PURE CYCLE CORP — Director's Dealing 2007

Jul 31, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2007-07-25

Reporting Person: MIDDLEMAS GEORGE M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-24	Common Stock	S	677239	$7.75	Disposed	0	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	20000	Direct

Footnotes

F1: These securities were owned by Apex Investment Fund II L.P. ("Apex II"). The Reporting Person is a general partner of the sole general partner of Apex II. The Reporting Person disclaims beneficial ownership of all securities owned by Apex II except to the extent of his proportionate pecuniary interests therein.