PURE CYCLE CORP — Director's Dealing 2005

Jul 5, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2005-06-14

Reporting Person: CLARK THOMAS P (Director/10% owner until 6/14)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-06-14	Common Stock	J	169500	—	Disposed	0	Direct
2005-06-14	Common Stock	J	2049705	—	Acquired	2049705	Indirect

Footnotes

F1: 150,000 of these shares were trasferred to the Thomas P. Clark Trust dated November 9, 2004 (the "TC Trust") by bequest upon Mr. Clark's death on June 14, 2005. The terms of the TC Trust provide the shares will be distributed over the term of the TC Trust to the beneficiaries of the TC Trust. Ryan T Clark is the sole trustee of the TC Trust and has voting and investment control over the shares until they are distributed. The remaining 19,500 share are in the estate of Mr. Clark, for which Ryan T Clark is the personal representative.

F2: These shares are owned directly by TPC Ventures, LLC. For more information please see Exhibit 99.1 to Form 4 filed with the Commission on May 13, 2005. The direct and indirect beneficial ownership of TPC Ventures, LLC, Ryan T. Clark and the Thomas P. Clark Annuity Trust u/a/d April 29, 2005, have not changed the since the Form 4 filed with the Commission on May 13, 2005, except as follows: The 0.1% ownership interest of Thomas P. Clark in TPC Ventures, LLC is now in the estate of Thomas P. Clark. Ryan T. Clark is the personal representative of Thomas P. Clark's estate.