PURE CYCLE CORP — Director's Dealing 2007

Jul 26, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (PCYO)
CIK: 0000276720
Period of Report: 2007-07-24

Reporting Person: PAR INVESTMENT PARTNERS LP (10% Owner)
Reporting Person: PAR Group, L.P. (10% Owner)
Reporting Person: PAR CAPITAL MANAGEMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-24	Common Stock	P	250000	$7.75	Acquired	2617939	Direct
2007-07-25	Common Stock	P	2500	$7.7432	Acquired	2620439	Direct
2007-07-24	Common Stock	P	250000	$7.75	Acquired	2617939	Indirect
2007-07-25	Common Stock	P	2500	$7.7432	Acquired	2620439	Indirect
2007-07-24	Common Stock	P	250000	$7.75	Acquired	2617939	Indirect
2007-07-25	Common Stock	P	2500	$7.7432	Acquired	2620439	Indirect

Footnotes

F1: These securities were purchased directly by PAR Investment Partners, L.P. ("PIP"). PAR Group, L.P. ("PAR Group") is the general partner of PIP. PAR Group disclaims beneficial ownership of these securities except to the extent of the pecuniary interest, if any, in such securities as a result of PAR Group's general partner interest in PIP and a contingent right to receive a performance-based advisory fee from PIP.

F2: These securities were purchased directly by PIP. PAR Capital Management, Inc. ("PCM") is the general partner of PAR Group. PCM disclaims beneficial onwership of these securities except to the extent of the pecuniary interest, if any, in such securities as a result of PCM's general partner interest in PAR Group.