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<TITLE>Form 8-K Mallon</TITLE>
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<H1 align=center><FONT face="Times New Roman, Times, Serif" size=4>SECURITIES
AND EXCHANGE COMMISSION </FONT></H1><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Washington, D.
C. 20549 </FONT></P><BR><BR><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Form 8-K
</FONT></P><BR><BR><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" --><A
name=A001></A>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>CURRENT REPORT
</FONT></P><BR><BR><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" --><A
name=A002></A>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to
Section 13 or 15(d) of<BR>the Securities Exchange Act of 1934 </FONT></P><BR><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>March 10,
2003<BR>(Date of earliest event reported)</FONT></P><BR><BR><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>BLACK HILLS
CORPORATION<BR>(Exact name of Registrant as specified in its charter)
</FONT></P>
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    <TR vAlign=bottom>
    <TH colSpan=3><FONT face="Times New Roman, Times, Serif" size=1></FONT></TH>
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    <TH colSpan=3><FONT face="Times New Roman, Times, Serif"
  size=1></FONT></TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="31%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Dakota</FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="3%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=center width="28%"><FONT face="Times New Roman, Times, Serif"
      size=2>001-31303</FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="3%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=center width="31%"><FONT face="Times New Roman, Times, Serif"
      size=2>46-0458824</FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>(State of
      Incorporation)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>(Commission File No.)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>(IRS
      Employer</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>(Identification Number)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR></TABLE><BR><BR><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>625 Ninth
Street<BR>P. O. Box 1400<BR>Rapid City, South Dakota 57709<BR>(Address of
principal executive offices)</FONT></P><BR><BR><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>(605)
721-1700<BR>(Registrant's telephone number, including area code) </FONT></P><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Not
Applicable<BR>(Former name or former address if changed since last report)
</FONT></P>

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<BR>
Item 2.&nbsp;&nbsp;Acquisition or Disposition of Assets. <!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March 10, 2003, the
Registrant acquired Mallon Resources Corporation ("Mallon"). The acquisition was
effected through the merger (the "Merger") of Black Hills Acquisition Corp., a
wholly-owned subsidiary of the Registrant, with and into Mallon, with Mallon as
the surviving corporation. Mallon is now a wholly-owned subsidiary of the
Registrant. Pursuant to the Merger, each issued and outstanding share of Mallon
common stock was converted into .044 of a share of the Registrant's common
stock. After the Merger, former Mallon shareholders collectively own less than
two percent of the Registrant's outstanding common stock. </FONT></P><!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger will be
accounted for under the purchase method of accounting. The Registrant will
record the assets acquired and liabilities assumed from Mallon based upon their
estimated fair market value. The Registrant will account for its oil and natural
gas operations using the full cost method of accounting. </FONT></P><!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consideration paid in
connection with the Merger was determined through arms-length negotiations
between executive management of Mallon and the Registrant. Prior to the Merger,
the assets of Mallon which consist of oil and gas properties, a natural gas
processing plant and other physical property and equipment were utilized by
Mallon to carry on its oil and gas business. The Registrant intends to continue
such use of assets. </FONT></P><!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Merger, on
October 1, 2002, the Registrant also acquired the outstanding debt of Mallon to
Aquilla Energy Capital Corporation for $30,528,000, including amounts paid to
settle certain gas hedging arrangements and loaned Mallon $3,200,000 to pay
certain obligations owed by Mallon and the costs of drilling certain wells.
These amounts were financed through the Registrant's 364-day Credit Facility
with ABN AMRO BANK N.A., as Syndication Agent, Bank of Montreal, as
Co-Syndication Agent, US Bank, National Association, as Documentation Agent, and
The Bank of Nova Cotia, as Co-Documentation Agent. </FONT></P><!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's shares
issued to Mallon shareholders in the Merger were registered under the Securities
Act of 1933, as amended, under the Registrant's Registration Statement on Form
S-4, Registration No. 333-101576, as amended (the "Registration Statement"). For
further information with respect to the Merger, including a description of any
other material relationships prior to the Merger between Mallon and the
Registrant or any of its affiliates, any director or officer of the Registrant
or any of their associates, see the Registration Statement. </FONT></P>

