PURE CYCLE CORP — Director's Dealing 2007

Oct 24, 2007

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2007-08-02

Reporting Person: Epker Arthur G III (Director)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2617939	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Non-qualified stock options	$7.61	2017-08-02	Common Stock (5000)		Direct

Footnotes

F1: These securities are held directly by PAR Investment Partners L.P. ("PIP"). PAR Capital Management, Inc. ("PCM"), as the general partner of PAR Group, L.P., which is the general partner of PIP, has investment discretion and voting control over shares held by PIP. No stockholder, director, officer or employee of PCM has beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of any shares held by PIP. The shares held by PIP are part of a portfolio managed by Mr. Epker. As an employee of PCM, Mr. Epker has the authority to trade the securities held by PIP.

F2: 1/2 exercisable on August 2, 2008, and 1/2 exercisable on August 2, 2009.