PURE CYCLE CORP — Director's Dealing 2006

Sep 26, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (pcyo)
CIK: 0000276720
Period of Report: 2006-09-22

Reporting Person: PAR INVESTMENT PARTNERS LP (10% Owner)
Reporting Person: PAR Group, L.P. (10% Owner)
Reporting Person: PAR CAPITAL MANAGEMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-22	Pure Cycle Corporation	P	129600	$7.1363	Acquired	2147939	Direct
2006-09-25	Pure Cycle Corporation	P	21600	$7.0985	Acquired	2147939	Direct