PURE CYCLE CORP — Director's Dealing 2005

Apr 21, 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: HARDING MARK W (Director, President and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-04-12	Common Stock	M	40000	$1.8	Acquired	887500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-04-12	Non-Statutory Stock Options	$1.8	M	40000	Acquired	2007-08-31	Common Stock (40000)	Direct