PURE CYCLE CORP — Director's Dealing 2006

Aug 29, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2006-08-24

Reporting Person: HARDING MARK W (Director, President and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-08-24	Common stock	M	250004	$1.8	Acquired	887500	Direct
2006-08-24	Common stock	F	22625	$8.84	Disposed	864875	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-08-24	Non-qualified stock option	$1.8	M	250004	Disposed	2007-08-31	Common stock (250004)	Direct

Footnotes

F1: Exercise price for 111,114 of the options exercised was paid for by Mr. Harding utilizing 22,625 shares of Pure Cycle Common Stock, which had a market value on the day of exercise of $200,005, which he held for more then six (6) months.