<BR>
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<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" --><A name=A005></A>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>Item
7.&nbsp;&nbsp;Financial Statements and Exhibits. </FONT></P><!-- MARKER FORMAT-SHEET="Para Hang Level 2" FSL="Default" -->
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  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>(a)
      </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="85%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;Financial statements of business acquired.
  </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Flush Level 3" FSL="Default" -->
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  <TR vAlign=top>
    <TD width="15%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="85%"><FONT face="Times New Roman, Times, Serif" size=2>The
      following unaudited pro forma combined condensed financial information of
      the Registrant relating to the Merger is attached as Exhibit 99.3 to this
      Form 8-K and incorporated herein by reference: <BR><BR>Report of
      Independent Public Accountants<BR>Consolidated Balance Sheets as of December
      31, 2001 and 2000 <BR>Consolidated Statements of Operations for the years
      ended December 31, 2001, 2000 and 1999<BR> Consolidated Statements of
      Shareholders' Equity for the years ended December 31, 2001, 2000 and 1999<BR>
      Consolidated Statements of Cash Flows for the years ended December 31,
      2001, 2000 and 1999<BR> Notes to Consolidated Financial Statements for the
      years ended December 31, 2001, 2000 and 1999<BR>
<BR>
The following unaudited
      consolidated financial statements of Mallon for the three and nine months
      ended September 30, 2002, are attached as Exhibit 99.2 to this Form 8-K
      and incorporated herein by reference:<BR><BR>Consolidated Balance Sheets
      as of September 30, 2002 and December 31, 2001<BR>Consolidated Statements
      of Operations for the three and nine months
      ended September 30, 2002 and 2001<BR>Consolidated Statements of Cash Flows for the nine months ended
      September 30, 2002 and 2001<BR>Notes to Consolidated Financial Statements for the three and nine
      months ended September 30, 2002 and 2001</FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 2" FSL="Default" -->
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  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>(b)
      </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="85%"><FONT face="Times New Roman, Times, Serif" size=2>Pro
      forma financial information. </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Flush Level 3" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="15%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="85%"><FONT face="Times New Roman, Times, Serif" size=2>The
      following unaudited pro forma combined condensed financial information of
      the Registrant relating to the Merger is attached as Exhibit 99.3 to this
      Form 8-K and incorporated herein by reference:<BR><BR>Unaudited Pro Forma
      Combined Condensed Balance Sheet as of September 30, 2002<BR>Unaudited Pro
      Forma Combined Condensed Statement of Operations for the nine months ended
      September 30, 2002<BR>Unaudited Pro Forma Combined Condensed Statement of
      Operations for the year ended December 31, 2001<BR>Notes to Unaudited Pro
      Forma Combined Condensed Financial
Statements</FONT></TD></TR></TABLE><BR>


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  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>(c)
      </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="85%"><FONT face="Times New Roman, Times, Serif"
      size=2>Exhibits. </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Flush Level 3" FSL="Default" -->
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  <TR vAlign=top>
    <TD width="15%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="85%"><FONT face="Times New Roman, Times, Serif" size=2>The
      following documents are included as exhibits to this Form 8-K. Those
      exhibits below incorporated by reference herein are indicated as such by
      the information supplied in the parenthetical thereafter.
  </FONT></TD></TR></TABLE><BR>

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  <TR vAlign=bottom>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif"
      size=1><B>Exhibit<BR>Number</B> </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=1>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif"
      size=1><B>Description</B> </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 3" FSL="Default" -->
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  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>2
    </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif"
      size=2>Agreement and Plan of Merger among Black Hills Corporation, Black
      Hills Acquisition Corp., and Mallon Resources Corporation, dated as of
      October 1, 2002 (filed as Annex A to the Proxy Statement/Prospectus
      included in the Registration Statement on Form S-4 No. 333-101576).
    </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 3" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>23.1
      </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif"
      size=2>Statement Regarding Consent of Arthur Andersen LLP
  </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 3" FSL="Default" -->
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  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>23.2
      </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif" size=2>Consent
      of Netherland, Sewell &amp; Associates, Inc.
</FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 3" FSL="Default" -->
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  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>99.1
      </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif" size=2>Audited
      Consolidated Financial Statements of Mallon and Report of Independent
      Public Accountants </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif" size=2>Report
      of Independent Public Accountants </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
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  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Consolidated Balance Sheets as of December 31, 2001 and 2000
    </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Consolidated Statements of Operations for the years ended December
      31, 2001, 2000 and 1999 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Consolidated Statements of Shareholders' Equity for the years ended
      December 31, 2001, 2000 and 1999 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Consolidated Statements of Cash Flows for the years ended December
      31, 2001, 2000 and 1999 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif" size=2>Notes to
      Consolidated Financial Statements for the years ended December 31, 2001,
      2000 and 1999 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 3" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>99.2
      </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif"
      size=2>Unaudited Consolidated Financial Statements of Mallon
  </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Consolidated Balance Sheets as of September 30, 2002 and December
      31, 2001 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Consolidated Statements of Operations for the three and nine months
      ended September 30, 2002 and 2001 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Consolidated Statements of Cash Flows for the nine months ended
      September 30, 2002 and 2001 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif" size=2>Notes to
      Consolidated Financial Statements for the three and nine months ended
      September 30, 2002 and 2001 </FONT></TD></TR></TABLE><BR>


