CHESAPEAKE UTILITIES CORP — Director's Dealing 2003

Oct 10, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CHESAPEAKE UTILITIES CORP (CPK)
CIK: 0000019745
Period of Report: 2003-10-08

Reporting Person: MCMASTERS MICHAEL P (Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-08	Common Stock	M	311	$20.5	Acquired	10386	Direct
2003-10-08	Common Stock	F	262	$24.355	Disposed	10124	Direct
2003-10-08	Common Stock	F	16	$24.355	Disposed	10108	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-10-08	Employee Stock Options (Rights to Buy)	$20.5	M	311	Disposed	2005-12-31	Common Stock (311)	Direct

Footnotes

F1: Of these total shares, 23 are indirectly owned by the wife of Mr. McMasters; 5,290 are indirectly owned through the Company's Retirement Savings Plan (401k); 4,498 represent deferred stock units.