PURE CYCLE CORP — Director's Dealing 2007

Aug 29, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2007-08-27

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-08-27	Common stock	M	144161	$1.8	Acquired	210000	Indirect
2007-08-27	Common stock	F	34189	$7.59	Disposed	175811	Indirect
2007-08-27	Common stock	G	34189	—	Acquired	210000	Indirect
2007-08-27	Common stock	G	34189	—	Disposed	483054	Direct
2007-08-27	Common stock	A	34189	—	Acquired	517243	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-08-27	Non-qualified stock option	$1.8	M	144161	Disposed	2007-08-30	Common Stock (144161)	Direct

Footnotes

F1: These shares are owned by a limited liability limited partnership of which Mr. Harding is the sole general partner and Mr. Harding and his wife are the only limited partners.

F2: Mr. Harding was granted 34,189 shares of restricted common stock which vests 1/2 on the first anniversary of the grant date and 1/2 on the second anniversary of the grant date.