CHESAPEAKE UTILITIES CORP — Director's Dealing 2005

Jan 4, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CHESAPEAKE UTILITIES CORP (CPK)
CIK: 0000019745
Period of Report: 2004-12-31

Reporting Person: MCMASTERS MICHAEL P (Senior Vice President and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-31	Common Stock	M	862	$20.5	Acquired	18317	Direct
2004-12-31	Common Stock	F	76	$26.7	Disposed	18241	Direct
2004-12-31	Common Stock	F	662	$26.7	Disposed	17579	Direct
2004-12-31	Common Stock	P	0	—	Acquired	24	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-31	Employee Stock Options (Rights to Buy)	$20.5	M	862	Disposed	2005-12-31	Common Stock (862)	Direct

Footnotes

F1: Of these shares, 6,235 are indirectly owned via the Company's Retirement Savings Plan (401k) and 9,744 represent deferred stock units that will be settled automatically on a one-for-one basis in common stock.

F2: These shares were previously reported as directly owned by Mr. McMasters.