PURE CYCLE CORP — Director's Dealing 2005

Oct 21, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2005-10-20

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
2005-10-19	Pure Cycle Corporation	P	734	$5.77	Acquired	1606708	Direct
2005-10-20	Pure Cycle Corporation	P	1200	$5.758	Acquired	1607908	Direct
2005-10-20	Pure Cycle Corporation	P	75000	$5.93	Acquired	1682908	Direct