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: ZELLER THOMAS J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-09-01	Common Stock	I	68.572	$31.08	Acquired	6213.640	Direct
2010-09-01	Common Stock	I	32.175	$31.08	Acquired	6245.815	Direct

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	136.3690	Acquired		Common Stock (136.3690)	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.