PURE CYCLE CORP — Director's Dealing 2004

Jun 28, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYL)
CIK: 0000276720
Period of Report: 2004-06-24

Reporting Person: APEX INVESTMENT FUND II LP (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-06-24	Common Stock	S	484210	$9	Disposed	147282	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Series A-1 Preferred Stock	408000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Purchase Warrant	$1.8	2007-08-30	Common Stock (850620)	850620	Direct