PURE CYCLE CORP — Director's Dealing 2004

Oct 15, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (pcyo)
CIK: 0000276720
Period of Report: 2004-04-12

Reporting Person: Guido Richard L (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-12	Non-Statutory Stock Options	$0.9	A	50000	Acquired	2014-04-12	Common Stock (50000)	Direct

Footnotes

F1: The Company declared a 10-for-1 reverse stock split effective April 26, 2004, as a result of which the number of options was adjusted to 5,000 with an exercise price of $9.00.

F2: One half vests on April 12, 2005 and the remaining one-half vests on April 12, 2006.