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<SEC-DOCUMENT>0001362310-07-003014.txt : 20071114
<SEC-HEADER>0001362310-07-003014.hdr.sgml : 20071114
<ACCEPTANCE-DATETIME>20071114170521
ACCESSION NUMBER:		0001362310-07-003014
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		25
CONFORMED PERIOD OF REPORT:	20070831
FILED AS OF DATE:		20071114
DATE AS OF CHANGE:		20071114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PURE CYCLE CORP
		CENTRAL INDEX KEY:			0000276720
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				840705083
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08814
		FILM NUMBER:		071246223

	BUSINESS ADDRESS:	
		STREET 1:		8451 DELAWARE STREET
		CITY:			THORNTON
		STATE:			CO
		ZIP:			80260
		BUSINESS PHONE:		3032923456

	MAIL ADDRESS:	
		STREET 1:		8451 DELAWARE STREET
		CITY:			THORNTON
		STATE:			CO
		ZIP:			80260
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>c71577e10vk.htm
<DESCRIPTION>FORM 10-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 10pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>
<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B>Form&nbsp;10-K</B>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%"><B>For the fiscal year ended August&nbsp;31, 2007
</B>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Commission File Number 0-8814</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B><FONT style="border-bottom: 1px solid #000000">PURE CYCLE CORPORATION</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>84-0705083</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>8451 Delaware Street, Thornton, CO</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>80260</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive office)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Registrant&#146;s telephone number, including area code: <U><B>(303)&nbsp;292-3456</B></U></DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Securities registered pursuant to Section 12(b) of the Act:

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000"><B>Common Stock 1/3 of $.01 par value</B>
</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000"><B>The NASDAQ Stock Market, LLC</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Title of Class
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Name of each exchange on which registered</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Securities registered pursuant to Section&nbsp;12(g) of the Act: <B>NONE</B></DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&nbsp;405
of the Securities Act.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or
Section 15(d) of the Act.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed by
Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for
such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been
subject to such filing requirements for the past
90&nbsp;days.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Yes <FONT face="Wingdings">&#254;</FONT> No
<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark if disclosure of delinquent filers in response to Item&nbsp;405 of Regulation
S-K (Section&nbsp;229.405 of this chapter) is not contained herein, and will not be contained, to the
best of registrant&#146;s knowledge, in definitive proxy or information statements incorporated by
reference in Part&nbsp;III of this Form&nbsp;10-K or any amendment to this Form&nbsp;10-K. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
or a non-accelerated filer. See definition of &#147;accelerated filer and large accelerated filer&#148; in
Rule&nbsp;12b-2 of the Exchange Act (Check one):
</DIV>
<DIV align="center" style="font-size: 10pt">Large accelerated filer <FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated filer <FONT face="Wingdings">&#254;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerate filer <FONT face="Wingdings">&#111;</FONT></DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant is a shell company (as defied in Rule&nbsp;12b-2 of the
Exchange Act). &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The approximate aggregate market value of the voting and non-voting common equity held by
non-affiliates on February&nbsp;28, 2007, the last business day of the registrants most recently
completed second fiscal quarter was: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$84,289,000
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Number of shares of Common Stock outstanding, as of October&nbsp;31, 2007:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,206,566
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Documents incorporated by reference: The information required by Part&nbsp;III is incorporated by
reference from the registrant&#146;s definitive proxy statement for the 2007 annual meeting of
stockholders, which will be filed with the SEC within 120&nbsp;days of the close of the fiscal year
ended August&nbsp;31, 2007.
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Table of Contents</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Item</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#101"><B>Part I</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#102">1.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">Business </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#103">1A.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">Risk Factors </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#104">1B.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">Unresolved Staff Comments </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#105">2.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">Properties </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#106">3.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">Legal Proceedings </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#107">4.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">Submission of Matters to a Vote of Security Holders </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#108"><B>Part II</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#109">5.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">Market for Registrant&#146;s Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#110">6.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">Selected Financial Data </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#111">7.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#111">Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operation </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#112">7A.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#112">Quantitative and Qualitative Disclosures About Market Risk</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#113">8.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#113">Financial Statements and Supplementary Data </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#114">9.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#114">Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#115">9A.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#115">Controls and Procedures </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#116">9B.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#116">Other Information </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#117"><B>Part III</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#121">10.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#121">Directors, Executive Officers and Corporate Governance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#121">11.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#121">Executive Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#121">12.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#121">Security Ownership of Certain Beneficial
Owners and Management and Related Stockholder Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#121">13.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#121">Certain Relationships and Related Transactions, and Director Independence</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#121">14.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#121">Principal Accounting Fees and Services</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#118"><B>Part IV</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><A href="#119">15.</A></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#119">Exhibits, Financial Statement Schedules </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#120">Signatures </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w20.htm">Exhibit 10.20</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w21.htm">Exhibit 10.21</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w22.htm">Exhibit 10.22</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w23.htm">Exhibit 10.23</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w24.htm">Exhibit 10.24</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w25.htm">Exhibit 10.25</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w26.htm">Exhibit 10.26</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w27.htm">Exhibit 10.27</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w28.htm">Exhibit 10.28</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w29.htm">Exhibit 10.29</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w30.htm">Exhibit 10.30</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w31.htm">Exhibit 10.31</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w32.htm">Exhibit 10.32</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w33.htm">Exhibit 10.33</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w34.htm">Exhibit 10.34</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w35.htm">Exhibit 10.35</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv10w36.htm">Exhibit 10.36</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv14.htm">Exhibit 14</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv23w1.htm">Exhibit 23.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv23w2.htm">Exhibit 23.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv31w1.htm">Exhibit 31.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c71577exv32w1.htm">Exhibit 32.1</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#147;SAFE HARBOR&#148; STATEMENT UNDER THE UNITED STATES PRIVATE<BR>
SECURITIES LITIGATION REFORM ACT OF 1995</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Statements that are not historical facts contained in this Annual Report on Form 10-K are forward
looking statements that involve risk and uncertainties that could cause actual results to differ
from projected results. The words &#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;plan,&#148; &#147;intend&#148;
and similar expressions, as they relate to us, are intended to identify forward-looking statements.
Such statements reflect our current views with respect to future events and are subject to certain
risks, uncertainties and assumptions. We cannot assure you that any of our expectations will be
realized. Factors that may cause actual results to differ materially from those contemplated by
such forward-looking statements include, without limitation, the timing of development of the areas
where we may sell our water, including uncertainties related to the development of projects we
currently have under contract, the market price of water, changes in applicable statutory and
regulatory requirements, uncertainties in the estimation of water available under decrees, costs of
delivery of water and treatment of wastewater, uncertainties in the estimation of costs of
construction projects, the strength and financial resources of our competitors, our ability to find
and retain skilled personnel, climatic and weather conditions, labor relations, availability and
cost of material and equipment, delays in anticipated permit and construction dates, environmental
risks, the results of financing efforts and the ability to meet capital requirements, and general
economic conditions.
</DIV>
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART I</B>
</DIV>

