PURE CYCLE CORP — Director's Dealing 2005

Feb 11, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2005-02-02

Reporting Person: MIDDLEMAS GEROGE M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-02	Common stock	S	50000	$7.55	Acquired	985776	Indirect
2005-02-03	Common stock	S	14700	$7.3644	Acquired	971076	Indirect

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.

F2: In addition to the securities indirectly owned the Reporting Person directly owns 33,333 shares of common stock.