PURE CYCLE CORP — Director's Dealing 2004

Sep 13, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PYCO)
CIK: 0000276720
Period of Report: 2004-08-31

Reporting Person: AUGUR HARRISON E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-31	Common Stock	X	30000	$1.80	Acquired	30000	Indirect
2004-08-31	Common Stock	S	6658	$8.11	Disposed	23342	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-31	Common Stock Purchse Warrants	$1.80	X	30000	Disposed	2007-08-30	Common Stock (30000)	Indirect

Footnotes

F1: These securities are held by the reporting person as Trustee of the Harry H. Auger Money Purchase Plan.

F2: The warrants were exercised pursuant to a net exercise provision in the warrant agreement under which Pure Cycle withheld
6,658 shares in payment of the exercise price.

F3: Immediately exercisable.