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<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Hang Level 3" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>99.3
      </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif"
      size=2>Unaudited Pro Forma Combined Condensed Financial Information of the
      Registrant relating to the Merger </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Unaudited Pro Forma Combined Condensed Balance Sheet as of
      September 30, 2002 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Unaudited Pro Forma Combined Condensed Statement of Operations for
      the nine months ended September 30, 2002 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Unaudited Pro Forma Combined Condensed Statement of Operations for
      the year ended December 31, 2001 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif" size=2>Notes to
      Unaudited Pro Forma Combined Condensed Financial Statements
  </FONT></TD></TR></TABLE><BR>


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<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=4>SIGNATURES
</FONT></H1><!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif"
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Level 5" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=28%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLACK
HILLS CORPORATION  </FONT>
</TD>
</TR>
</TABLE>
<BR>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>By:&nbsp;/s/Mark T. Thies</U><BR>
Mark T. Thies<BR>Sr. Vice President<BR>and Chief Financial Officer </FONT></TD>
</TR>
</TABLE>
<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" --><A name=A006></A>
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>Date: March 21,
2003 </FONT></P>





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<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Exhibit Index</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang Level 3" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=bottom>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif"
      size=1><B>Exhibit<BR>Number</B> </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=1>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif"
      size=1><B>Description</B> </FONT></TD></TR></TABLE><BR>

<BR>
<!-- MARKER FORMAT-SHEET="Para Hang Level 3" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>2
    </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif"
      size=2>Agreement and Plan of Merger among Black Hills Corporation, Black
      Hills Acquisition Corp., and Mallon Resources Corporation, dated as of
      October 1, 2002 (filed as Annex A to the Proxy Statement/Prospectus
      included in the Registration Statement on Form S-4 No. 333-101576).
    </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 3" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>23.1
      </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif"
      size=2>Statement Regarding Consent of Arthur Andersen LLP
  </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 3" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>23.2
      </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif" size=2>Consent
      of Netherland, Sewell &amp; Associates, Inc.
</FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 3" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>99.1
      </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif" size=2>Audited
      Consolidated Financial Statements of Mallon and Report of Independent
      Public Accountants </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif" size=2>Report
      of Independent Public Accountants </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Consolidated Balance Sheets as of December 31, 2001 and 2000
    </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Consolidated Statements of Operations for the years ended December
      31, 2001, 2000 and 1999 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Consolidated Statements of Shareholders' Equity for the years ended
      December 31, 2001, 2000 and 1999 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Consolidated Statements of Cash Flows for the years ended December
      31, 2001, 2000 and 1999 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif" size=2>Notes to
      Consolidated Financial Statements for the years ended December 31, 2001,
      2000 and 1999 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 3" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>99.2
      </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif"
      size=2>Unaudited Consolidated Financial Statements of Mallon
  </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Consolidated Balance Sheets as of September 30, 2002 and December
      31, 2001 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Consolidated Statements of Operations for the three and nine months
      ended September 30, 2002 and 2001 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Consolidated Statements of Cash Flows for the nine months ended
      September 30, 2002 and 2001 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif" size=2>Notes to
      Consolidated Financial Statements for the three and nine months ended
      September 30, 2002 and 2001 </FONT></TD></TR></TABLE><BR>
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    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>99.3
      </FONT></TD>
    <TD><FONT face="Times New Roman, Times, Serif" size=2>&nbsp; </FONT></TD>
    <TD width="80%"><FONT face="Times New Roman, Times, Serif"
      size=2>Unaudited Pro Forma Combined Condensed Financial Information of the
      Registrant relating to the Merger </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
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      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Unaudited Pro Forma Combined Condensed Balance Sheet as of
      September 30, 2002 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
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      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Unaudited Pro Forma Combined Condensed Statement of Operations for
      the nine months ended September 30, 2002 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
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      </FONT></TD>
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    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif"
      size=2>Unaudited Pro Forma Combined Condensed Statement of Operations for
      the year ended December 31, 2001 </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Hang Level 4" FSL="Default" -->
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      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>-
    </FONT></TD>
    <TD width="75%"><FONT face="Times New Roman, Times, Serif" size=2>Notes to
      Unaudited Pro Forma Combined Condensed Financial Statements
  </FONT></TD></TR></TABLE><BR>


