X0202 4 2006-08-31 0 0001130464 BLACK HILLS CORP /SD/ BKH 0001229313 NEWLIN STEPHEN D PO BOX 1400 RAPID CITY SD 57709 1 0 0 0 Common stock 2006-09-01 4 I 0 4.771 35.1833 A 2513.4897 D Phantom Stock Unit 2006-08-31 4 A 0 201.0916 34.81 A Common Stock 0 1684.52 I By Trust Phantom Stock Unit 2006-09-01 4 A 0 15.8 35.1833 A Common Stock 0 1700.32 I By trust 1 for 1 Conversion Ratio Derivative security is exercisable upon retirement under terms of the agreement Derivative security expires upon retirement under terms of the agreement Roxann R. Basham, by power of attorney of Stephen D. Newlin 2006-09-05