<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;1. </B><U><B>Business</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Summary of our business</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pure Cycle Corporation was incorporated in Delaware in 1976. We are a vertically integrated water
and wastewater service provider engaged in the design, construction, operation and maintenance of
water and wastewater systems. Our philosophy is that water is a precious commodity, one which is
often undervalued and used inefficiently. We have assets located in the Denver, Colorado
metropolitan area, in southeastern Colorado in the Arkansas River, and on the western slope of
Colorado; however, we primarily operate in metropolitan Denver, Colorado. We center our business
practices around efficient and environmentally responsible water management programs to ensure we
have high quality water to meet the long-term needs of our customers. This means we withdraw,
treat, store and deliver water to our customers, then collect wastewater from our customers, treat
it, and reuse that water through our dual distribution delivery systems. A dual distribution system
is one in which domestic water demands and irrigation water demands are provided through separate
independent infrastructure which promotes efficient water resource management and reduces the
amount of water that is &#147;wasted&#148; by traditional water systems. This enables us to maximize our
water supplies and allows us the ability to provide long-term water solutions on a regional basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Denver metropolitan region continues to experience growth, even in the slow housing
construction market experienced throughout 2007. In recent years, cities and municipalities have
begun requiring property developers to demonstrate they have sufficient water supplies for their
proposed projects before the cities and municipalities will consider rezoning or annexation
applications. Our water marketing activities focus on developers and homebuilders developing new
areas along the Front Range, which includes the greater Denver and Colorado Springs metropolitan
areas. Our groundwater supplies are largely undeveloped and are located in the southeast portion of
the greater Denver area in Arapahoe County. The majority of our surface water is located in the
Arkansas River Valley, and we anticipate using it in our target service market and throughout the
Front Range of Colorado.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We work with area developers to investigate water supply constraints, water and wastewater utility
issues and other issues related to water and wastewater services in order to identify suitable
areas for development. We negotiate individual service agreements with developers and/or
homebuilders and cities and municipalities to design, construct and operate water and wastewater
systems and services. These service agreements address all aspects of the development of the water
and wastewater systems, which are more specifically discussed below, but include: (i)&nbsp;the purchase
of water and wastewater taps in exchange for our
obligation to construct the &#147;Wholesale Facilities;&#148; (ii)&nbsp;the establishment of payment terms,
timing, capacity and location of &#147;Special Facilities&#148; (if any); and (iii)&nbsp;specific terms related
to our provision of ongoing water and wastewater services.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Our Water Assets</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We own the following water assets in Colorado, which are described in greater detail below:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Approximately 60,000 acre-feet of senior 1883 water rights in the Arkansas River and its
tributaries represented by over 21,600 shares of the Fort Lyon Canal Company (&#147;FLCC&#148;);&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Approximately 11,650 acre-feet of water located in Arapahoe County, Colorado at property
known as the Lowry Range (described below), which we can &#147;export&#148; from the Lowry Range to
supply water to nearby communities and developers in need of additional water supplies (this
water asset is referred to as our &#147;Export Water&#148;);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Approximately 363 acre-feet of groundwater pursuant to an Agreement for Water Service (the
&#147;County Agreement&#148;) with Arapahoe County (the &#147;County&#148;), which will be added to our overall
Denver metropolitan water supply portfolio (we are awaiting the delivery of a water rights
deed for approximately 336 acre-feet of this water valued at approximately $240,000, the value
of which is included in the <I>construction proceeds receivable </I>account on our balance sheet as
of August&nbsp;31, 2007, until the water rights deed is received); and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Approximately 89 acre-feet of water located beneath Sky Ranch together with the right to
purchase an additional 671 acre-feet of water (for a total of 760 acre-feet), which will be
used to provide water service to the initial 1,500 taps purchased at Sky Ranch.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to the water we own, we also control the following water assets in Colorado, which are
described in greater detail below:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We have the exclusive rights to use, through 2081, approximately 15,050 acre-feet of water
located at the Lowry Range. This water is required to be used specifically on the Lowry Range
(collectively we refer to the 15,050 acre-feet of water designated for use on the Lowry Range
and the 11,650 acre-feet of Export Water as our &#147;Rangeview Water Supply&#148;);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We own conditional water rights in western Colorado that entitle us to build a 70,000
acre-foot reservoir to store Colorado River tributary water and a right-of-way permit from the
U.S. Bureau of Land Management for property at the dam and reservoir site (collectively known
as the &#147;Paradise Water Supply&#148;).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Arkansas River Water</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On August&nbsp;31, 2006, we acquired&nbsp;approximately 60,000 acre-feet of Arkansas River water from High
Plains A&#038;M, LLC (&#147;HP A&#038;M&#148;), in exchange for 3.0&nbsp;million shares of our common stock, pursuant to an
acquisition agreement (the &#147;Arkansas River Agreement&#148;). Of this, we anticipate that approximately
40,000 acre-feet will be available for non-agricultural uses along the front range of Colorado.
This acquisition allows us to more effectively market our water and wastewater services to
customers in the Denver metropolitan market as well as other markets such as the Colorado Springs
region. It also expands our service capacities from approximately 78,000 Single Family Equivalent
units (&#147;SFE&#148;) to over 180,000 SFE units. An SFE is defined in our water and wastewater service
rules and regulations applicable to our services (the &#147;Rules and Regulations&#148;) as the amount of
water required each year by a family of four persons living in a single family house on a standard
sized lot, which is equivalent to approximately 0.4 acre-feet of water per year. The Arkansas River
water rights we own are represented by approximately 21,600 shares of the FLCC. The FLCC is a
non-profit mutual ditch company established in the 1800&#146;s that operates and maintains the 110 mile
Fort Lyon Canal between La Junta, Colorado and Lamar, Colorado.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Along with these water rights, we also acquired approximately 17,500 acres of real property
located in the counties of Bent, Otero and Prowers, Colorado, and certain contract rights,
tangible personal property,
mineral rights, and other water interests associated with the real property. The real and
personal property and other non-water assets were acquired because the water we intend to
ultimately develop for municipal purposes is based on the current and historical &#147;consumptive
use&#148; of such water on the land. By owning the land and having the water continue to be used for
agricultural purposes, we ensure that there is continued beneficial use of the water.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The real property is comprised of approximately 80 separate parcels, which are subject to
operating lease agreements permitting the lessees to farm the land, in return for defined lease
payments, and use the water rights for irrigation purposes. These properties are subject to a
management agreement which is described below. Additionally, certain of the properties are
subject to outstanding promissory notes which are secured by deeds of trust on the properties. We
did not assume these promissory notes and are not responsible for making any of the required
payments. This responsibility remained with HP A&#038;M. In the event of default by HP A&#038;M, we may
choose to pay HP A&#038;M&#146;s obligations in order to protect our water interests. As collateral on HP
A&#038;M&#146;s obligation to pay the promissory notes, HP A&#038;M placed 1.5&nbsp;million shares of our common
stock in escrow, pursuant to a stock pledge agreement, which stock will only be released upon the
circumstances described in the pledge agreement. In the event of default, we could foreclose on
this stock and the payments required under the Tap Participation Fee (described in Item&nbsp;7
<I>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </I>below)
could be reduced.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Timing of the development of the Arkansas River water will depend on the timing of connections
added to our existing water and wastewater systems along the Front Range. We will fund the
development of the Arkansas River water, much like the other water we own, by using proceeds
generated from the sale of taps or connection fees associated with new connections to our system.
In addition to increasing our service capacities, this additional water may present other market
opportunities for us to assist existing water providers in solving their long-term water supply
needs for their existing and new connections. Along the Front Range, there are over 70 separate
independent water providers with varying needs for replacement and new water supplies, which
presents an opportunity for us to assist these water providers in meeting their existing and future
water needs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We are working with the FLCC and other interested parties in the Arkansas River Valley to mitigate
any impact to the community and to make investments and decisions on farming operations which
benefit our water as well as the traditional water users. If any of our real property is converted
to non-irrigated uses, we will be required to re-vegetate the land to its natural state.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to the Arkansas River Agreement and the stock pledge agreement with HP A&#038;M noted
above, we also signed various other agreements with HP A&#038;M, including:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A pledge agreement, whereby the Company pledged to HP A&#038;M a defined number of FLCC shares
acquired pursuant to the Arkansas River Agreement which will be released as the consideration
(the value of the stock and the Tap Participation Fees paid) exceeds certain defined amounts;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A property management agreement with HP A&#038;M whereby HP A&#038;M will manage the real estate
leases in exchange for all the rental income from the assumed leases for a period of five
years (through August&nbsp;31, 2011), which can be extended under defined circumstances;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A registration rights agreement, pursuant to which we granted HP A&#038;M one demand right to
register 750,000 shares of Pure Cycle common stock and piggyback rights to register an
additional 750,000 shares of Pure Cycle common stock (HP A&#038;M exercised the piggyback rights in
July&nbsp;2007 and registered 750,000 shares of common stock); and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A voting agreement, pursuant to which our President agreed to vote shares of Pure Cycle
common stock owned by him for HP A&#038;M&#146;s designated board member.</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>The Rangeview Water Supply and Related Agreements</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our Rangeview Water Supply is located at the Lowry Range. The Lowry Range is owned by the State
Board of Land Commissioners (the &#147;Land Board&#148;), and is located in unincorporated Arapahoe County
approximately 15 miles southeast of Denver and 12 miles south of the Denver International Airport.
The Land Board acquired this property in the 1960&#146;s and has stated that the Lowry Range is one of
the most valuable pieces of property in its nearly 2.5&nbsp;million acre portfolio. The Lowry Range
encompasses approximately 27,000 acres, of which approximately 24,000 acres are within our
exclusive service area. In June&nbsp;2007, the Land Board entered into a Development and Management
Services Agreement with Australian based Lend Lease Communities, LLC (see www.lendlease.com for
more information on Lend Lease Communities) for the development of approximately 3,900 acres of the
Lowry Range. Of this 3,900 acres, we have the exclusive right to provide water and wastewater
services to approximately 1,300 acres.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We acquired our Rangeview Water Supply in April&nbsp;1996 pursuant to the following agreements (i)&nbsp;the
Amended and Restated Lease Agreement (the &#147;Lease&#148;) between the Land Board and the Rangeview
Metropolitan District (the &#147;District&#148;), a quasi-municipal political subdivision of the State of
Colorado, (ii)&nbsp;the Agreement for Sale of Export Water between us and the District and (iii)&nbsp;the
Service Agreement between us and the District for the provision of water service to the Lowry
Range (collectively these agreements are referred to as the &#147;Rangeview Water Agreements&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Rangeview Water Supply is a combination of tributary surface water, nontributary groundwater
rights, and storage rights associated with the Lowry Range. We own the rights to use 11,650
acre-feet of non-tributary groundwater that can be exported off the Lowry Range to serve area
users. We also have the exclusive rights to use an additional 15,050 acre-feet of tributary surface
water and nontributary groundwater to serve customers on the Lowry Range. The Export Water we own,
together with water owned by the Land Board that we have contracted to utilize under our Service
Agreement, includes over 26,700 acre-feet of water per year. Based on independent engineering
estimates, the 15,050 acre-feet of water designated for use on the Lowry Range is capable of
providing water service to approximately 44,500 SFE units, and the 11,650 acre-feet of Export Water
we own can serve approximately 33,600 SFE units throughout the Denver metropolitan region, for a
combined service capacity, of our Denver based water assets, of approximately 78,100 SFE units.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to the Rangeview Water Agreements we will design, construct, operate and maintain the
District&#146;s water system to provide water service to customers within the District&#146;s service area,
namely the Lowry Range, using approximately 15,050 acre-feet of water per year located on the
Lowry Range. This 15,050 acre-feet of water is dedicated for use specifically on the Lowry Range
per the Rangeview Water Agreements. In exchange for providing water service to customers within
the District&#146;s service area, we receive 95% of all amounts received by the District relating to
water services, after deducting required royalties to the Land Board, which initially total
approximately 12% of gross revenues received from water sales.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We will also design, finance, construct, operate and maintain the District&#146;s wastewater system to
provide wastewater service to customers within the District&#146;s service area. In exchange for
providing wastewater service, we receive 100% of the District&#146;s wastewater tap fees and 90% of the
District&#146;s monthly wastewater fees, as well as the rights to use or sell the reclaimed water.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On the Lowry Range, we operate both the water and the wastewater systems during our contract period
and the District owns both systems. However, after 2081, ownership of the water system
infrastructure servicing customers on the Lowry Range reverts to the Land Board, with the District
retaining ownership of the wastewater infrastructure. Off the Lowry Range, we will use our Export
Water to provide water and wastewater services to our customers, along with the Arkansas River
water described above, and we plan to own these facilities. We plan to contract with third parties
for the construction of these facilities.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The sale of Export Water generates a royalty payment to the Land Board, which is described in
greater detail in the Revenues &#150; Export Water Customers section below. A portion of the proceeds
from the sale of
Export Water are subject to the Comprehensive Amendment Agreement No.&nbsp;1 (the &#147;CAA&#148;), which is one
of the agreements we used to purchase our Export Water and is more fully described in &#147;<I>Item&nbsp;6 &#150;
Critical Accounting Policies &#150; Accounting for CAA Payments&#148; </I>and Note 5 &#150; Participating Interests in
Export Water in the accompanying financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Arapahoe County Fairgrounds Agreement for Water Service</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We entered into the County Agreement in August&nbsp;2005 to design, construct, operate and maintain a
water system for, and provide water services to, the Arapahoe County Fairgrounds (the
&#147;Fairgrounds&#148;), which was constructed West of the Lowry Range. Pursuant to the County Agreement, we
acquired approximately 363 acre-feet of water from the County, which we can use in conjunction with
our Rangeview Water Supply to supply water to nearby communities. As of August&nbsp;31, 2007, we have
not received the water rights deed for approximately 336 acre-feet of groundwater, which is valued
at approximately $240,000. Therefore, we have not capitalized the cost of this water and will not
do so until the satisfactory transfer of this deed. Until the deed is transferred, the value of
this water is included under the caption &#147;<I>construction proceeds receivable</I>&#148; on the balance sheet as
the County would be required to pay us this amount in cash if the water rights deed is not
transferred to us.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to the County Agreement, the County purchased water taps for 38.5 SFEs for approximately
$567,500 (which was comprised of $514,600 in cash and 27 acre-feet of water rights valued at
approximately $52,900), or $14,740 per tap. The County also paid us, or will pay us, approximately
$1.25&nbsp;million (which can be lowered by the value of the 336 acre-feet of water rights we agreed to
acquire as explained above, or approximately $240,000) to design and build certain Special
Facilities (as defined below).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We are servicing the Fairgrounds using our Export Water, and therefore, the tap fees we received
generated royalty payments to the Land Board totaling approximately $34,500, which was 10% of the
net revenues we received from the sale of Export Water taps in fiscal 2006. The agreement with the
Land Board requires royalty payments on Export Water sales based on the net revenues we receive.
These net revenues are defined as proceeds from the sale of Export Water less direct and indirect
costs, including reasonable overhead charges, associated with the withdrawal, treatment and
delivery of Export Water. In addition, the tap fees, net of the Land Board royalty, were subject to
the CAA. This resulted in us distributing approximately $533,000 of the tap fees received from the
County to the escrow agent in September&nbsp;2005. Based on our CAA ownership at the time, we received
back $373,100, or 70% of this distribution. The tap fees we retained were used to construct the
Wholesale Facilities required to provide water service to the Fairgrounds.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See also Note 3 &#150; Water, Water Systems and Service Agreements in the accompanying financial
statements for a discussion of the funding of the &#147;Special Facilities&#148; at the Fairgrounds as well
as a proposed amendment to the County Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The construction of the Special and Wholesale facilities were completed in our fiscal 2006, and we
began providing water service to the Fairgrounds at the opening of the 100<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Annual
Arapahoe County fair on July&nbsp;21, 2006. This is when we started recognizing the tap fees and special
facilities funding revenue in income (as described in the <I>Critical Accounting Policies </I>section in
Item&nbsp;7 below) and we started depreciating the facilities constructed to serve the Fairgrounds.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Sky Ranch Water Supply and Water Service Agreements</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On October&nbsp;31, 2003, and May&nbsp;14, 2004, we entered into two Water Service Agreements (collectively
the &#147;Sky Ranch Agreements&#148;) with the developer of approximately 950 acres of property located 4
miles north of the Lowry Range along Interstate 70 in Colorado, known as Sky Ranch. Under the Sky
Ranch Agreements, once the project commences, we are to provide water service to the homes and
other buildings that are expected to be built at Sky Ranch, which could be as high as 4,850 SFEs.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of the date of this filing, we have not received any payments for tap purchases from the
developer and have no information on if or when the developer will begin developing the project and
purchase water taps from us. As part of the Sky Ranch Agreements, the developer is required to
dedicate approximately 537 acre-feet of water to us in exchange for a $3,400 per tap credit for the
first 767 water taps purchased. Additionally, pursuant to the Sky Ranch Agreements, the developer
is required to pay us $3.41&nbsp;million for the construction of certain Special Facilities required to
extend service to Sky Ranch. As of August&nbsp;31, 2007, none of this water has been dedicated to us
because Sky Ranch has not yet purchased any water taps, and construction of the Special Facilities
has not occurred so therefore none of the $3.41&nbsp;million for construction of the Special Facilities
has been paid.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We also entered into a five year groundwater purchase agreement with Sky Ranch to acquire the 223
acre-feet of Denver Aquifer groundwater located at Sky Ranch, with the final $50,000 payment due in
April&nbsp;2008. As of the date of this filing, we have acquired 40% of this water, or 89.2 acre-feet
for payments totaling $100,000. The 89.2 acre-feet of water we have acquired from Sky Ranch, for
which we have the water rights deeds, does not have to be used at Sky Ranch, at our discretion it
can be used throughout our target service area. We have also paid the developer an additional
$100,000 to acquire the next 40% (89.2 acre-feet) of water pursuant to this groundwater purchase
agreement, but the developer has not cashed our checks or remitted the water rights deed for this
water to us. Therefore, we have not capitalized this 89.2 acre-feet of water purchased as a water
asset yet. In addition to this, Sky Ranch is required to make annual option payments to us of
$50,000 and $10,400 for the right to use our Export Water at Sky Ranch. As of the date of this
filing, we have not received either of the option payments due in fiscal 2007 or 2006, and
therefore Sky Ranch is in default on these payments (totaling $120,800). Notwithstanding Sky Ranch
being in default on its option fees, our service agreements with Sky Ranch currently remain in
effect. Pursuant to the Sky Ranch Agreements, we maintain responsibility to provide water service
to up to 1,500 single family units at the Sky Ranch development using the water we have, or expect
to acquire, from Sky Ranch. Continued default by Sky Ranch on payment of the option fees places the
Sky Ranch development at risk of not being able to use our Export Water to service development in
excess of the 1,500 single family units. There is currently no development occurring at Sky Ranch
and the developer of Sky Ranch has listed the property for sale.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">By combining the 537 acre-feet of water to be purchased from the developer of Sky Ranch together
with the 89.2 acre-feet of water already purchased, and the 133.8 acre-feet anticipated to be
purchased under the agreement to purchase Denver Aquifer groundwater, we will have acquired a total
of 760 acre-feet of water from Sky Ranch, which we plan to use to provide water service to the
first 1,500 SFEs at Sky Ranch.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Paradise Water Supply</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 1987 we acquired the conditional rights to build a 70,000 acre-foot reservoir to store Colorado
River tributary water and a right-of-way permit from the U.S. Bureau of Land Management for
property at the dam and reservoir site. Due to the nature of the Paradise water rights, the
significant development costs of water assets along the western slope, and agreements with other
western slope water interests, the use of our Paradise Water Supply is limited to opportunities
along the western slope. While we continue to identify potential new users for these rights, we
cannot assure you that we will ever be able to make use of this asset or sell the water
profitably. See discussion of impairment analysis in the <I>Critical Accounting Policies </I>section
below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Every six years our Paradise Water Supply is subject to a Finding of Reasonable Diligence review
by the water court and the State Engineer to determine if we are diligently pursuing the
development of the water rights. During fiscal 2005 the water court began the latest review. In
2007, we completed the due diligence review with the State Engineers office and received a Finding
of Reasonable Diligence, but only after certain objectors came forward. The objectors were
questioning our anticipated use of the conditional water rights outside of the Colorado River
Basin and the western slope of Colorado. Following months of discussions, we reached an agreement
with the objectors on our continued development activities as well as certain milestones to be met
during our next diligence period for the Paradise Water Supply, and the objectors agreed to remove
their objections from the review process. As a result, we acknowledged that we
can only use our Paradise Water Supply in the Colorado River basin, we will consider alternative
locations for constructing a reservoir, and we agreed the objectors can have the right to lease up
to 10,000 acre-feet of water per year if we develop the Paradise Water Supply.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Revenues</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We generate revenues predominately from three sources:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Water and wastewater tap fees,</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Construction fees, and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Monthly service fees.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We negotiate the payment terms for tap fees, construction fees, and other water and wastewater
service fees with each developer, builder or municipality before we commit to providing service and
before construction of the project begins.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Water and Wastewater Tap Fees</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Tap fees are paid by the developer in advance of construction activities. Tap fees are designed to
fund construction of the &#147;Wholesale Facilities&#148; and defray the acquisition costs of obtaining water
rights. Wholesale Facilities are facilities we design, construct, operate, maintain and repair.
Wholesale Facilities serve our entire service area or major regions or portions thereof. Wells,
treatment plants, pumping stations, tanks, reservoirs, transmission pipelines, and major sewage
lift stations are typical examples of Wholesale Facilities. We own the Wholesale Facilities we
construct off the Lowry Range. The District owns the Wholesale Facilities constructed on the Lowry
Range.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to our Rangeview Water Agreements with the District and the Land Board, pricing for water
tap fees (as well as water usage charges described further below) is controlled through a
market-driven pricing mechanism in which our rates and charges may not exceed the average of
similar rates and charges of three nearby communities (referred to as the &#147;rate-based districts&#148;).
Due to increases in tap fees at the rate-based districts, effective July&nbsp;1, 2007, water tap fees
increased to $20,000 per tap, which is an increase of 18.8% over the 2006 water tap fee of $16,840
per SFE. Wastewater tap fees remained unchanged at $4,883.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Table A provides a summary of our water tap fees since 2002:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Table A &#151; Water System Tap Fees</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2002</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Water tap fees per SFE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Percentage Increase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Developers owning rights to either surface water or groundwater underlying their properties can
receive a credit against a portion of their water tap fees if they elect to sell their water to us,
which is negotiated at the time of the service agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Construction Fees</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The development of water and wastewater systems typically requires the construction of facilities
to extend services to an individual development. In cases where these facilities are not available
for use by any other developments, these facilities are classified as &#147;Special Facilities.&#148; Special
Facilities can include items such as infrastructure required during the construction of the
permanent water and wastewater systems, transmission pipelines to transfer water from one location
to another, temporary storage facilities, etc. Generally we are not responsible for the design and
construction of the Special Facilities; this is typically the developer&#146;s responsibility. However,
we are typically responsible for the operation and maintenance of the Special Facilities upon
completion. We will accept responsibility for the budgeting, design and
construction of the Special Facilities if the developer provides the funding. If the developer
constructs the Special Facilities, the facilities must be constructed to our design standards, and
the developer is required to dedicate the Special Facilities to us at no charge upon completion. If
we construct the Special Facilities, we capitalize the construction costs, and upon completion, we
own the Special Facilities.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If we agree to build the Special Facilities, the funding received from the developer is deferred
until construction is completed and the assets are placed into operation. At that time, the funding
from the developer is recorded as income over the estimated service period, which is the estimated
useful life of the assets constructed with those funds. The depreciation charges for the Special
Facilities are recorded as costs of revenue over the estimated useful life of the assets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Developers are usually responsible for the design and construction of &#147;Retail Facilities,&#148; which
are facilities that transport water throughout an individual subdivision or community. Retail
Facilities are constructed pursuant to our design standards and are inspected by our engineers
prior to completion. Once we certify that the Retail Facilities have been constructed in accordance
with our design criteria, the developer dedicates the Retail Facilities to us or to a
quasi-municipal political subdivision of the State of Colorado, such as the District, at no cost.
At Sky Ranch, the developer is required to dedicate the Retail Facilities to the District. We,
through our agreements with the District, are then responsible for the operation and maintenance of
the Retail Facilities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;Customer Facilities&#148; consist of water service pipelines, plumbing, meters and other components
that carry potable water and reclaimed water from the street to the customer&#146;s house and collect
wastewater from the customer&#146;s house and transfer it to the collection system. In many cases,
portions of the Customer Facilities are constructed by the developer, again pursuant to our design
standards, but are owned and maintained by the customer.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Monthly Service Fees</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Monthly water usage charges are assessed to customers connected to our water system. The charges
are based on actual metered usage each month. Water usage pricing is based on a tiered pricing
structure which is based on our rate-based districts. Due to increases at our rate-based districts,
the tiered pricing structure has increased over the past several years as noted in Table B below:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Table B &#151; Tiered Pricing Structure</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000">Price ($ per thousand gallons)</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center">Consumption</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">(1,000 gallons / month)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">Base charge per SFE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19.80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">Zero to 10</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">more than 10 to 20</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">more than 20</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.40</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Revenues are sensitive to timing and volume of water use, meaning the more water used by a customer
in a given month, the higher the cost of additional incremental water deliveries to the customer.
Based on this, for a typical residential customer using approximately 0.4 acre-feet of water
annually, during a typical weather year, water usage fees would approximate $600 per year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Wastewater customers are charged a flat monthly fee of $39.50 per SFE, or $474 per year per SFE,
which was increased on July&nbsp;1, 2007 from $34.80 per SFE, an increase of 13.5%.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We also collect other relatively small fees and charges from residential customers and other end
users to cover miscellaneous administrative and service expenses, such as application fees, review
fees and permit fees.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Land Board Royalties and District Fees</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to the Rangeview Water Agreements, the Land Board is entitled to royalty payments based on
a percentage of revenues earned from water sales that utilize water dedicated for use on the Lowry
Range or Export Water. The calculation of royalties depends on whether the customer is located on
the Lowry Range, or elsewhere, and whether the customer is a public or private entity. In addition,
for water sales to customers located on the Lowry Range, the District is entitled to a 5% fee,
which is calculated after the royalty payment to the Land Board, and the District is entitled to a
fee of 10% of our wastewater fees (not including wastewater tap fees) from customers on the Lowry
Range. The Land Board does not receive a royalty from wastewater services.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Rangeview Water Agreements were written prior to any development of the Lowry Range or areas
outside of the Lowry Range that could utilize our Export Water. The terms of the Rangeview Water
Agreements did not fully anticipate the specific circumstances of development that have arisen and
might arise in the future as we enter into and negotiate agreements for the sale of Export Water
and the provision of service to the Lowry Range. Therefore, the Rangeview Water Agreements may not
clearly delineate the rights and responsibilities for the forms of transactions that may arise. We
anticipate that we will be required to enter into negotiations with the Land Board from time to
time to clarify the applicability of contract terms to circumstances that were not anticipated at
the time we entered into the Rangeview Water Agreements. We cannot assure you that the outcome of
such negotiations will be favorable to us.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Lowry Range Customers</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For services to customers located on the Lowry Range, the District collects fees from customers,
pays the royalties to the Land Board, retains its own fee, and remits the remainder to us. Payments
from customers who are on the Lowry Range generate royalties to the Land Board at a rate of 12% of
gross revenues. When either (i)&nbsp;metered production of water used on the Lowry Range in any calendar
year exceeds 13,000 acre-feet or (ii)&nbsp;10,000 surface acres on the Lowry Range have been rezoned to
non-agricultural use, finally platted and water tap agreements have been entered into with respect
to all improvements to be constructed on such acreage, the Land Board may elect, at its option, to
receive, in lieu of its 12% royalty payments, 50% of the aggregate net profits generated derived by
the District and Pure Cycle from the sale or other disposition of water on the Lowry Range. To date
neither of these conditions has been met.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Export Water Customers</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Payments for Export Water also generate royalty payments to the Land Board. These royalties vary
depending on a number of factors including whether the customer is a public or private entity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">When we withdraw, treat and deliver the water to the user and incur the costs related to this
process, the royalty to the Land Board is based on our &#147;Net Revenues,&#148; which are our gross revenues
less costs, including reasonable overhead allocations, incurred as a direct or indirect result of
incremental activity associated with the withdrawal, treatment and delivery of Export Water.
Royalties payable to the Land Board for Export Water sold escalate based on the amount of Net
Revenue we receive and are lower for sales to a water district or similar municipal or public
entity than for sales to a private entity as noted in Table C:
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">11
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Table C &#151; Royalties for Export Water Sales</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">Royalty Rate</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Private</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Public</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Net Revenues</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Entity</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Entity</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$0 - $45,000,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$45,000,001 - $60,000,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">24</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$60,000,001 - $75,000,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">36</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$75,000,001 - $90,000,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Over $90,000,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Our Current Operations</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We operate and maintain a water system that provides water and wastewater services to our customers
on the Lowry Range. We also designed and constructed a water system that provides Export Water to
the Fairgrounds. During fiscal 2007 we delivered approximately 44.4&nbsp;million gallons of potable
water to our customers, which equates to approximately 2&nbsp;million gallons per month during the
winter and over 6.5&nbsp;million gallons per month during the summer.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We also operate a wastewater treatment plant, which we designed and built, that currently has a
permitted capacity of 130,000 gallons per day and receives about 20,000 gallons per day.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We operate and maintain all our water and wastewater facilities with limited assistance from third
party contractors. We design, construct and operate the facilities serving customers on the Lowry
Range and plan to operate this system, together with facilities serving customers in areas outside
the Lowry Range, in a unified manner to capitalize on economies of scale and ensure the most
efficient use of our water.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In August&nbsp;2005, we entered into the County Agreement to provide water services to the Fairgrounds.
We commenced service to the Fairgrounds in July&nbsp;2006.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 1998, we entered into a water service agreement with the State of Colorado Department of Human
Services to provide water and wastewater services to a juvenile correction facility on the
northwestern edge of the Lowry Range known as the Ridge View Youth Services Center. This system is
designed to provide water and wastewater services for approximately 200 SFEs. We commenced service
to the Ridge View Youth Services Center in 2001.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Significant Customers</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Ridge View Youth Services Center and Schmidt Aggregates provided approximately 91%, 96% and 98% of
our total water and wastewater treatment revenues during the years ended August&nbsp;31, 2007, 2006 and
2005, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Our Projected Operations</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We design, construct and operate our water and wastewater facilities using advanced cleaning and
treatment technologies. We also design our systems to use our water supplies in an efficient
manner. We plan to develop our water and wastewater systems in stages to meet incremental demands
in our service areas. We will use third party contractors to construct our facilities as needed. We
employ licensed water and wastewater operators to operate our water and wastewater systems. At full
build-out, we expect to employ professionals that will operate our systems, read meters, bill
customers, and manage our operations. We plan to take advantage of advanced technologies to keep
personnel requirements and operating costs low,
such as systems that enable meter readings and billings to be done remotely, reducing associated
handling and labor costs.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">12
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We plan to provide an environmentally responsible integrated water management system, as depicted
in Table D below, that combines conservation efforts with effective water reuse planning and
balanced water supply management. We plan to jointly utilize our surface water rights in the
Arkansas River, our two surface water streams that flow through the Lowry Range, deep-well waters
from our non-tributary water supplies and our stored reuse water in our irrigation water system, to
provide an efficient, environmentally sound, long-term water solution for our customers.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Table D &#150; Our Balanced Water Plan</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c71577c7157703.jpg" alt="(WATER PLAN)">