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Form 8-K Mallon
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.
C. 20549
Form 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of
the Securities Exchange Act of 1934
March 10,
2003
(Date of earliest event reported)
BLACK HILLS
CORPORATION
(Exact name of Registrant as specified in its charter)
South Dakota
001-31303
46-0458824
(State of
      Incorporation)
(Commission File No.)
(IRS
      Employer
(Identification Number)
625 Ninth
Street
P. O. Box 1400
Rapid City, South Dakota 57709
(Address of
principal executive offices)
(605)
721-1700
(Registrant's telephone number, including area code)
Not
Applicable
(Former name or former address if changed since last report)
Item 2.  Acquisition or Disposition of Assets.
On March 10, 2003, the
Registrant acquired Mallon Resources Corporation ("Mallon"). The acquisition was
effected through the merger (the "Merger") of Black Hills Acquisition Corp., a
wholly-owned subsidiary of the Registrant, with and into Mallon, with Mallon as
the surviving corporation. Mallon is now a wholly-owned subsidiary of the
Registrant. Pursuant to the Merger, each issued and outstanding share of Mallon
common stock was converted into .044 of a share of the Registrant's common
stock. After the Merger, former Mallon shareholders collectively own less than
two percent of the Registrant's outstanding common stock.
The Merger will be
accounted for under the purchase method of accounting. The Registrant will
record the assets acquired and liabilities assumed from Mallon based upon their
estimated fair market value. The Registrant will account for its oil and natural
gas operations using the full cost method of accounting.
The consideration paid in
connection with the Merger was determined through arms-length negotiations
between executive management of Mallon and the Registrant. Prior to the Merger,
the assets of Mallon which consist of oil and gas properties, a natural gas
processing plant and other physical property and equipment were utilized by
Mallon to carry on its oil and gas business. The Registrant intends to continue
such use of assets.
Prior to the Merger, on
October 1, 2002, the Registrant also acquired the outstanding debt of Mallon to
Aquilla Energy Capital Corporation for $30,528,000, including amounts paid to
settle certain gas hedging arrangements and loaned Mallon $3,200,000 to pay
certain obligations owed by Mallon and the costs of drilling certain wells.
These amounts were financed through the Registrant's 364-day Credit Facility
with ABN AMRO BANK N.A., as Syndication Agent, Bank of Montreal, as
Co-Syndication Agent, US Bank, National Association, as Documentation Agent, and
The Bank of Nova Cotia, as Co-Documentation Agent.
The Registrant's shares
issued to Mallon shareholders in the Merger were registered under the Securities
Act of 1933, as amended, under the Registrant's Registration Statement on Form
S-4, Registration No. 333-101576, as amended (the "Registration Statement"). For
further information with respect to the Merger, including a description of any
other material relationships prior to the Merger between Mallon and the
Registrant or any of its affiliates, any director or officer of the Registrant
or any of their associates, see the Registration Statement.
Item
7.  Financial Statements and Exhibits.
(a)
Financial statements of business acquired.
The
      following unaudited pro forma combined condensed financial information of
      the Registrant relating to the Merger is attached as Exhibit 99.3 to this
      Form 8-K and incorporated herein by reference:
Report of
      Independent Public Accountants
Consolidated Balance Sheets as of December
      31, 2001 and 2000
Consolidated Statements of Operations for the years
      ended December 31, 2001, 2000 and 1999
Consolidated Statements of
      Shareholders' Equity for the years ended December 31, 2001, 2000 and 1999
Consolidated Statements of Cash Flows for the years ended December 31,
      2001, 2000 and 1999
Notes to Consolidated Financial Statements for the
      years ended December 31, 2001, 2000 and 1999
The following unaudited
      consolidated financial statements of Mallon for the three and nine months
      ended September 30, 2002, are attached as Exhibit 99.2 to this Form 8-K
      and incorporated herein by reference:
Consolidated Balance Sheets
      as of September 30, 2002 and December 31, 2001
Consolidated Statements
      of Operations for the three and nine months
      ended September 30, 2002 and 2001
Consolidated Statements of Cash Flows for the nine months ended
      September 30, 2002 and 2001
Notes to Consolidated Financial Statements for the three and nine
      months ended September 30, 2002 and 2001
(b)
Pro
      forma financial information.
The
      following unaudited pro forma combined condensed financial information of
      the Registrant relating to the Merger is attached as Exhibit 99.3 to this
