PURE CYCLE CORP — Director's Dealing 2004

Dec 23, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (pcyo)
CIK: 0000276720
Period of Report: 2004-12-20

Reporting Person: PURE CYCLE CORP (Director, President and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-20	Common Stock	S	12500	$1.8	Acquired	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-20	Non-statory stock option	$1.8	P	12500	Disposed	2007-08-31	Common Stock (12500)	Direct

Footnotes

F1: Mr. Harding exercised options to acquire 12,500 shares of PCYO common stock. The exercise price was paid for by, and the shares were issued to, a party not affiliated with the Company.

F2: Mr. Harding's options were exercisable at various dates through fiscal 2003.