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

Sep 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2010-08-31

Reporting Person: EBERTZ DAVID C (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-08-31	Phantom Stock Unit	$	A	410.7788	Acquired		Common Stock (410.7788)	Indirect
2010-09-01	Phantom Stock Unit	$	A	131.7124	Acquired		Common Stock (131.7124)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6596.1705	Direct

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.