</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We anticipate initially developing our Denver based water supplies located on the Lowry Range and
phasing the development of our Arkansas River water as connections are added to our system. In
order to deliver the Arkansas River water to the Front Range market, a 130 mile pipeline will have
to be constructed with an estimated cost of over $400&nbsp;million (this includes estimated costs of
water treatment facilities). We are currently reviewing physical alignments and potential
partnerships for construction of this pipeline. Converting the Arkansas Water to municipal use and
constructing the pipeline will be a long-term process, which will give us the opportunity to work
closely with those who might be impacted by any water transfers. The development of this water will
require us to apply for a change of use in the Colorado water court which could take many years and
require a significant amount of capital. However, we do not anticipate starting this process in the
near term and anticipate that the tap fees and usage fees from taps sold utilizing our Rangeview
Water Supply will be sufficient to fund these requirements. We ultimately anticipate being able to
service over 100,000 SFE&#146;s with the Arkansas River water.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We expect the development of our Rangeview Water Supply to require between 250 and 300 high
capacity water wells ranging in depth from 800 feet to over 2,500 feet. We anticipate drilling
separate wells into each of the three principal aquifers located beneath the Lowry Range. Each well
is intended to deliver water to central water treatment facilities for treatment prior to delivery
to customers. We also intend to build structures to divert surface water to storage reservoirs to
be located on the Lowry Range. Our plan is to divert the surface water when available and, prior to
distribution to our customers, to treat the surface water with a separate water treatment facility
built specifically to treat surface water. Based on preliminary independent engineering estimates,
the full build-out of water facilities on the Lowry Range will cost in excess of $340&nbsp;million and
will accommodate water service from the Rangeview Water Supply for up to 80,000 SFE units, which
includes both customers located in and outside the Lowry Range service area.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">13
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Rangeview Metropolitan District</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The District is a quasi-municipal corporation and political subdivision of Colorado formed in 1986
for the purpose of providing water and wastewater service to the Lowry Range. The District will
utilize the 15,050 acre-feet of water leased to it by the Land Board located on the Lowry Range for
service to customers on the Lowry Range.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The District is run by an elected board of directors. The only eligible voters and the only persons
eligible to serve as directors are the owners of property within the boundaries of the District. We
own certain rights to the real property which encompasses the current boundaries of the District.
The current directors of the District are Mark W. Harding and Scott E. Lehman (employees of Pure
Cycle), Ryan T. Clark (by reason of his role as manager of TPC Ventures, LLC, Ryan Clark is deemed
an indirect beneficial owner of more than 5% of Pure Cycle common stock) and Tom Lamm.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We are party to a Right of First Refusal Agreement with the owners of the property comprising the
District. Pursuant to a tenancy in common agreement, in the event of death, bankruptcy or
incompetence of any tenant, that tenant&#146;s estate or representative must offer the property interest
of that tenant to the remaining tenants for purchase. If the remaining tenants do not purchase all
of such person&#146;s interest, the property must be offered to us pursuant to the Right of First
Refusal Agreement. In addition, if any tenant wants to sell his
interest in the parcel, such tenant must find a bona fide buyer and then offer the property to us.
We have the right, at our option, to buy the property by matching the terms of the bona fide third
party offer or by paying the appraised value of the property as determined by independent
appraisers. A tenant may also negotiate a sale directly with us if he elects not to locate a bona
fide buyer. Each of the directors listed above, as well as Pure Cycle, currently own an undivided
interest in the land comprising the District. Under applicable Colorado law, entities are not
qualified to serve as directors of municipal districts and may not vote. Our President and
Corporate Secretary serve as elected members of the board of directors of the District. Pursuant to
Colorado law, directors receive $75 for each board meeting or a maximum of $1,200 per year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We and the board of directors of the District transact business on an arms-length basis. The
conflicts of interest of the directors in transactions between us and the District are disclosed in
filings with the Colorado Secretary of State. The District and we were each represented by separate
legal counsel in negotiating the water service agreement and wastewater service agreement between
the parties. The agreements were also approved by the two members of the District&#146;s board who were
not our employees and by the Land Board.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">It is likely that at some point in the future, the board of directors of the District will be
comprised entirely of directors independent from us. As the Land Board develops the Lowry Range,
landowners on the Lowry Range may petition to include their land within the District&#146;s boundaries.
Provided such petition complies with applicable law, the District is required by its lease with the
Land Board to proceed with due diligence to include the area designated in such petition within the
District&#146;s boundaries. As the District&#146;s boundaries expand, the base of persons eligible to serve
as directors and eligible to vote will also increase.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Water and Growth in Colorado</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As the population in Colorado continues to grow, so does the need for obtaining new water sources.
Despite the softening housing market that Colorado and the nation have experienced, the US Census
Bureau estimated Colorado&#146;s 2006 population at nearly 4.8&nbsp;million, a 10.5% increase from the census
taken in 2000. The Denver Regional Council of Governments (&#147;DRCOG&#148;), a voluntary association of
over 50 county and municipal governments in the Denver metropolitan area, estimates the Denver
metropolitan area is expected to increase from 2.5&nbsp;million people to 3.9&nbsp;million people by the year
2030. With this estimated population increase comes increased demand for water services beyond what
the municipal service providers are currently capable of providing. It is estimated that the
population growth in the Denver metropolitan area will require an additional 140,000 acre-feet of
water annually. This is why the U.S. Department of the Interior has identified the Denver
metropolitan area as one region that is &#145;highly likely&#146; to experience a &#145;water supply crisis&#146; by
2025.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">14
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">With these projected levels of growth, with interest heightened by droughts in Colorado, with most
of Colorado&#146;s water being located in the western half of the state while the majority of the
population is in the eastern half of the state, water is one of the largest influences on
development in Colorado. Due to wide fluctuations in snowfall from year to year and area to area,
the amount of surface water that can be captured for use varies greatly. This has lead most water
providers in Colorado to actively pursue additional water supplies, including the use of reclaimed
wastewater for irrigation and other non-potable uses. Having participated in the Department of
Public Health&#146;s regulatory rule making process defining water quality standards for reuse water, we
have helped lead the effort in the metropolitan area to design water reuse systems and set reuse
water quality standards. In August&nbsp;2005, the Colorado Department of Public Health and Environment
adopted rules defining water quality standards for raw and reclaimed water uses for residential
irrigation customers. These rules, as applicable, will be incorporated into our rules and
regulations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our master plan for our service area, which includes the Lowry Range and all other areas in which
we will provide services, calls for the installation of a dual pipe water distribution and
reclamation system. A dual pipe distribution system is a system in which one pipe supplies the
customer with high quality potable drinking water and a second pipe supplies raw or reclaimed water
to homes for irrigation uses. About one-half of the water needed to meet Denver-area residential
water demands is used for landscaping and outdoor irrigation of lawns. We, along with most major
water providers, believe that raw or reclaimed water
supplies provide the lowest cost water for irrigation purposes for customers. We expect to
implement an extensive water reclamation system, in which essentially all wastewater treatment
plant effluent water will be re-used to meet non-potable water demands. This will enhance our
ability to provide quality water service and reinforce our philosophy that emphasizes the
importance of water recycling and our commitment to environmentally responsible water management
policies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Competition</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Although we have exclusive long term water and wastewater service contracts for the majority of the
Lowry Range (we currently have the exclusive rights to serve two of the six initial development
sections at the Lowry Range, but are negotiating with the developer to provide services to the
entire initial development), providing water service using our Export Water and Arkansas River
water is subject to competition. Alternate sources of water are available, principally from other
private parties, such as farmers owning senior water rights that are no longer being economically
used in agriculture, and municipalities seeking to annex newly developed areas in order to increase
their tax base. Our principal competition in areas close to the Lowry Range is the neighboring City
of Aurora. The principal factors affecting competition for potential purchasers of our Arkansas
River water and Export Water include the availability of water for the particular purpose, the cost
of delivering the water to the desired location and the reliability of the water supply during
drought periods. We believe the water assets we own and have the exclusive rights to use, which
have a supply capacity of over 180,000 SFE units (or roughly 720,000 people), provide us a
significant competitive advantage along the Front Range because our legal rights to the assets have
been confirmed for municipal use (for our Rangeview Water Supply), a significant portion of our
water supply is close to Denver area water users, our pricing structure is competitive and our
water portfolio is well balanced with senior surface rights, groundwater rights, storage capacity
and reclamation water. Further, the size of the Lowry Range and the amount of property that can be
served by the Arkansas River water and Export Water will provide us with economies of scale that
should give us advantages over our competitors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Employees</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We currently have three full-time employees.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">15
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Available Information and Website Address</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our website address is <u><I>www.purecyclewater.com</I></u>. We make available free of charge through our
website, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form
8-K, and all amendments to these reports as soon as reasonably practicable after filing with the
SEC. They also may be obtained directly from the SEC&#146;s website,
<u><I>www.sec.gov/edgar/searchedgar/companysearch.html</I></u>, under CIK code 276720. The contents of our
website are not incorporated by reference into this report.
</DIV>
<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;1A. </B><U><B>Risk Factors</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Our business, operations, and financial condition are subject to significant risks. These risks
include those listed below and may include additional risks of which we are not currently aware or
which we currently do not believe are material. If any of the events or circumstances described in
the following risk factors actually occurs, our business could be materially adversely affected.
These risks should be read in conjunction with the other information set forth in this report.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>We are dependent on the development of Sky Ranch, the Lowry Range and other areas near our
Rangeview Water Supply that are potential markets for our Export Water.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our Rangeview Water Supply is one of our principal sources of future revenue. The timing and amount
of these revenues will depend significantly on the development of the Lowry Range and Sky Ranch.
The development of these areas is not within our control. The Lowry Range is owned by the Land
Board, which has been considering various development alternatives, including proposals for
conservation. In June&nbsp;2007, the Land Board finalized an agreement with Lend Lease Communities LLC
to develop approximately 3,900 acres of the Lowry Range. Of this, we have the right to provide
water service to approximately 1,300 acres. The Land Board does not have any development proposals
for the remaining approximately 23,100 acres. There is currently no development at Sky Ranch and
it is our understanding that the developer of Sky Ranch is attempting to sell the property. There
can be no assurance that development will occur or that water sales will occur on acceptable terms
or in the amounts or time required for us to support our costs of operation. Because of the prior
use of the Lowry Range as a military facility, environmental clean-up may be required prior to
development, including the removal of unexploded ordnance. There is often significant delay in
adoption of development plans, as the political process involves many constituencies with differing
interests. In the event water sales are not forthcoming or development of the Lowry Range is
delayed, we may incur additional short or long-term debt obligations or seek to sell additional
equity to generate operating capital. If the Land Board determines to limit the use of significant
portions of the Lowry Range for conservation, it may limit our ability to fully develop our
Rangeview Water Supply.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our operations are significantly affected by the general economic conditions for real estate
development and the pace and location of real estate development activities in the greater Denver
metropolitan area, most particularly areas which are close to our Rangeview Water Supply. During
2006 and through August&nbsp;31, 2007, the Colorado housing market has continued to see declines in new
construction, which could continue for some time. Increases in the number of our water and
wastewater connections, our connection fees and our billings and collections will depend on real
estate development in this area. We have no ability to control the pace and location of real estate
development activities which affect our business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>We expect to be involved in on-going negotiations with the Land Board to clarify our rights and
obligations with respect to our Rangeview Water Supply and such negotiations may not be successful.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our Rangeview Water Supply rights derive principally from the Lease between the Land Board and the
District which was entered into in 1996 prior to any development of the Lowry Range or of areas
outside the Lowry Range that utilize our Export Water. The terms of the Lease did not fully
anticipate the specific circumstances of development that have arisen and may not clearly delineate
rights and responsibilities for the forms of transactions that may arise in the future as we enter
into and negotiate agreements for sale of

