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

Mar 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BLACK HILLS CORP /SD/ (BKH)
CIK: 0001130464
Period of Report: 2010-02-26

Reporting Person: JORGENSEN KAY S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-01	Common Stock	I	24.929	$28.08	Acquired	7614.7471	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-02-26	Phantom Stock Unit	$	A	448.5109	Acquired		Common Stock (448.5109)	Indirect
2010-03-01	Phantom Stock Unit	$	A	156.9640	Acquired		Common Stock (156.9640)	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.