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PURE CYCLE CORP Director's Dealing 2005

Nov 15, 2005

33442_dirs_2005-11-15_0554416e-6120-4063-b909-d2831083825a.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2005-11-11

Reporting Person: PAR INVESTMENT PARTNERS LP (10% Owner)
Reporting Person: PAR Group, L.P. (10% Owner)
Reporting Person: PAR CAPITAL MANAGEMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-11-11	Pure Cycle Corporation	P	128800	$6.44	Acquired	1856739	Direct