water and the provision of service to the Lowry Range. We anticipate engaging in negotiations with
the State Land Board from time to time to clarify the applicability of contract terms to
circumstances that were not anticipated at the time the agreements were entered into. An
unfavorable outcome in such negotiations could have a material adverse effect on our financial
results. We cannot assure you that such negotiations will be successful.
</DIV>

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<P align="center" style="font-size: 10pt">16
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>In order to utilize the Arkansas River water acquired in fiscal 2006, we must apply for a change of
use with the Colorado water court and this may take several years to complete.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The change of use of our Arkansas River water requires a ruling by the Colorado water courts, which
could take several years and be a costly and contentious effort since it is anticipated that many
parties will oppose the transfer of the water. There are several conditions which must be satisfied
prior to our receiving a change of use decree for transfer of our Arkansas River water. One
condition that we must satisfy is a showing of anti-speculation in which we, as the applicant must
demonstrate that we have contractual obligations to provide water service to customers prior to the
water court ruling on the transfer of a water right. The water court is also expected to limit the
transfer to the &#147;consumptive use&#148; portion of the water right and to address changing the historic
use of the water from agricultural uses to other uses such as municipal and industrial use. We
expect to face opposition to any consumptive use calculations of the historic agricultural uses of
this water. The water court may impose conditions on our transfer of the water rights such as
requiring us to mitigate the loss of the farming tax base, imposing re-vegetation requirements to
convert soils from irrigated to non-irrigated, and imposing water quality measures. Any such
conditions will likely increase the cost of transferring the water rights.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Our Valuation of the Tap Participation Fee payable to HP A&#038;M contains estimates and management
assumptions. The actual results could differ significantly from those estimates.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As part of our acquisition of the Arkansas River water rights from HP A&#038;M, we granted HP A&#038;M a Tap
Participation Fee entitling HP A&#038;M to receive ten percent (10%) of the gross proceeds of our sales
of forty thousand (40,000) water taps. We have estimated the fair value of the Tap Participation
Fee payable to HP A&#038;M using available historic market information and estimated future market
information. We believe the estimates we used reasonably reflect the fair value of the Tap
Participation Fee. Estimates involve matters of uncertainty and judgment and interpreting relevant
market data is inherently subjective in nature. Many factors are necessary to estimate future
market conditions, including but not limited to, supply and demand for new homes, population growth
along the Front Range, cash flows, tap fee increases at our rate-based districts, and other market
forces beyond our control. The actual results could differ materially from our estimates which
would result in significantly higher fees being paid to HP A&#038;M than what are reflected in our
balance sheet and significantly higher imputed interest being reflected on our future statements of
operations associated with the Tap Participation Fee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>In the event of default by HP A&#038;M on promissory notes secured by deeds of trust on our properties,
we would be required to cure the defaults or lose the properties.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain of the properties we acquired from HP A&#038;M are subject to promissory notes, aggregating
$13.9&nbsp;million in principal and interest as of August&nbsp;31, 2007. The notes are secured by deeds of
trust on the properties we own, but are the responsibility of HP A&#038;M. Because the likelihood of HP
A&#038;M defaulting on the notes is deemed remote, these promissory notes are not reflected on our
balance sheet. However, if HP A&#038;M were to default on the notes, and we did not cure the defaults,
we would lose approximately 60 of the 80 real property interests we acquired and the water rights
associated with those properties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Our net losses may continue and we may not have sufficient liquidity to pursue our business
objectives.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have experienced significant net losses and could continue to incur net losses. For the years
ended August&nbsp;31, 2007, 2006 and 2005, we had net losses of approximately $6.9&nbsp;million, $793,000 and
$1,051,000, respectively, on revenues of approximately $265,700, $271,700 and $234,700, in the
respective periods. Our cash flows from operations have not been sufficient to fund our operations
in the

past, and we have been required to raise debt and equity capital to remain in operation. Since
2004, we have raised approximately $21.5&nbsp;million through the issuance of common stock to support
our operations. Our ability to fund our operational needs and meet our business objectives will
depend on our ability to generate cash from future operations. If our future cash flows from
operations and other capital resources are not sufficient to fund our operations and the
significant capital expenditure requirements to build our water delivery systems, we may be forced
to reduce or delay our business activities, or seek to obtain additional debt or equity capital,
which may not be available on acceptable terms, or at all.
</DIV>

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<P align="center" style="font-size: 10pt">17
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>The rates we are allowed to charge customers on the Lowry Range are limited by the Lease with the
Land Board and our contract with the District and may not be sufficient to cover our costs of
construction and operation.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The prices we can charge for our water and wastewater services on the Lowry Range are subject to
pricing regulations set in the Lease with the Land Board. Both the tap fees and our usage rates and
charges are based on the average of the rates of our rate-based districts. Annually we survey the
tap fees and rates of our rate-based districts and set our tap fees and rates and charges based on
the average of those charged by this group. Our costs associated with the construction of water
delivery systems and the production, treatment and delivery of our water are subject to market
conditions and other factors, which may increase at a significantly greater rate than the prices
charged by our rate-based districts. Factors beyond our control and which cannot be predicted, such
as drought, water contamination and severe weather conditions, like tornadoes and floods, may
result in additional labor and material costs that may not be recoverable under our operations and
maintenance contracts, creating additional differences from the costs of our rate-based districts.
Increased customer demand may also increase the overall cost of our operations. If the costs for
construction and operation of our water services, including the cost of extracting our groundwater,
exceed our revenues, we may petition the Land Board for rate increases. There can be no assurance
that the Land Board would approve a rate increase request beyond the average of the rate-based
districts. Our profitability could be negatively impacted if we experience an imbalance of costs
and revenues and are not successful in receiving approval for rate increases.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>We only have three employees and may not be able to manage the increasing demands of our expanding
operations.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We currently have only three employees to administer our existing assets, interface with applicable
governmental bodies, market our services and plan for the construction and development of our
future assets. We may not be able to maximize the value of our water assets because of our limited
manpower. We depend significantly on the services of Mark W. Harding, our President. The loss of
Mr.&nbsp;Harding would cause a significant interruption of our operations. The success of our future
business development and ability to capitalize on growth opportunities depends on our ability to
attract and retain additional experienced and qualified persons to operate and manage our business.
State regulations set the training, experience and qualification standards required for our
employees to operate specific water and wastewater facilities. Failure to find state-certified and
qualified employees to support the operation of our facilities could put us at risk, among other
things, for operational errors at the facilities, for improper billing and collection processes,
and for loss of contracts and revenues. We cannot assure you that we can successfully manage our
assets and our growth.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>We may be adversely affected by any future decision by the Colorado Public Utilities Commission to
regulate us as a public utility.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Colorado Public Utilities Commission (&#147;CPUC&#148;) regulates investor-owned water companies
operating for the purpose of supplying the public. The CPUC regulates many aspects of public
utilities&#146; operations, including the location and construction of facilities, establishing water
rates and fees, initiating inspections, enforcement and compliance activities and assisting
consumers with complaints.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">18
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We do not believe we are a public utility under Colorado law. We currently provide services by
contract to the District, which supplies the public. Quasi-municipal metropolitan districts, such
as the District, are
exempt by statute from regulation by the CPUC. However, the CPUC could attempt to regulate us as a
public utility. If this were to occur, we might incur significant expense challenging the CPUC&#146;s
assertion of jurisdiction, and we may be unsuccessful. In the future, existing regulations may be
revised or reinterpreted, and new laws and regulations may be adopted or become applicable to us or
our facilities. If we become regulated as a public utility, our ability to generate profits could
be limited and we might incur significant costs associated with regulatory compliance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>There are many obstacles to our ability to sell our Paradise Water Supply.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We currently earn no revenues from our Paradise Water Supply, which as of August&nbsp;31, 2007 has a
recorded cost of approximately $5.5&nbsp;million. Our ability to convert our Paradise Water Supply into
an income generating asset is limited. Due to the nature of the Paradise Water rights and
agreements with other western slope water interests, our use of the Paradise Water Supply is
limited to opportunities along the western slope. As part of our water court decree for the
Paradise Water Supply, we are permitted to construct a storage facility on the Colorado River.
However, pursuant to a stipulation entered into with various objectors to our Paradise Water
rights, and the strict regulatory requirements for constructing a reservoir on the main stem of the
Colorado River, completing the storage facility at its decreed location will be difficult. We
cannot assure you that we will ever be able to make use of this asset or sell the water profitably.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our Paradise Water Supply is also conditioned on a Finding of Reasonable Diligence from the water
court every six years. To arrive at that finding, the water court must determine that we continue
to diligently pursue the development of the water rights, either directly or indirectly through a
third party who has a contractual commitment for its use. If the water court is unable to make such
a finding, our right to the Paradise Water Supply would be lost and we would be required to impair
the Paradise Water Supply asset and incur a $5.5&nbsp;million charge against earnings. The fiscal 2005
review was completed in 2007 but not without objectors and not without us having to agree to
certain stipulations to remove the objections.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Conflicts of interest may arise relating to the operation of the District.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our officers, employees and a majority shareholder constitute a majority of the directors of the
Rangeview Metropolitan District. In addition, Pure Cycle, along with our officers and employees and
one unrelated individual, own, as tenants in common, the 40 acres that form the District. Pursuant
to State law, directors receive $75 for each board meeting or a maximum compensation of $1,200 per
year. We have made loans to the District to fund its operations. At August&nbsp;31, 2007, total
principal and interest owed to us by the District was approximately $475,700. The District is a
party to our agreements with the Land Board and receives fees of 5% of the revenues from the sale
of water on the Lowry Range. Proceeds from the fee collections will initially be used to repay the
District&#146;s obligations to us, but after these loans are repaid, the District is not required to use
the funds to benefit Pure Cycle. We have received benefits from our activities undertaken in
conjunction with the District, but conflicts may arise between our interests and those of the
District, and with our officers who are acting in dual capacities in negotiating contracts to which
both we and the District are parties. We expect that the District will expand when more properties
are developed and become part of the District, and our officers acting as directors of the District
will have fiduciary obligations to those other constituents. There can be no assurance that all
conflicts will be resolved in the best interests of Pure Cycle and its stockholders. In addition,
other landowners coming into the District will be eligible to vote and to serve as directors of the
District. There can be no assurances that our officers and employees will remain as directors of
the District or that the actions of a subsequently elected board would not have an adverse impact
on our operations.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">19
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>We are required to maintain stringent water quality standards and are subject to regulatory and
environmental risks.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We must provide water that meets all federal and state regulatory water quality standards and
operate our water and wastewater facilities in accordance with these standards. We face
contamination and pollution issues regarding our water supplies. Improved detection technology,
increasingly stringent regulatory
requirements, and heightened consumer awareness of water quality issues contribute to an
environment of increased focus on water quality. We cannot assure you that in the future we will be
able to reduce the amounts of contaminants in our water to acceptable levels. In addition, the
standards that we must meet are constantly changing and becoming more stringent. Future changes in
regulations governing the supply of drinking water and treatment of wastewater may have a material
adverse impact on our financial results.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We handle certain hazardous materials at our water treatment facilities, primarily sodium
hypochlorite. Any failure of our operation of the facilities in the future, including sewage
spills, noncompliance with water quality standards, hazardous materials leaks and spills, and
similar events could expose us to environmental liabilities, claims and litigation costs. We cannot
assure you that we will successfully manage these issues, and failure to do so could have a
material adverse effect on our future results of operations by increasing our costs for damages and
cleanup.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Our contracts for the construction of water and wastewater projects may expose us to certain
completion and performance risks.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We intend to rely on independent contractors to construct our water and wastewater facilities.
These construction activities may involve risks, including shortages of materials and labor, work
stoppages, labor relations disputes, weather interference, engineering, environmental, permitting
or geological problems and unanticipated cost increases. These issues could give rise to delays,
cost overruns or performance deficiencies, or otherwise adversely affect the construction or
operation of our water and wastewater delivery systems.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, we may experience quality problems in the construction of our systems and facilities,
including equipment failures. We cannot assure you that we will not face claims from customers or
others regarding product quality and installation of equipment placed in service by contractors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain of our contracts may be fixed-price contracts, in which we may bear all or a significant
portion of the risk for cost overruns. Under these fixed-price contracts, contract prices are
established in part based on fixed, firm subcontractor quotes on contracts and on cost and
scheduling estimates. These estimates may be based on a number of assumptions, including
assumptions about prices and availability of labor, equipment and materials, and other issues. If
these subcontractor quotations or cost estimates prove inaccurate, or if circumstances change, cost
overruns may occur, and our financial results would be negatively impacted. In many cases, the
incurrence of these additional costs would not be within our control.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We may have contracts in which we guarantee project completion by a scheduled date. At times, we
may guarantee that the project, when completed, will achieve certain performance standards. If we
fail to complete the project as scheduled, or if we fail to meet guaranteed performance standards,
we may be held responsible for cost impacts and/or penalties to the customer resulting from any
delay or for the costs to alter the project to achieve the performance standards. To the extent
that these events occur and are not due to circumstances for which the customer accepts
responsibility or cannot be mitigated by performance bonds or the provisions of our agreements with
contractors, the total costs of the project could exceed our original estimates and our financial
results would be negatively impacted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our customers may require us to secure performance and completion bonds for certain contracts and
projects. The market environment for surety companies has become more risk averse. We secure
performance and completion bonds for our contracts from these surety companies. To the extent we
are unable to obtain bonds, we may not be awarded new contracts. We cannot assure you that we can
secure performance and completion bonds where required.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We may operate engineering and construction activities for water and wastewater facilities where
design, construction or system failures could result in injury to third parties or damage to
property. Any losses that exceed claims against our contractors, the performance bonds and our
insurance limits at facilities so managed could result in claims against us. In addition, if there
is a customer dispute regarding performance of our services, the customer may decide to delay or
withhold payment to us.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">20
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">
<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;1B. </B><U><B>Unresolved Staff Comments</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">None
</DIV>

