PURE CYCLE CORP — Director's Dealing 2007

Aug 8, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: Epker Arthur G III (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-08-02	Non-Statutory Stock Option	$7.61	A	5000	Acquired	2017-08-02	Common Stock (5000)	Direct

Footnotes

F1: Grant pursuant to the 2004 Incentive Plan approved by Pure Cycle's Stockholders.

F2: 1/2 on 8/2/2008 and 1/2 on 8/2/2009.

F3: In addition to the options granted to Mr. Epker, 2,617,939 shares of common stock 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 of 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.