BLACK HILLS CORP /SD/ — Director's Dealing 2010

Dec 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2010-11-30

Reporting Person: NEWLIN STEPHEN D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-01	Common Stock	I	7.213	$30.94	Acquired	2627.1802	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-11-30	Phantom Stock Unit	$	A	411.8616	Acquired		Common Stock (411.8616)	Indirect
2010-12-01	Phantom Stock Unit	$	A	108.2297	Acquired		Common Stock (108.2297)	Indirect

Footnotes

F1: 1 for 1 Conversion Ratio

F2: Derivative Security is exercisable upon retirement under terms of the agreement.

F3: Derivative Security expires upon retirement under terms of the agreement.