<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;2. </B><U><B>Properties</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We currently occupy approximately 1,800 square feet of office space at a cost of $1,000 per month,
which is leased from Ryan Clark, an indirect beneficial owner of greater than 5% of Pure Cycle
common stock, at the address shown on the cover page. The lease is a month-to-month agreement that
can be cancelled by either party at any time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We own the following amounts of water and other items associated with the water rights &#150; see <I>&#147;Item
1. Description of Our Water Assets and Related Service Agreements</I>&#148;:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We own the following assets in the Arkansas River valley in southeastern Colorado:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Approximately 60,000 acre-feet of Arkansas River water represented by over 21,600
shares of the FLCC,</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Approximately 17,500 acres of real property land located in the counties of Bent,
Otero and Prowers, Colorado, and mineral rights and personal property associated with the
real property.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We own the following assets located on the Lowry Range:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We own a total gross volume of 1,165,000 acre-feet (approximately 11,650 acre-feet
per year) of non-tributary groundwater, an option to substitute 1,650 acre-feet of
tributary surface water in exchange for a total gross volume of 165,000 acre-feet of
non-tributary groundwater, which we can export from the Lowry Range, and certain surface
storage rights on the Lowry Range.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Pursuant to the Rangeview Water Agreements, we have the exclusive right, through
2081, to use approximately 15,050 acre feet of water located at the Lowery Range to serve
customers within the District&#146;s service area.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We own approximately 70,000 acre-feet of conditional water rights in the Colorado River,
water wells and related assets in the State of Colorado by assignment and quitclaim deed.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We own 89.2 acre-feet of groundwater located in the Sky Ranch development. This represents
40% of the 223 acre-feet of groundwater we will own upon exercise of our rights under the
Denver groundwater purchase agreement.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We own 27 acre-feet of groundwater located near the Arapahoe County Fairgrounds site.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We own an undivided 59.9% interest as a tenant-in-common in a 40-acre parcel of undeveloped
land located in unincorporated Arapahoe County comprising the Rangeview Metropolitan District.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;3. </B><U><B>Legal Proceedings</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">None
</DIV>

<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;4. </B><U><B>Submission of Matters to a Vote of Security Holders</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No matters were submitted to a vote of stockholders during the quarter ended August&nbsp;31, 2007.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">21
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">
<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART II</B>
</DIV>

<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;5. </B><U><B>Market for Registrant&#146;s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>(a)&nbsp;Market Information</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our common stock is traded on the NASDAQ Capital Market under the symbol PCYO. The high and low
sales prices of our common stock, by quarter, for the fiscal years ended August&nbsp;31, 2007 and 2006
are presented with the Selected Quarterly Financial Information in Item&nbsp;8 below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>(b)&nbsp;Holders</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On October&nbsp;31, 2007, there were 3,400 holders of record of our common stock.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>(c)&nbsp;Dividends</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have never paid any dividends on our common stock and expect for the foreseeable future to
retain all of our earnings from operations, if any, for use in expanding and developing our
business. Any future decision as to the payment of dividends will be at the discretion of our board
of directors and will depend upon our earnings, financial position, capital requirements, plans for
expansion and such other factors as our board of directors deems relevant. The terms of our Series
B Preferred Stock prohibit payment of dividends on common stock unless all dividends accrued on the
Series&nbsp;B Preferred Stock have been paid.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>(d)&nbsp;Securities authorized for issuance under equity compensation plans</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of securities</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">remaining available</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">for future issuance</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">securities to be</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">under equity</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">issued upon</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">average exercise</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">compensation plans</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">exercise of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">price of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(excluding</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">outstanding</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">outstanding</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">securities</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">options, warrants</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">options, warrants</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">reflected in column</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="LEFT" style="border-bottom: 1px solid #000000">Plan category</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">and rights</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">and rights</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(a))</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(c)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity compensation
plans approved by
security holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,460,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity compensation
plans not approved
by security holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,460,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">22
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>(e)&nbsp;Performance Graph</b><SUP style="font-size: 85%; vertical-align: text-top"><b> 1</B></SUP>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c71577c7157704.jpg" alt="(LINE GRAPH)">
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>(f)&nbsp;Recent Sales of Unregistered Securities</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">None.
</DIV>

<P align="left" style="font-size: 10pt">____________

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">This performance graph is not &#147;soliciting material,&#148; is not deemed &#147;filed&#148;
with the Commission and is not to be incorporated by reference in any of our
filings under the Securities Act of 1933, as amended, or the Securities Exchange
Act of 1934, as amended, whether made before or after the date hereof and
irrespective of any general incorporation language in any such filing.</DIV></TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">23
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">




