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ARTESIAN RESOURCES CORP Director's Dealing 2004

Nov 16, 2004

33212_dirs_2004-11-16_58f29d56-1587-4c37-82ef-bf71440739a3.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARTESIAN RESOURCES CORP (ARTNA)
CIK: 0000863110
Period of Report: 2004-11-15

Reporting Person: SPACHT DAVID B (VP, CFO and Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-15	Class A Non-Voting Common Stock	O	1250	$10.35	Acquired	3887	Direct
2004-11-15	Class A Non-Voting Common Stock	O	250	$11.4187	Acquired	4137	Direct
2004-11-15	Class A Non-Voting Common Stock	S	1500	$28	Disposed	2637	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-15	Non-Qualified Stock Option (right to buy)	$10.35	O	1250	Disposed	2007-05-28	Class A Non-Voting Common Stock (1250)	Direct
2004-11-15	Non-Qualified Stock Option (right to buy)	$11.4187	O	250	Disposed	2008-11-27	Class A Non-Voting Common Stock (250)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Non-Voting Common Stock	213	Indirect