      Form 8-K and incorporated herein by reference:
Unaudited Pro Forma
      Combined Condensed Balance Sheet as of September 30, 2002
Unaudited Pro
      Forma Combined Condensed Statement of Operations for the nine months ended
      September 30, 2002
Unaudited Pro Forma Combined Condensed Statement of
      Operations for the year ended December 31, 2001
Notes to Unaudited Pro
      Forma Combined Condensed Financial
Statements
(c)
Exhibits.
The
      following documents are included as exhibits to this Form 8-K. Those
      exhibits below incorporated by reference herein are indicated as such by
      the information supplied in the parenthetical thereafter.
Exhibit
Number
Description
2
Agreement and Plan of Merger among Black Hills Corporation, Black
      Hills Acquisition Corp., and Mallon Resources Corporation, dated as of
      October 1, 2002 (filed as Annex A to the Proxy Statement/Prospectus
      included in the Registration Statement on Form S-4 No. 333-101576).
23.1
Statement Regarding Consent of Arthur Andersen LLP
23.2
Consent
      of Netherland, Sewell & Associates, Inc.
99.1
Audited
      Consolidated Financial Statements of Mallon and Report of Independent
      Public Accountants
-
Report
      of Independent Public Accountants
-
Consolidated Balance Sheets as of December 31, 2001 and 2000
-
Consolidated Statements of Operations for the years ended December
      31, 2001, 2000 and 1999
-
Consolidated Statements of Shareholders' Equity for the years ended
      December 31, 2001, 2000 and 1999
-
Consolidated Statements of Cash Flows for the years ended December
      31, 2001, 2000 and 1999
-
Notes to
      Consolidated Financial Statements for the years ended December 31, 2001,
      2000 and 1999
99.2
Unaudited Consolidated Financial Statements of Mallon
-
Consolidated Balance Sheets as of September 30, 2002 and December
      31, 2001
-
Consolidated Statements of Operations for the three and nine months
      ended September 30, 2002 and 2001
-
Consolidated Statements of Cash Flows for the nine months ended
      September 30, 2002 and 2001
-
Notes to
      Consolidated Financial Statements for the three and nine months ended
      September 30, 2002 and 2001
99.3
Unaudited Pro Forma Combined Condensed Financial Information of the
      Registrant relating to the Merger
-
Unaudited Pro Forma Combined Condensed Balance Sheet as of
      September 30, 2002
-
Unaudited Pro Forma Combined Condensed Statement of Operations for
      the nine months ended September 30, 2002
-
Unaudited Pro Forma Combined Condensed Statement of Operations for
      the year ended December 31, 2001
-
Notes to
      Unaudited Pro Forma Combined Condensed Financial Statements
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
BLACK
HILLS CORPORATION
By: /s/Mark T. Thies
Mark T. Thies
Sr. Vice President
and Chief Financial Officer
Date: March 21,
2003
Exhibit Index
Exhibit
Number
Description
2
Agreement and Plan of Merger among Black Hills Corporation, Black
      Hills Acquisition Corp., and Mallon Resources Corporation, dated as of
      October 1, 2002 (filed as Annex A to the Proxy Statement/Prospectus
      included in the Registration Statement on Form S-4 No. 333-101576).
23.1
Statement Regarding Consent of Arthur Andersen LLP
23.2
Consent
      of Netherland, Sewell & Associates, Inc.
99.1
Audited
      Consolidated Financial Statements of Mallon and Report of Independent
      Public Accountants
-
Report
      of Independent Public Accountants
-
Consolidated Balance Sheets as of December 31, 2001 and 2000
-
Consolidated Statements of Operations for the years ended December
      31, 2001, 2000 and 1999
-
Consolidated Statements of Shareholders' Equity for the years ended
      December 31, 2001, 2000 and 1999
-
Consolidated Statements of Cash Flows for the years ended December
      31, 2001, 2000 and 1999
-
Notes to
      Consolidated Financial Statements for the years ended December 31, 2001,
      2000 and 1999
99.2
Unaudited Consolidated Financial Statements of Mallon
-
Consolidated Balance Sheets as of September 30, 2002 and December
      31, 2001
-
Consolidated Statements of Operations for the three and nine months
      ended September 30, 2002 and 2001
-
Consolidated Statements of Cash Flows for the nine months ended
      September 30, 2002 and 2001
-
Notes to
      Consolidated Financial Statements for the three and nine months ended
      September 30, 2002 and 2001
99.3
Unaudited Pro Forma Combined Condensed Financial Information of the
      Registrant relating to the Merger
-
Unaudited Pro Forma Combined Condensed Balance Sheet as of
      September 30, 2002
-
Unaudited Pro Forma Combined Condensed Statement of Operations for
      the nine months ended September 30, 2002
-
Unaudited Pro Forma Combined Condensed Statement of Operations for
      the year ended December 31, 2001
-
Notes to
      Unaudited Pro Forma Combined Condensed Financial Statements