ARTESIAN RESOURCES CORP — Director's Dealing 2004

Aug 3, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARTESIAN RESOURCES CORP (ARTNA)
CIK: 0000863110
Period of Report: 2004-08-03

Reporting Person: THAEDER JOHN M (V.P. of Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-02	Class A Non-Voting Common Stock	O	55	$14	Acquired	3153	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-02	Incentive Stock Option (right to buy)	$14	O	55	Disposed	2009-05-18	Class A Non-Voting Common Stock (55)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Non-Voting Common Stock	3124	Indirect

Footnotes

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