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

Jun 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2010-05-28

Reporting Person: ZELLER THOMAS J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-06-01	Common Stock	I	72.9408	$28.36	Acquired	6044.0839	Direct
2010-06-01	Common Stock	I	35.2609	$28.36	Acquired	6079.3448	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-28	Phantom Stock Unit	$	A	435.6919	Acquired		Common Stock (435.6919)	Indirect
2010-06-01	Phantom Stock Unit	$	A	142.4258	Acquired		Common Stock (142.4258)	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.