ARTESIAN RESOURCES CORP — Director's Dealing 2007

Jan 18, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARTESIAN RESOURCES CORP (ARTNA)
CIK: 0000863110
Period of Report: 2007-01-16

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-16	Class A Non-Voting Common Stock	X	4500	$7.612	Acquired	9574	Direct
2007-01-16	Class A Non-Voting Common Stock	X	2669	$9.333	Acquired	12243	Direct
2007-01-16	Class A Non-Voting Common Stock	X	2543	$10.278	Acquired	14786	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-16	Incentive Stock Option (right to buy)	$9.333	X	2669	Disposed	2009-05-18	Class A Non-Voting Common Stock (2669)	Direct
2007-01-16	Incentive Stock Option (right to buy)	$10.278	X	2543	Disposed	2010-05-31	Class A Non-Voting Common Stock (2543)	Direct
2007-01-16	Non-Qualified Stock Option (right to buy)	$7.612	X	4500	Disposed	2008-05-27	Class A Non-Voting Common Stock (4500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Non-Voting Common Stock	5368	Indirect
Class A Non-Voting Common Stock	800	Indirect

Footnotes

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

F2: annual incremental vesting