ARTESIAN RESOURCES CORP — Director's Dealing 2005

Mar 16, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARTESIAN RESOURCES CORP (ARTNA)
CIK: 0000863110
Period of Report: 2005-03-14

Reporting Person: KRAEUTER BRUCE P (VP of Engineering and Planning)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-03-14	Class A Non-Voting Common Stock	O	100	$14	Acquired	12280	Direct
2005-03-14	Class A Non-Voting Common Stock	G	100	$14	Disposed	12180	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-03-14	Incentive Stock Option (right to buy)	$14	O	100	Disposed	2009-05-18	Class A Non-Voting Common Stock (100)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Non-Voting Common Stock	1508	Indirect

Footnotes

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