PURE CYCLE CORP — Director's Dealing 2006

May 16, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2006-04-12

Reporting Person: AUGUR HARRISON E (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-04-12	Non-statutory stock option	$13.33	A	2500	Acquired	2016-04-12	Common Stock (2500)	Direct

Footnotes

F1: Annual grant pursuant to the 2004 Incentive Plan approved by the Pure Cycle stockholders.