PURE CYCLE CORP — Director's Dealing 2005

May 16, 2005

SEC Form 4/A — Form 4/A

Issuer: PURE CYCLE CORP (pcyo)
CIK: 0000276720
Period of Report: 2005-04-18

Reporting Person: HOWELL PETER C (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-04-18	Non-statutory stock option	$7.48	A	5000	Acquired	2015-04-18	Common Stock (5000)	Direct

Footnotes

F1: Options vest 50% on the first anniversary of the grant date, and 50% on the second anniversary of the grant date.