<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;6. </B><U><B>Selected Financial Data</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Basic and diluted loss per share and weighted average shares outstanding for the year ended August
31, 2003 reflects a 10-for-1 reverse split that was effective April&nbsp;26, 2004.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><I>In thousands (except per share data)</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>August 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Summary of Statement of Operations items:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">265.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">271.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">234.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">205.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">225.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gross margin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">197.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">171.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">144.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">187.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(6,914.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(792.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,050.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,975.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(321.0</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic and diluted loss per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.37</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.05</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.08</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.22</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Weighted average shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,844</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Summary Balance Sheet Information:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,288.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,121.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,740.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,738.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">593.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">111,891.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">108,833.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,046.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,625.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,413.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">53,863.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">53,789.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,004.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,100.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,980.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">54,047.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">54,169.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,693.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,302.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,032.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57,844.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">54,664.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,352.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,323.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,381.5</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following items had a significant impact on our operations:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In fiscal 2006, we acquired water and real property interests in the Arkansas River Valley.
The consideration for these assets consisted of equity valued at approximately $36.2&nbsp;million,
and a Tap Participation Fee agreement valued at approximately $45.6&nbsp;million (at August&nbsp;31,
2006), which is payable when we sell water taps. The total consideration of approximately
$81.9&nbsp;million was allocated to the acquired assets based on each asset&#146;s relative fair value.
During our fiscal 2007, we imputed approximately $4.7&nbsp;million of accrued interest on the Tap
Participation Fee. See Note 3 &#150; Water, Water Systems and Service Agreements in the
accompanying financial statements for more details.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In fiscal 2007, we recognized approximately $1.04&nbsp;million of gain related to the
acquisition of certain CAA interests, of which, approximately $765,000 was recorded as
additional paid in capital because the CAA interests were acquired from parties that are
deemed related to us. See Note 5 &#150; Participating Interests in Export Water in the accompanying
financial statements for more details.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In fiscal 2006, we recognized $390,900 of gain related to the extinguishment of debt and
the acquisition of certain CAA interests. See Note 5 &#150; Participating Interests in Export Water
in the accompanying financial statements for more details.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In fiscal 2004, we recognized a $1.1&nbsp;million dollar loss related to the acquisition of
certain CAA interests.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We did not declare or pay any cash dividends in any of the five years presented.</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">24
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;7. </B><U><B>Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operation</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Readers are cautioned that forward-looking statements contained in this Form 10-K should be read in
conjunction with our disclosure under the heading: &#147;SAFE HARBOR STATEMENT UNDER THE UNITED STATES
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995&#148; on page 3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>General</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pure Cycle is an investor owned water and wastewater service provider engaged in the design,
operation and maintenance of water and wastewater systems. We operate primarily in the Denver
metropolitan area and own nearly 12,000 acre-feet of groundwater and/or certain surface water
rights in the Denver area. We also own approximately 60,000 acre-feet of Arkansas River water, we
have the exclusive rights to use over 15,000 acre-feet of groundwater located at the Lowry Range
through the year 2081, and we own 70,000 acre-feet of conditional Colorado River water rights on
the western slope of Colorado. We plan to utilize our Denver assets and our Arkansas River water to
provide large scale residential/commercial water and wastewater services to customers located along
the Front Range of Colorado. We are also exploring ways to use our western slope water for
commercial or agricultural purposes along the western slope of Colorado.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Critical Accounting Policies</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our financial statements are prepared in accordance with Accounting Principles Generally Accepted
in the United States of America (&#147;GAAP&#148;), which requires management to make estimates and
assumptions that affect reported amounts of assets and liabilities and disclosure of contingent
liabilities at the date of the financial statements, and reported amounts of revenues and expenses
during the reporting period. Actual results could differ significantly from those estimates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have identified certain key accounting policies on which our financial condition and results of
operations are dependent. These key accounting policies most often involve complex matters and are
based on subjective judgments or decisions. In the opinion of management, our most critical
accounting policies are those related to revenue recognition, impairment of water assets and other
long-lived assets, depletion and depreciation, accounting for Participating Interests in Export
Water, Tap Participation Fees, royalty and other obligations, and income taxes. Management
periodically reviews its estimates, including those related to the recoverability and useful lives
of assets. Changes in facts and circumstances may result in revised estimates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Revenue Recognition</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our revenues consist mainly of tap fees, construction fees and monthly service fees. Emerging
Issues Task Force Issue No.&nbsp;00-21 <I>Revenue Arrangements with Multiple Deliverables </I>(&#147;EITF 00-21&#148;),
governs how to identify when goods or services, or both, that are separately delivered but included
in a single sales arrangement should be accounted for individually. Based on the criteria of EITF
00-21, we account for each of the items contained in our service agreements individually. That is,
we determine the proper revenue recognition for tap fees, construction fees and services fees
independent of one another.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Proceeds from tap sales and construction fees are deferred upon receipt and recognized in income
based on whether we own or do not own the facilities constructed with the proceeds. Tap fees and
construction fees derived from agreements for which we construct infrastructure the customer will
own are recognized in accordance with Statement of Position 81-1 <I>Accounting for Performance of
Construction-Type and Certain Production-Type Contracts</I>, whereby we recognize tap fees and
construction fees as revenue and costs of construction based on the percentage-of-completion
method. Tap fees and construction fees derived from agreements for which we will own the
infrastructure are recognized in accordance with Staff Accounting Bulletin No.&nbsp;104 <I>Revenue
Recognition (&#147;SAB 104&#148;), </I>whereby the up-front fees are recognized ratably over the estimated
service life of the facilities constructed, starting at completion of construction. Because we
own these facilities, we capitalize construction costs and amortize those as costs of revenue over
the assets estimated useful life.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">25
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We recognize water and wastewater usage revenues upon delivery of water and collection of
wastewater, in the month in which the services are performed. Water service fees are based upon
metered water deliveries to customers plus base charges. Wastewater customers are charged flat
monthly fees.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Impairment of Water Assets and Other Long-Lived Assets</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In accordance with FASB Statement of Financial Accounting Standard No.&nbsp;144<B>, </B><I>Accounting for the
Impairment or Disposal of Long-Lived Assets </I>(&#147;SFAS 144&#148;), we review our long-lived assets for
impairment at least annually or whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. We measure recoverability of assets to be
held and used by a comparison of the carrying amount of an asset to future undiscounted net cash
flows we expect to be generated by the eventual use of the asset (the fair value). For our Denver
based assets and the Arkansas River Valley assets, we determined the undiscounted cash flows to
be generated by estimating tap sales related to new home development in our service area, less
costs to provide water services, including estimated engineering costs, over an estimated
development period. Actual new home development in our service area, as well as future tap fees
and future operating costs, could vary materially from our estimates which would have a material
impact on our financial statements. If such assets are considered to be impaired, the impairment
to be recognized would be measured by the amount by which the carrying amount of the assets
exceeds the fair value of the assets estimated as described above. For our Paradise Water Supply,
we determined the undiscounted cash flows by estimating the proceeds we could derive from the
leasing of the water rights to commercial and agricultural users along the western slope of
Colorado. We report assets to be disposed of at the lower of the carrying amount or fair value
less costs to sell.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Every six years the Paradise Water Supply is subject to a Finding of Reasonable Diligence review by
the water court and the State Engineer to determine if we are diligently pursuing the development
of the water rights. During fiscal 2005, the water court began this review. In fiscal 2006 we
received objections from two parties to our Paradise Water rights. The objectors expressed concerns
that we have not diligently pursued the development of the Paradise water rights and they sought
additional assurances that we intend to develop this water in the future. In fiscal 2007, we
reached an agreement with the objectors and agreed to various stipulations which are described in
Note 3 &#150; Water, Water Systems and Service Agreement in the accompanying financial statements. As a
result, we received a Finding of Reasonable Diligence on our latest review.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Based on the SFAS 144 impairment analysis performed on our long-lived water assets, we believe
there were no impairments in the carrying amounts of our investments in water and water systems at
August&nbsp;31, 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Accounting for CAA Payments</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The balance sheet liability captioned &#147;Participating Interests in Export Water Supply&#148; (the
&#147;Participating Interests&#148;) represents an obligation which arose under the Water Commercialization
Agreement (the &#147;WCA&#148;), as amended by the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Upon entering into the CAA, we recorded an initial liability of approximately $11.1&nbsp;million, which
represents the cash we received and used to purchase our Export Water Supply. In return we agreed
to remit a total of $31.8&nbsp;million of proceeds received from the sale of Export Water to the
Participating Interest holders. In accordance with EITF Issue No 88-18 <I>Sales of Future Revenues</I>,
the obligation for the $11.1&nbsp;million was recorded as debt, and the remaining $20.7&nbsp;million
contingent liability is not reflected on our balance sheet because the obligation to pay this is
contingent on sales of Export Water, the amounts and timing of which are not reasonably
determinable.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">26
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of August&nbsp;31, 2007, the remaining Participating Interests liability reflected on our balance
sheet totaled approximately $2.9&nbsp;million, and the contingent liability not reflected on our balance
sheet totaled approximately $5.3&nbsp;million. For more information see Note 5 &#150; Participating
Interests in Export Water in the accompanying financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Tap Participation Fee</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On August&nbsp;31, 2006, we acquired 60,000 acre-feet of Arkansas River water along with real property
and other associated rights from HP A&#038;M. Along with common stock issued to HP A&#038;M, we agreed to pay
HP A&#038;M 10% of our tap fees on the sale of the next 40,000 water taps, of which 38,965 water taps
remain to be paid at August&nbsp;31, 2007. During the due diligence period specified in the Arkansas
River Agreement, HP A&#038;M sold certain property rights which pursuant to the terms of the agreement
were deemed to be Tap Participation Fee payments. The value of these payments equated to 530 taps
under the tap participation section of the Arkansas River Agreement. During our fiscal 2007 we sold
509 shares in the Lower Arkansas Water Management Authority (the &#147;LAWMA Shares&#148;), acquired pursuant
to the Arkansas River Agreement, for approximately $850,000. Pursuant to the Arkansas River
Agreement, the payments were deemed to be Tap Participation Fee payments, the value of which
equated to 505 taps. The Tap Participation Fee is payable when we sell water taps and receive the
funds from such water tap sales. The Tap Participation Fee payable to HP A&#038;M was valued based on a
discounted cash flow model using highly subjective assumptions and estimates. We will assess the
value of the liability whenever events or circumstances indicate the assumptions used to estimate
the value of the liability have changed materially. The difference between the net present value
and the estimated realizable value will be imputed as interest expense using the effective interest
method over the estimated development period utilized in the valuation of the Tap Participation Fee
beginning September&nbsp;1, 2006.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Obligations Payable by HP A&#038;M</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain of the properties we acquired pursuant to the Arkansas River Agreement are subject to
outstanding promissory notes with principal and accrued interest totaling approximately $13.9
million at August&nbsp;31, 2007. These notes are secured by deeds of trust on the properties. We did
not assume any of these promissory notes and are not responsible for making any of the required
payments under these notes. This responsibility remains solely with HP A&#038;M. In the event of default
by HP A&#038;M, we may make payments on any or all of the notes and cure any or all of the defaults. If
we do not cure the defaults, we will lose the properties securing the defaulted notes. If HP A&#038;M
defaults on the promissory notes, we can foreclose on a defined amount of Pure Cycle stock issued
to HP A&#038;M being held in escrow and reduce the Tap Participation Fee by two times the amount of
notes defaulted on by HP A&#038;M. Although the likelihood of HP A&#038;M defaulting on the notes is deemed
remote, we will continue to monitor the status of the notes for any indications of default. We are
not aware of any defaults by HP A&#038;M as of August&nbsp;31, 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Royalty and other obligations</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Revenues from the sale of Export Water are shown net of royalties payable to the Land Board.
Revenues from the sale of water on the Lowry Range are shown net of the royalties to the Land Board
and the fees retained by the District.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Depletion and depreciation of water assets</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Water supplies that are being utilized are depleted on the basis of units produced divided by the
total volume of water adjudicated in the water decrees. Water systems are depreciated on a
straight line basis over their estimated useful lives.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">27
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Income taxes</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We use the asset and liability method of accounting for income taxes. Under the asset and liability
method, deferred tax assets and liabilities are recognized for the estimated future tax
consequences attributable to
differences between the financial statement carrying amounts of existing assets and liabilities and
their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years in which we expect to recover or settle
those temporary differences. The effect on deferred tax assets and liabilities of a change in tax
rates is recognized in income in the period that includes the enactment date. A valuation allowance
is provided for deferred tax assets until realization is more likely than not.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Results of Operations</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Executive Summary</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The results of our operations for the years ended August&nbsp;31, 2007, 2006 and 2005 were as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Table E &#151; Summary Results of Operations</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millions of gallons of water delivered</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Water revenues generated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">149,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">163,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">152,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Water delivery operating costs incurred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">54,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">48,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30PX; text-indent:-15PX">Water delivery gross margin %</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">63</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">70</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">71</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wastewater treatment revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">60,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">59,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wastewater treatment operating costs incurred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,700</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Wastewater treatment gross margin %</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">62</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">71</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">73</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,476,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,544,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,315,300</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD></TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,914,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">792,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,050,900</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Water and Wastewater Usage Revenues</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Water deliveries during fiscal 2007 dropped approximately 22% over water deliveries in fiscal 2006.
This was a result of high precipitation experienced throughout the Front Range of Colorado starting
in December&nbsp;2006 and lasting into the spring of 2007. Increased precipitation results in our
customers using less water for irrigation. Water usage fees in fiscal 2007 decreased 9% over fiscal
2006, despite the 22% decrease in gallons delivered. This is a result of increased usage fees on
July&nbsp;1, 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Water deliveries in fiscal 2006 and 2005 were consistent, but usage fees in fiscal 2006 were much
higher than fiscal 2005. This is due to increases in usage fees on July&nbsp;1, 2006.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our water service charges are based on a tiered pricing structure that provides for higher prices
as customers use greater amounts of water. Our rates and charges are established based on the
average of three surrounding communities, referred to as our rate-based districts. Table B included
above in <I>Item&nbsp;1 &#150; Description of Business</I>, outlines our tiered pricing structure and changes during
fiscal 2007, 2006 and 2005, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our wastewater customers are charged flat monthly fees based on the number of tap connections they
have. Wastewater usage fees increased July&nbsp;1, 2007, from $34.80 to $39.50 per wastewater tap per
month and before that they increased July&nbsp;1, 2005, from $33.70 to $34.80 per wastewater tap per
month, which accounts for the changes in revenues between the fiscal years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Gross margins for water and wastewater services declined in fiscal 2007 over fiscal 2006 and fiscal
2005. This is due to declines in the amount of water delivered. Decreased water deliveries does not
typically equate to a decrease in the energy usage within the systems, and therefore, in reduced
delivery years, gross margins will typically be lower. The decline is also due to certain testing
and compliance expenses incurred
during fiscal 2007 not experienced in the previous two years presented. Gross margins for water and
wastewater operations remained consistent in fiscal 2006 and 2005.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">28
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>General and Administrative and Other Expenses</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">General and administrative (&#147;G&#038;A&#148;) expenses for fiscal 2007 and 2006 were impacted by the adoption
of SFAS No.&nbsp;123 (revised 2004) <I>Share Based Payment </I>(&#147;SFAS 123(R)&#148;), as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Years ended August 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Increase</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">G&#038;A expenses as reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,476,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,544,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(932,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SFAS 123(R) expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,700</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD></TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">G&#038;A expenses less SFAS 123(R) expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,189,200</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,334,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(854,300</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We adopted SFAS 123(R) on the first day of our fiscal 2006, so fiscal 2005 was not impacted by SFAS
123(R).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The increase in G&#038;A expenses for the three fiscal years ended August&nbsp;31, 2007, is mainly
attributable to the following:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Salaries and related expenses (including SFAS 123(R) expenses and healthcare costs)
totaled approximately $1.12&nbsp;million, $944,800 and $690,500 for the fiscal years ended
August&nbsp;31, 2007, 2006 and 2005, respectively. Without the effects of SFAS 123(R), salary
and related expenses in fiscal 2007 and 2006 would have been $833,000 and $735,200,
respectively, an increase of $97,800. This increase is mainly attributable to employee
bonuses totaling $330,000 in fiscal 2007, paid upon completion of the equity offering in
July&nbsp;2007, which exceeded the $250,000 of bonuses paid in fiscal 2006. Salaries for 2007
(without the impact of SFAS 123(R)) exceeded fiscal 2005 salaries by $142,500, which is
mainly attributable to pay raises and the fact that bonuses in fiscal 2005 totaled
$150,000.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During fiscal 2007, we expensed approximately $256,000 related to water assessment
charges payable to the FLCC. This represents our share (based on the number of FLCC shares
we own) of FLCC&#146;s annual operating and maintenance expenditures. These charges were not
incurred during fiscal 2006 or 2005 because we acquired the Arkansas Water Rights in the
fourth quarter of fiscal 2006. Additionally, we expensed approximately $37,200 for work
performed in the Arkansas River Valley on our behalf by HP A&#038;M.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Professional fees (legal and accounting) totaled approximately $470,300, $187,400 and
$173,500, for the years ended August&nbsp;31, 2007, 2006 and 2005, respectively. Approximately
$190,000 of the increases from fiscal 2005 to fiscal 2007 was a result of services
performed in connection with our consultations with the Staff of the Securities and
Exchange Commission completed during fiscal 2007. The remaining increase was a result of
the internal control audits as a result of the Sarbanes-Oxley Act of 2002 and related
items.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Franchise fees to the State of Delaware and NASDAQ listing fees increased approximately
$113,500 since fiscal 2006 due to the increase in our total assets as a result of the
Arkansas River water acquisition and the issuance of common stock as a result of the
exercising of stock options.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We paid approximately $40,000 in consulting fees related to our discussions with Lend
Lease Communities LLC as it relates to the potential development of six sections of the
Lowry Range.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Depreciation and depletion charges for the years ended August&nbsp;31, 2007, 2006 and 2005 were
approximately $366,100, $20,100 and $7,900, respectively. The year to year increases are mainly a
result of depreciation charges associated with the water delivery fixtures acquired from HP A&#038;M on
August&nbsp;31, 2006 (depreciation began on September&nbsp;1, 2006) and depreciation of capitalized legal
costs associated with the HP A&#038;M asset acquisition. In addition, in late fiscal 2006 we began
depreciating the costs incurred to extend the water system to the Arapahoe County Fairgrounds. We
expect the depreciation and depletion charges going forward to remain consistent with the fiscal
2007 charges.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">29
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Interest income totaled approximately $155,700, $191,000 and $149,600 in fiscal 2007, 2006 and
2005, respectively. This represents interest earned on the temporary investment of capital in
available-for-sale securities, interest accrued on the note payable by the District and interest
accrued on the Special Facilities construction proceeds receivable from the County. The decrease
for fiscal 2007 over 2006 is due to fewer funds being invested and earning interest as a result of
the Arapahoe County construction project in fiscal 2006 and cash used in operations. Interest
income in fiscal 2008 is expected to increase as we have increased our invested capital by
approximately $4.0&nbsp;million as a result of the equity offering in July&nbsp;2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Imputed interest expense related to the Tap Participation Fee payable to HP A&#038;M totaled
approximately $4.7&nbsp;million for the year ended August&nbsp;31, 2007. This represents the expensed portion
of the difference between the relative fair value of the liability and the net present value of the
liability recognized under the effective interest method.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Interest expense &#150; related parties was approximately $0, $7,100 and $21,400 in fiscal 2007, 2006
and 2005, respectively. All interest bearing debt &#150; related parties, was paid off or extinguished
as of August&nbsp;31, 2006. The significant decrease from 2005 to 2006 was due to repayments of related
party debt. In late fiscal 2004 we retired $3.6&nbsp;million of related party debt (which included
accrued interest) and in December&nbsp;2005 we retired $558,800 of related party debt (which included
accrued interest). See Note 7 &#150; Long-Term Debt in the accompanying financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Interest expense &#150; non-related parties was approximately $0, $19,300 and $12,600 in fiscal 2007,
2006 and 2005, respectively. All interest bearing debt was extinguished as of August&nbsp;31, 2006. The
increase from fiscal 2005 to fiscal 2006 was due to increases in interest rates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our net losses, as reported in our statements of operations in fiscal 2007, 2006 and 2005, were
approximately $6.9&nbsp;million, $792,900 and $1.05&nbsp;million, respectively. Our reported net losses have
been materially impacted by the imputed interest on the Tap Participation Fee and stock-based
compensation expense recognized pursuant to SFAS 123(R). In the table below, we have presented a
non-GAAP financial disclosure to provide a quantitative analysis of the impact of the imputed
interest and stock-based compensation expenses on our reported net losses and loss per share.
Because these items do not require the use of current assets, management does not include these
items in its analysis of our financial results or how we allocate our resources. Because of this,
we deemed it meaningful to provide this non-GAAP disclosure of the impact of these significant
items on our financial results.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Years ended August 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Change</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007-2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007-2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss as reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(6,914,700</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(792,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,050,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(6,121,800</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(5,863,800</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest imputed on Tap Participation Fees
payable to HP A&#038;M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,669,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,669,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,669,700</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SFAS 123(R) expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss less imputed interest and SFAS
123&#146;(R) expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,957,700</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(583,300</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,050,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,374,400</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(906,800</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss per common share as reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.37</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.05</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.08</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.32</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.30</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest imputed on Tap Participation Fees
payable to HP A&#038;M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SFAS 123(R) expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss per common share less non-cash
interest and SFAS 123&#146;(R) expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.10</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.08</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted avererage common shares
outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,589,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,693,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,674,156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">30
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Liquidity and Capital Resources</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At August&nbsp;31, 2007, our working capital, defined as current assets less current liabilities, was
approximately $7.1&nbsp;million, and we had cash and cash equivalents and marketable securities on hand
totaling approximately $6.9&nbsp;million. We believe that at August&nbsp;31, 2007, we have sufficient working
capital to fund our operations for the next year. However, there can be no assurance that we will
be successful in marketing the water from our primary water projects in the near term. In the event
increased revenues and cash flows from providing water and wastewater services are not achieved, we
may incur additional short or long-term debt or seek to sell additional equity securities to
generate working capital to support our operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Development of the water that we own, have rights to use, or may seek to acquire, will require
substantial capital investments. We anticipate that capital required for the development of the
water and wastewater systems will be financed through the sale of water taps to developers and
water delivery charges to users. A water tap charge refers to a charge we impose to fund
construction of Wholesale Facilities and permit access to a water delivery system (e.g., a
single-family home&#146;s tap into our water system), and a water service charge refers to a water
customer&#146;s monthly water bill, generally including a base charge and consumption charges per 1,000
gallons of water delivered to the customer. We anticipate tap fees will be sufficient to generate
funds with which we can design and construct the necessary Wholesale Facilities. However, once we
receive tap fees from a developer, we are contractually obligated to construct the Wholesale
Facilities for the taps paid, even if our costs are not covered by the fees we receive. We cannot
assure you that our sources of cash will be sufficient to cover all our capital costs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On August&nbsp;31, 2006, we finalized the Arkansas River Agreement whereby we purchased approximately
60,000 acre-feet of Arkansas River water, real property and certain other related assets. Pursuant
to the Arkansas River Agreement we agreed to pay HP A&#038;M 10% of our tap fees received on the sale of
the next 40,000 water taps. We have estimated the Tap Participation Fee payable to HP A&#038;M at
approximately $45.6&nbsp;million (as of August&nbsp;31, 2006, which is $49.5&nbsp;million as of August&nbsp;31, 2007,
including $4.7&nbsp;million of imputed interest) based on a discounted cash flow valuation analysis. The
actual amount to be paid could exceed our estimates. See Note 3 &#150; Water, Water Systems and Service
Agreements in the accompanying financial statements. Tap participation payments are not payable to
HP A&#038;M until we receive water tap fees.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We are obligated to pay the FLCC water assessment charges which are the charges assessed to the
FLCC shareholders for the upkeep and maintenance of the Fort Lyon Canal. The calendar 2007 charges
totaled approximately $270,000, which we expect to remain relatively consistent for calendar 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On August&nbsp;3, 2005, we entered into the County Agreement to provide water service to the
Fairgrounds. Pursuant to the County Agreement, funding of $1.25&nbsp;million for the construction of the
Special Facilities will come from the County and will be provided as follows: (i)&nbsp;an initial
payment of $397,000 (received in August&nbsp;2005), and (ii) $848,000 paid over ten years, which
includes interest at 6%, which based on currently scheduled payments will result in us receiving
$286,000 in interest. Upon the delivery of a water rights warranty deed by the County to us for
approximately 336 acre-feet of groundwater, the amount payable over ten years will be reduced by
approximately $240,000, which is the value of groundwater. Since we have not received this water
rights deed, the value of the water to be conveyed to us is currently included in the construction
proceeds receivable account on our balance sheet. See Note 3 &#150; Water, Water Systems and Service
Agreements in the accompanying financial statements for additional information regarding the County
Agreement and a proposed amendment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In accordance with SAB 104, upon completion of construction of the Fairgrounds facilities and the
initiation of water service to the Fairgrounds in July&nbsp;2006, we began ratably recognizing tap fee
revenue as income. The tap fees received from the County are being recognized in income over the
estimate useful life of the constructed assets, or 30&nbsp;years. For the year ended August&nbsp;31, 2007, we
recognized water tap fee revenues of approximately $14,300.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">31
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On October&nbsp;31, 2003, and then on May&nbsp;14, 2004, we entered into the Sky Ranch Agreements with the
developer of Sky Ranch. Pursuant to the Sky Ranch Agreements we are required to provide water for
all
homes and buildings to be constructed at Sky Ranch, which could go as high as 4,850 SFE units.
Pursuant to the Sky Ranch Agreements, the developer must purchase at least 400 water taps before
occupancy of the first home. The Sky Ranch Agreements permit the developer to add additional taps
annually, with at least 310 taps to be purchased each year after construction begins. This schedule
is designed to provide us with adequate funds with which to construct the Wholesale Facilities
needed to provide water service to the areas being developed. We do not currently have any
information regarding when or if Sky Ranch will begin development. See also Item&nbsp;1. Business &#151; <I>Sky
Ranch Water Supply and Water Service Agreements </I>above for information regarding the developer of
Sky Ranch being in default on the Sky Ranch Agreements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">To the extent that water service is provided using Export Water, we are required to pay a royalty
to the Land Board equal to 12% of the net revenue after deducting direct and indirect costs,
including a reasonable charge for overhead, associated with the withdrawal, treatment and delivery
of Export Water. The developer of Sky Ranch is currently in default on the option agreements. If
the developer cures the defaults, we expect to dedicate approximately 1,200 acre-feet, or
approximately 10%, of our Export Water supply (which is about 4.2% of our overall Rangeview Water
Supply) for the Sky Ranch project. We estimate we will spend approximately $25.0&nbsp;million for
infrastructure costs related to the development and delivery of water to the Sky Ranch development.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At August&nbsp;31, 2007, we had outstanding debt to one related party totaling approximately $26,500.
All other interest bearing notes with scheduled maturities were repaid or extinguished during
fiscal 2006 as described in the accompanying financial statements.
The remaining note payable was paid in full in October 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Operating Activities</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Operating activities include revenues we receive from the sale of water and wastewater services to
our customers, costs incurred in the delivery of those services, general and administrative
expenses, and depletion/depreciation expenses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Cash used by operating activities was approximately $2.4&nbsp;million, $767,600 and $818,300 for the
fiscal years ended August&nbsp;31, 2007, 2006 and 2005, respectively. Cash used by operations in 2007
included the following significant cash payments:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Approximately $833,000 in wages and related employee expenses, which is $98,000 higher than
2006 due mainly to additional bonuses to management and employees following the equity
offering;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Approximately $345,500 of FLCC water assessment charges since September&nbsp;2006, this includes
our fiscal 2007 assessments and a portion of the calendar 2006 assessments;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Approximately $470,000 of professional fees, which is significantly higher than fiscal
2006, mainly due to approximately $180,000 for professional fees
related to consultations with the Staff of the Commission of the SEC;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Approximately $260,000 for Delaware franchise fees and NASDAQ listing fees, which is
approximately $201,000 higher than the cash paid in 2006 mainly due to the increased assets
and number of shares outstanding as a result of the Arkansas River water acquisition (the
$260,000 paid in fiscal 2007 includes amounts expensed in fiscal 2007 and 2006);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Approximately $136,000 for directors fees and expenses, which includes approximately
$50,000 for insurance.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Cash used by operations decreased from fiscal 2005 to 2006 due to lower salaries following the
passing away of our former CEO and decreased health insurance costs for the same reason and because
we switched to a new insurance provider, offset by an increase in management bonuses and increased
board of director fees, annual retainers, and insurance.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">32
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During fiscal 2007, 2006 and 2005, we accrued interest on the note receivable from the District of
approximately $23,500, $21,500 and $16,900, respectively. The increase is caused by increases in
interest
rates. These amounts were offset by decreases in accrued interest on notes payable of approximately
$0, $26,400 and $34,000 in fiscal 2007, 2006 and 2005, respectively. The decreases in interest
expense are due to the extinguishment of all interest bearing debt as of August&nbsp;2006, with the
extinguishment of $896,000 of principal and accrued interest in August&nbsp;2006, the repayment of
$558,800 of notes payable to a related party in December&nbsp;2005 and the repayment of $1.6&nbsp;million of
debt along with approximately $2.0&nbsp;million of accrued interest in fiscal 2004.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We will continue to provide domestic water and wastewater service to customers in our service area
and we will continue to operate and maintain our water and wastewater systems with our own
employees.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Investing Activities</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We continue to invest in the acquisition, development and maintenance of our water systems. On
August&nbsp;31, 2006 we acquired the Arkansas River water, represented by the shares in the FLCC and
certain other real and personal property, in exchange for equity and a Tap Participation Fee
payable when we sell water taps. In total, we expended $288,600 related to legal and engineering
costs associated with this acquisition, which have been capitalized as part of the costs of the
acquired assets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During fiscal 2006, we invested approximately $2.4&nbsp;million in the construction of the facilities
required to provide water service to the Fairgrounds which were completed in July&nbsp;2006, with
minimal construction related expenditures continuing into fiscal 2007, which were accrued at August
31, 2006.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We intend to exercise our rights to acquire the final 20% of the Sky Ranch groundwater pursuant to
the agreement for the purchase of Denver Aquifer groundwater for $50,000 in fiscal 2008. In fiscal
fiscal 2007 and 2006 we paid $100,000 for the purchase of 40% of the groundwater, but the purchases
have not been capitalized as part of our water assets because the developer has not cashed the
checks and we have not received the water rights deeds. Because we have been unable to obtain any
response from the developer, we do not know when we will obtain these deeds.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We also continue to invest in legal and engineering fees associated with certain water rights, and
we continue to invest in the right-of-way permit fees to the Department of Interior Bureau of Land
Management and legal and engineering costs for our Paradise Water Supply.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Cash provided by (used in) investing activities for fiscal 2007, 2006 and 2005 was approximately
$2.5&nbsp;million, ($1.64) million and $197,900, respectively. The most significant investing activities
that generated cash flows were the sale or maturity of approximately $2.0&nbsp;million of investments,
the sale of $850,000 of LAWMA shares and the sale of certain non-irrigated land in the Arkansas
Valley. These were offset by approximately $208,100 of temporary investments in marketable
securities, $84,600 of expenditures for fixed assets, and $40,000 of cash invested in Well
Enhancement and Recovery Systems, LLC (see Note 4 &#150; Investment in Well Enhancement and Recovery
Systems, LLC, to the accompanying financial statements). The most significant investments in fiscal
2006 related to the construction of the Fairgrounds water system and costs incurred in connection
with the acquisition of the Arkansas River water. During fiscal 2005, we maintained temporary
investments of funds generated from the equity offering in fiscal 2004 and capitalized
approximately $404,500 of costs related to our water assets, which included approximately $223,000
related to the start of construction of the Fairgrounds water system. During fiscal 2005, we
received option payments totaling $60,400 from the developer of Sky Ranch related to the potential
use of Export Water (which were not received in fiscal 2007 or 2006). As of August&nbsp;31, 2007, Sky
Ranch option payments totaling $120,800 are past due. We have been unable to collect these amounts
from Sky Ranch and we have no assurances as to when these amounts will be paid.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">33
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Financing Activities</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Cash provided by financing during fiscal 2007, 2006 and 2005 was approximately $5.6&nbsp;million,
$807,500 and $1.0&nbsp;million, respectively. In July&nbsp;2007, we finalized our equity offering of 1.2
million shares of common stock and raised approximately $9.0&nbsp;million. Concurrent with the equity
offering, we acquired approximately $10.5&nbsp;million of CAA interests for cash payments totaling
approximately $2.6&nbsp;million. Also
in 2007, we made a Tap Participation Fee payment of approximately $850,000 to HP A&#038;M as a result of
the sale of the LAWMA shares described above, and we received approximately $57,300 from the County
related to the construction proceeds receivable. In fiscal 2006 the main financing item was $1.18
million received from persons exercising outstanding options and warrants offset by $195,600 of
debt payments to retire debt with our former CEO and $174,900 paid to CAA holders related to the
County Agreement. Fiscal 2005 cash provided by financing activities included the receipt of
approximately $676,500 related to exercises of stock options and the receipt of $397,200 of special
facilities funding from the County.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Impact of Recently Issued Accounting Pronouncements</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February&nbsp;2007, the FASB issued SFAS No.&nbsp;159, <I>The Fair Value Option for Financial Assets and
Financial Liabilities&#151;Including an Amendment of FASB Statement No.&nbsp;115 </I>(&#147;SFAS No.&nbsp;159&#148;). SFAS
No.&nbsp;159 allows companies the choice to measure many financial instruments and certain other items
at fair value. This gives a company the opportunity to mitigate volatility in reported earnings
caused by measuring related assets and liabilities differently without having to apply complex
hedge accounting provisions. SFAS No.&nbsp;159 is effective for fiscal years beginning after
November&nbsp;15, 2007 (September&nbsp;1, 2008 for us). We are currently reviewing the impact of SFAS No.&nbsp;159
on our financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In September&nbsp;2006, the FASB issued Statement of Financial Accounting Standards (&#147;SFAS&#148;) No.&nbsp;157,
<I>Fair Value Measurement</I>, (&#147;FAS 157&#148;), which establishes a framework for measuring fair value in
accordance with GAAP, and expands disclosures about fair value measurements. FAS 157 is effective
for fiscal years, and the interim periods within those fiscal years, beginning after November&nbsp;15,
2007 (September&nbsp;1, 2008 for us). We are currently evaluating the impact of this standard on our
financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June&nbsp;2006, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Interpretation No.&nbsp;48,
<I>Accounting for Uncertainty in Income Taxes </I>(&#147;FIN 48&#148;), which clarifies the accounting for
uncertainty in income taxes recognized in the financial statements in accordance with FASB
Statement No.&nbsp;109, <I>Accounting for Income Taxes</I>. FIN 48 provides guidance on the financial statement
recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected
to be taken in income tax returns. FIN 48 is effective for fiscal years beginning after December
31, 2006 (September&nbsp;1, 2007 for us). We do not expect the adoption of FIN 48 to have a material
impact on our financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Total Contractual Cash Obligations</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>Payments due by period</B></TD>

