ARTESIAN RESOURCES CORP — Director's Dealing 2004

Jun 25, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: ARTESIAN RESOURCES CORP (ARTNA)
CIK: 0000863110
Period of Report: 2004-05-26

Reporting Person: Taylor Nicholle Renee (Vice President)

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Non-Voting Common Stock	1609	Direct
Class B Common Stock	2625	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Incentive Stock Option (right to buy)	$9.417	2006-05-14	Class A Non-Voting Common Stock (600)		Direct
Incentive Stock Option (right to buy)	$14	2009-05-18	Class A Non-Voting Common Stock (2250)		Direct
Non-Qualified Stock Option (right to buy)	$24.201	2014-05-26	Class A Non-Voting Common Stock (4500)		Direct

Footnotes

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