PURE CYCLE CORP — Director's Dealing 2008

Mar 24, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (pcyo)
CIK: 0000276720
Period of Report: 2008-03-19

Reporting Person: Epker Arthur G III (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-03-19	Common Stock	P	283100	$5.5	Acquired	3070238	Indirect
2008-03-20	Common Stock	P	9699	$5.2002	Acquired	3070238	Indirect
2008-03-20	Common Stock	P	10000	$5.1805	Acquired	3070238	Indirect
2008-03-20	Common Stock	P	147000	$5.252	Acquired	3070238	Indirect

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 1934, as amended) of any shares held by PIP. These securities which are held by PIP are part of a portfolio managed by Mr. Epker. AS an employee of PCM, Mr. Epker has the authority to trade these securities.