PURE CYCLE CORP — Director's Dealing 2005

Aug 30, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2005-08-26

Reporting Person: MIDDLEMAS GEORGE M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-08-26	Common Stock	S	62357	$7	Disposed	845686	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	33333	Direct

Footnotes

F1: These securities are owned by APEX Investment Fund II L.P. ("APEX II"). The Reporting Person is a general partner of the sole general partner of APEX II. The Reporting Person disclaims beneficial ownership of all securities owned by APEX II except to the extent of his proportionate pecuniary interests therein.