quarter ended March 31, 2001 due to lease renewals.
In  the  same quarter in 2000 related costs of $111,470 were recognized as costs
related  to  the  sale  of  the  Sunrise-Mayel  prospect.

General  and Administrative costs decreased $29,500 for this quarter compared to
the  same  quarter  in  2000.  This  decrease was due to reduced legal expenses.

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

At  March  31,  2001,  we  had  current  assets  totaling $1,635,176 and current
liabilities  totaling  $2,903,609.  This  was  a  decrease  of current assets of
$568,784  from  December 31, 2000.  This decrease was from expenses incurred and
paid  related  to  the  drilling  of  the  Sunrise  Mayel  #1.

Operating  Activities.  For the three months ended March 31, 2001, cash provided
by  operating  activities  is  a  deficit  of  $286,672 compared to a deficit of
$885,240 at March 31, 2000.  This was due to operations related to Sunrise-Mayel
No.  1.

Financing  Activities.  For  the  three months ended March 31, 2001, the Company
received  $49,501  (net  of  selling  expenses) from selling its common stock in
private  transactions.
<PAGE>

                                       11

PART  II  -  OTHER  INFORMATION

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

None

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

During  the  first quarter of 2001, we issued 110,000 shares of our common stock
to  3 individuals in private transactions pursuant to the exemption contained in
Section  4(2)  of  the  Securities  Act  of 1933, for aggregate consideration of
$50,000.   The  shares  sold  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
(27)  Financial  Data  Schedule

(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)



      May  10,  2001      /s/  F.  Lynn  Blystone
                         ------------------------
                          F.  Lynn  Blystone
                          President  and  Chief  Executive  Officer


      May  10,  2001     /s/  Thomas  J.  Cunningham
                         ---------------------------
                         Thomas  J.  Cunningham
                         Secretary, Treasurer, Chief Financial Officer