ARTESIAN RESOURCES CORP — Director's Dealing 2004

Nov 10, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARTESIAN RESOURCES CORP (ARTNA)
CIK: 0000863110
Period of Report: 2004-11-08

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-08	Class A Non-Voting Common Stock	O	63	$9.4167	Acquired	2637	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-08	Incentive Stock Option (right to buy)	$9.4167	O	63	Disposed	2006-05-14	Class A Non-Voting Common Stock (63)	Direct

Holdings (Non-Derivative)

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

Footnotes

F1: shares become exercisable in 20% annual increments over five years begining one year from the date of grant