</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Less than 1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">1-3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">3-5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">More than 5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">years</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contractual obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(a</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(a</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(a</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment in Well Enhancement and Recovery
Systems, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Participating Interests in Export Water</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,851,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(b</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">Tap Participation Fee payable to HP A&#038;M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,582,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(c</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">107,501,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">34
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Our only operating lease is related to our office space. The lease is month-to-month and is
cancelable upon thirty days notice. Due to this not being a long-term lease, payments cannot
be reasonably estimated beyond one year.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The participating interests liability is payable to the CAA holders upon the sale of Export
Water, and therefore, the timing of the payments is uncertain and not reflected in the above
table by period.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Tap Participation Fee payable to HP A&#038;M is payable upon the sale of water taps. Because
the timing of these water tap sales is not fixed and determinable, the estimated payments are
not reflected in the above table by period. The amount listed above includes an unamortized
discount of approximately $55.1&nbsp;million. The valuation of the <I>Tap Participation Fee payable
to HP A&#038;M </I>is a
significant estimate based on available historic market information and estimated future
market information. Many factors are necessary to estimate future market conditions, including
but not limited to, supply and demand for new homes, population growth along the Front Range,
cash flows, tap fee increases at our rate-based districts, and other market forces beyond our
control. Because the estimates and assumptions used to value the Tap Participation Fees
payable to HP A&#038;M are subjective, actual results could vary materially from the estimates.</DIV></TD>
</TR>

</TABLE>


<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>7A. </B><U><B>Quantitative and Qualitative Disclosures About Market Risk</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>General. </I>Pure Cycle is exposed to market risks that may impact the <I>Balance Sheets</I>, <I>Statements of
Operations</I>, and <I>Statements of Cash Flows </I>due primarily to changing interest rates and changes in
tap fees and usage rates at our rate based districts. Additionally, due to the promissory notes on
the land we acquired which we may elect to pay in the event of default by HP A&#038;M, we are subject to
market risks impacting the ability of HP A&#038;M to make the required payments. The following
discussion provides additional information regarding these market risks.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Interest Rates. </I>The primary objective for our investment activities is to preserve principal while
maximizing yields without significantly increasing risk. This is accomplished by investing in
diversified short-term investments, consisting primarily of United States Treasury Obligations and
other investment grade debt securities. As of August&nbsp;31, 2007, the fair value of our marketable
securities was approximately $800,000 with maturity dates through January&nbsp;2008. A hypothetical 50
basis point change in interest rates would not result in a material decrease or increase in the
fair value of our marketable securities . We have no investments denominated in foreign country
currencies and therefore our investments are not subject to foreign currency exchange risk.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Rates and Charges. </I>Our rates and charges are based on the average of our rate based districts and
could vary dramatically from year to year. The rates charged by our rate based districts might not
provide us sufficient funds to support our operations and capital required to fund construction
activities. Based on the increases in taps fees and usage charges at our rate based districts over
the last several years as noted in Table A above, we expect rates and charges to continue to be
sufficient to meet our operational and construction needs.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">35
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">
<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;8. </B><U><B>Financial Statements and Supplementary Data</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="84%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#300">Reports of Independent Registered Public Accounting Firms </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#301">Balance Sheets </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#302">Statements of Operations </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#303">Statements of Stockholders&#146; Equity </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#304">Statements of Cash Flows </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#305">Notes to Financial Statements </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#306">Supplemental Data: Selected Quarterly Financial Information </A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">36
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">
<DIV align="left">
<A name="300"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Report of Independent Registered Public Accounting Firm
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Board of Directors and Stockholders<BR>
Pure Cycle Corporation
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have audited the accompanying balance sheet of Pure Cycle Corporation as of August&nbsp;31, 2007, and
the related statements of operations, stockholders&#146; equity, and cash flows for the year ended
August&nbsp;31, 2007. We also have audited Pure Cycle Corporation&#146;s internal control over financial
reporting as of August&nbsp;31, 2007, based on criteria established in <I>Internal Control&#151;Integrated
Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Pure Cycle Corporation&#146;s management is responsible for these financial statements, for maintaining
effective internal control over financial reporting, and for its assessment of the effectiveness of
internal control over financial reporting, included in the accompanying Management&#146;s Report on
Internal Control Over Financial Reporting. Our responsibility is to express an opinion on these
financial statements and an opinion on the company&#146;s internal control over financial reporting
based on our audits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement and
whether effective internal control over financial reporting was maintained in all material
respects. Our audit of the financial statements included examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and evaluating the overall financial
statement presentation. Our audit of internal control over financial reporting included obtaining
an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk. Our audits also included performing such other procedures as we
considered necessary in the circumstances. We believe that our audits provide a reasonable basis
for our opinions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A company&#146;s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A
company&#146;s internal control over financial reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2)&nbsp;provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company
are being made only in accordance with authorizations of management and directors of the company;
and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the
financial statements.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">37
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of Pure Cycle Corporation as of August&nbsp;31, 2007, and the results
of its operations and its cash flows for the year then ended in conformity with
accounting principles generally accepted in the United States of America. Also in our opinion, Pure
Cycle Corporation maintained, in all material respects, effective internal control over financial
reporting as of August&nbsp;31, 2007, based on criteria established in <I>Internal Control&#151;Integrated
Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">/s/ GHP HORWATH, P.C.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Denver, Colorado<BR>
November&nbsp;12, 2007
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">38
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Report of Independent Registered Public Accounting Firm
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Board of Directors<BR>
Pure Cycle Corporation:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have audited the accompanying balance sheet of Pure Cycle Corporation (the &#147;Company&#148;) as of
August&nbsp;31, 2006 and the related statements of operations, stockholders&#146; equity, and cash flows for
the years ended August&nbsp;31, 2006 and 2005. These financial statements are the responsibility of the
Company&#146;s management. Our responsibility is to express an opinion on these financial statements
based on our audits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the financial statements. We believe
that our audits provide a reasonable basis for our opinion.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of Pure Cycle Corporation at August&nbsp;31, 2006, and the results of
its operations and its cash flows for the years ended August&nbsp;31, 2006 and 2005<B>, </B>in conformity with
accounting principles generally accepted in the United States of America.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the effectiveness of Pure Cycle Corporation&#146;s internal control over
financial reporting as of August&nbsp;31, 2006, based on criteria established in <I>Internal Control &#151;
Integrated Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO)&nbsp;and our report dated November&nbsp;10, 2006 expressed an unqualified opinion on management&#146;s
assessment of the effectiveness of internal control over financial reporting and an adverse opinion
on the effectiveness of internal control over financial reporting because of the existence of a
material weakness.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As discussed in Note 1 to the financial statements included within the Form 10-K/A filed by the
Company on April&nbsp;16, 2007, the 2006 financial statements have been restated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As discussed in Note 2, effective September&nbsp;1, 2005, the Company adopted the provisions of
Statement of Financial Accounting Standards No.&nbsp;123(R) &#147;Share&#151;Based Payment.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">/s/ Anton Collins Mitchell LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Denver, Colorado<BR>
November&nbsp;10, 2006, except for the<BR>
effect of the restatement discussed in<BR>
Note 1 to the financial statements included<BR>
within the Form 10-K/A filed by the<BR>
Company on April&nbsp;16, 2007, which is<BR>
dated April&nbsp;10, 2007.

