PURE CYCLE CORP — Director's Dealing 2005

May 9, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2005-04-12

Reporting Person: AUGUR HARRISON E (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-04-12	Non-statutory stock option	$7.03	A	2500	Acquired	2015-04-12	Common Stock (2500)	Direct