</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">39
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION
</DIV>

<DIV align="left">
<A name="301"></A>
</DIV>
<DIV align="center" style="font-size: 10pt">BALANCE SHEETS</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">August 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,095,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">374,069</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">799,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,529,406</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,420</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,880</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,825</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of construction proceeds receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,783</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,288,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,121,383</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments in water and water systems, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,248,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,455,868</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Construction proceeds receivable, less current portion, including $240,075
expected to be paid with water rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">800,172</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Note receivable &#150; Rangeview Metropolitan District, including accrued interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">452,230</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment in Well Enhancement and Recovery Systems, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,431</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">111,891,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">108,833,940</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289,596</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current debt &#150; related party</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380,046</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt &#150; related party</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,542</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred revenues, less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,557,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,613,515</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Participating Interests in Export Water Supply</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,851,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,514,116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tap Participation Fee payable to HP A&#038;M,
net of discount of $55.1&nbsp;million and $59.0&nbsp;million</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,455,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,635,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,047,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,169,219</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commitments and Contingencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>STOCKHOLDERS&#146; EQUITY:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preferred stock:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Par value $.001 per share, 25&nbsp;million shares authorized;
Series&nbsp;B &#150; 432,513 shares issued and outstanding
(liquidation preference of $432,513)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">433</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common stock:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Par value 1/3 of $.01 per share, 40&nbsp;million shares authorized;
19,995,338 and 18,348,834 shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,602</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,650,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,609,875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Treasury stock, at cost, 256,800 and 130,279 shares of common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,979,447</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,009,534</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated comprehensive income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,654</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(31,901,737</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24,987,001</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,844,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,664,721</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities and stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">111,891,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">108,833,940</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See accompanying Notes to Financial Statements
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">40
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION
</DIV>

<DIV align="left">
<A name="302"></A>
</DIV>
<DIV align="center" style="font-size: 10pt">STATEMENTS OF OPERATIONS</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">For the Years Ended August 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD></TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Metered water usage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">149,539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">163,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">152,247</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Wastewater treatment fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,453</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Special facility funding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Water tap fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky Ranch options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,619</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,335</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">265,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,654</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Water service operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(54,631</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(48,508</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(43,873</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Wastewater service operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,817</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,312</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,684</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depletion and depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(87,739</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,078</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(743</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,858</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total cost of revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(165,187</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(73,898</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63,158</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross margin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,771</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,476,462</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,544,516</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,315,320</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(278,360</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,004</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,148</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Operating loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,654,333</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,358,749</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,150,972</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155,712</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149,611</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on extinguishment of contingent obligations and debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">390,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on sale of land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain (loss)&nbsp;on sales of marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,563</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Share of losses of Well Enhancement and
Recovery Systems, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35,569</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Imputed interest expense related to the Tap
Participation Fees
payable to HP A&#038;M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,669,742</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expense &#151; related parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,120</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,359</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,258</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,598</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(6,914,736</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(792,860</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,050,881</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss per common share &#150; basic and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(.37</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(.05</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(.08</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Weighted average common shares outstanding &#150;
basic and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,589,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,693,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,674,156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See accompanying Notes to Financial Statements
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">41
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION
</DIV>

<DIV align="left">
<A name="303"></A>
</DIV>
<DIV align="center" style="font-size: 10pt">STATEMENTS OF STOCKHOLDERS&#146; EQUITY</DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Additional</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Accumulated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">Preferred Stock</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">Common Stock</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">Treasury Stock</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Paid-in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Comprehensive</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Accumulated</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Capital</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Income (loss)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Deficit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August&nbsp;31, 2004 balance:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">432,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,316,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">44,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,407,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(23,143,260</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,323,499</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reimbursement to former
CEO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,414,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,415,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warrants exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(99</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">684,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(73,154</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(554,939</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,229,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">676,498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized loss on
investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,381</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,381</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,050,881</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,050,881</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,062,262</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August&nbsp;31, 2005 balance:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">432,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,329,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(73,154</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(554,939</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,050,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24,194,141</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,352,735</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Related party debt
extinguishment gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">363,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">363,208</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CAA acquired and debt
extinguished</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,127,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,128,196</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Arkansas River water
acquisition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,230,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,240,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warrants exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,936</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">891,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57,125</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(454,595</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,601,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,150,002</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209,611</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized loss on
investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,107</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,107</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(792,860</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(792,860</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(806,967</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August&nbsp;31, 2006 balance:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">432,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,479,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(130,279</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,009,534</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,609,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,654</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24,987,001</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,664,721</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CAA acquired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">765,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">765,071</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity offering (net of
$275,000 expenses)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,020,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,024,608</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">538,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(126,521</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(969,913</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">968,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted stock grant</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(114</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,340</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized gain on
investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,822</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,914,736</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,914,736</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,896,914</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August&nbsp;31, 2007 balance:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">432,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,252,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">67,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(256,800</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,979,447</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">91,650,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(31,901,737</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57,844,826</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See accompanying Notes to Financial Statements
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">42
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION
</DIV>

<DIV align="left">
<A name="304"></A>
</DIV>
<DIV align="center" style="font-size: 10pt">STATEMENTS OF CASH FLOWS</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">For the years ended August 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows from operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(6,914,736</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(792,860</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,050,881</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustments to reconcile net loss to net cash
used for operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Imputed interest on Tap Participation Fees
payable to HP A&#038;M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,669,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation, depletion and other non-cash items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,891</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock based compensation expense included with
general and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Share of losses of Well Enhancement
and Recovery Systems, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(Gain) loss on sales of marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(142</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,414</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,563</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Gain on sale of fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,927</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest added to note receivable &#150;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Rangeview Metropolitan District</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,504</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,508</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,917</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest added to construction proceeds receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(49,877</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Extinguishment of contingent obligations and debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(271,127</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(390,866</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest accrued on long-term debt &#150; related parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest accrued on long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,597</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Changes in operating assets and liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Export water proceeds to be remitted to escrow agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(174,890</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Trade accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,797</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,361</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Interest receivable and prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(170,849</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,250</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,862</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(223,271</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(124,235</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Deferred revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(55,804</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">492,933</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Net cash used for operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,370,423</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(767,587</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(818,262</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows from investing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sales and maturities of marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,955,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,833,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,971,735</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sale of LAWMA shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">849,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sale of property and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase of property and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,003</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,781</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,660</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capitalized acquisition costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(173,110</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment in Well Enhancement and Recovery Systems LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments in water and water systems</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(46,983</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,411,746</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(404,519</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase of marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(208,101</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,885,238</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,424,071</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky Ranch option payments received</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Net cash provided (used)&nbsp;by investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,488,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,639,701</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,885</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows from financing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from the sale of common and preferred stock, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,024,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,177,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">676,498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payments received on construction proceeds receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payments to contingent liability holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,516</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(174,890</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,120</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tap Participation Fee payments to HP A&#038;M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(849,742</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payments to purchase contingent liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,625,225</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payments on long-term debt &#150; related parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(195,573</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Construction funding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">397,235</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reimbursement to former CEO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,555</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Net cash provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,602,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">807,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,020,058</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net change in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,721,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,599,813</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">399,681</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents &#150; beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">374,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,973,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,574,201</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents &#150; end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,095,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">374,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,973,882</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See accompanying Notes to Financial Statements
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">43
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION
</DIV>

<DIV align="left">
<A name="305"></A>
</DIV>
<DIV align="center" style="font-size: 10pt">NOTES TO FINANCIAL STATEMENTS</DIV>


<DIV align="center" style="font-size: 10pt">AUGUST 31, 2007, 2006 AND 2005</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
1 &#151; ORGANIZATION</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pure Cycle Corporation (the &#147;Company&#148;) was incorporated in Delaware in 1976. The Company owns
water assets in the Denver, Colorado metropolitan area, in the Arkansas River Valley in southern
Colorado, and the Colorado River on the western slope of Colorado. The Company is currently using
its water assets located in the Denver metropolitan area to provide water and wastewater services
to customers located in and around its service area. The Company is a vertically integrated
service provider owning water supplies and providing a full line of water and wastewater services
including the design and construction of water and wastewater systems as well as the operation and
maintenance of such systems. The Company&#146;s business focus is to provide water and wastewater
service to customers within its service area and other areas throughout the Denver metropolitan
area and the Front Range of Colorado.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company believes that at August&nbsp;31, 2007, it has sufficient working capital and financing
sources to fund its operations for at least the next year. However, there can be no assurances
that the Company will be successful in marketing its water on terms that are acceptable to the
Company. The Company&#146;s ability to generate working capital from its water and wastewater projects
is dependent on its ability to successfully market the water, or in the event it is unsuccessful,
to sell the underlying water assets. In the event increased sales are not achieved, the Company
may incur additional short or long-term debt or seek to sell additional shares of the Company&#146;s
common or preferred stock, as deemed necessary by the Company, to generate sufficient working
capital.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 2 &#151; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Revenue Recognition. </I></B>The Company generates revenues mainly from three sources; (i)&nbsp;water and
wastewater tap fees, (ii)&nbsp;construction fees, and (iii)&nbsp;monthly water usage fees and wastewater
service fees. Emerging Issues Task Force Issue No.&nbsp;00-21 <I>Revenue Arrangements with Multiple
Deliverables </I>(&#147;EITF 00-21&#148;), governs how to identify when goods or services, or both, that are
separately delivered but included in a single sales arrangement should be accounted for separately.
Based on the criteria of EITF 00-21, the Company accounts for each of the items addressed in its
service agreements separately.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Proceeds from tap fees and construction fees are deferred upon receipt and recognized in income
based on whether or not the Company owns the infrastructure constructed with the proceeds. Tap fees
and construction fees derived from agreements in which the customer will own the assets constructed
with the fees (for example the assets constructed for use on the Lowry Range pursuant to the
Company&#146;s service agreement with the Rangeview Metropolitan District (the &#147;District&#148;)) are
recognized in accordance with Statement of Position 81-1 <I>Accounting for Performance of
Construction-Type and Certain Production-Type Contracts</I>, whereby the Company recognizes revenue and
costs of construction using the percentage-of-completion method. Tap fees and construction fees
derived from agreements for which the Company will own the infrastructure (for example the assets
constructed for use at the Arapahoe County Fairgrounds (the &#147;Fairgrounds&#148;)) are recognized in
accordance with Staff Accounting Bulletin No.&nbsp;104 <I>Revenue Recognition (&#147;SAB 104&#148;), </I>whereby the
up-front fees are recognized ratably over the estimated service life of the facilities constructed,
starting at completion of construction.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company recognizes water usage revenues upon delivering water to customers. The Company
recognizes wastewater processing revenues monthly based on flat fees assessed per single family
equivalent (&#147;SFE&#148;) unit served. An SFE is defined in the Company&#146;s Rules and Regulations as the
amount of water required each year by a family of four persons living in a single family house on a
standard sized lot which is equivalent to the use of approximately 0.4 acre-feet of water per year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company recognized approximately $14,300 and $1,200 of water tap fee revenues in fiscal 2007
and 2006, respectively, related to the Agreement for Water Services (the &#147;County Agreement&#148;) signed
with Arapahoe County (the &#147;County&#148;) in August&nbsp;2005. The Wholesale Facilities required to provide
water service to the Fairgrounds were completed in fiscal 2006 in time for the Fairgrounds opening
date on July&nbsp;21, 2006. In accordance with SAB 104 and Accounting Principles Generally Accepted in
the United States of America (&#147;GAAP&#148;), the Company began recognizing the water tap fees as revenue
ratably over the estimated service period upon completion of the Wholesale Facilities. The water
tap fees to be recognized over this period are net of the royalty payments to the State
of Colorado Board of Land Commissioners (the &#147;Land Board&#148;) and amounts paid to third parties
pursuant to the Comprehensive Amendment Agreement No.&nbsp;1 (the &#147;CAA&#148;) as further described in Note 5
below.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">44
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company recognized approximately $41,500 and $3,500 of Special Facilities funding as revenue in
fiscal 2007 and 2006, respectively. This is the ratable portion of the Special Facilities funding
paid and payable by the County as more fully described in Note 3 below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No water tap fees or construction revenues were recognized during the year ended August&nbsp;31, 2005.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of August&nbsp;31, 2007, the Company has deferred recognition of approximately $1.6&nbsp;million of tap
fee and construction fee revenue, which will be recognized as revenue ratably over the estimated
life of the assets constructed with the construction proceeds as described above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If costs meet the Company&#146;s capitalization criteria, costs to construct &#147;Wholesale Facilities&#148; and
&#147;Special Facilities&#148; are capitalized as incurred, including interest, and depreciated over their
estimated useful lives. Costs of delivering water and providing wastewater service to customers are
recognized as incurred.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Use of Estimates. </I></B>The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Cash and Cash Equivalents. </I></B>Cash and cash equivalents include all highly liquid debt and equity
instruments with original maturities of three months or less. The Company&#146;s cash equivalents are
comprised of money market funds, investments in debt securities and investments in commercial
paper. As of August&nbsp;31, 2007 and 2006, the Company has no investments in equity instruments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Financial Instruments. </I></B>Financial instruments that potentially subject the Company to concentrations
of credit risk consist primarily of cash equivalents and investments in marketable securities. The
Company places its cash equivalents and investments with a high quality financial institution. At
various times throughout fiscal 2007, cash deposits have exceeded federally insured limits. The
Company invests its excess cash primarily in money market instruments, commercial paper
obligations, corporate bonds and US government treasury obligations. To date, the Company has not
experienced significant losses on any of these investments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Cash Flows. </I></B>The Company did not pay any interest or income taxes during the three years ended
August&nbsp;31, 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Marketable Securities. </I></B>Management determines the appropriate classification of its investments in
debt and equity securities at the time of purchase and reevaluates such determinations each
reporting period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Debt securities are classified as held-to-maturity when the Company has the positive intent and
ability to hold the securities to maturity. The Company had no investments classified as
held-to-maturity at August&nbsp;31, 2007 or 2006.
&nbsp;
Debt securities for which the Company does not have the positive intent or ability to hold to
maturity are classified as available-for-sale, along with any investments in equity securities.
Securities classified as available-for-sale are marked-to-market at each reporting period. Changes
in value on such securities are recorded as a component of <I>Accumulated comprehensive income. </I>The
cost of securities sold is based on the specific identification method.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">45
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following is a summary of marketable securities at August&nbsp;31, 2007:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair&nbsp;Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial paper</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">95,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">95,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. government debt securities with
unrealized gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">597,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,181</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. corporate debt securities with
unrealized gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">194,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,621</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">888,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">895,302</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Less cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">792,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">799,802</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following is a summary of marketable securities at August&nbsp;31, 2006:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost Basis</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair&nbsp;Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial paper</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">149,156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">149,156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. government debt securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">With unrealized losses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Less than 12&nbsp;months</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">993,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,584</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">989,545</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Greater than 12&nbsp;months</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">299,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,109</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297,633</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. corporate debt securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">With unrealized gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">295,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">295,993</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">With unrealized losses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Less than 12&nbsp;months</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">702,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,529</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">697,974</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Greater than 12&nbsp;months</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,025</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248,261</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,689,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,247</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,678,562</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(149,156</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(149,156</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,540,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(11,247</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,529,406</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For the years ended August&nbsp;31, 2007 and 2006 gross realized gains totaled approximately $100 and
$10,400, respectively. For the year ended August&nbsp;31, 2005 gross realized losses totaled
approximately $15,600. The Company actively monitors the performance of its investments and adopted
a new investment policy in fiscal 2005 to more closely align its investment portfolio with its
expected capital requirements. Losses incurred during 2005 were the result of the Company
shortening its average maturity in its investment portfolio to allow it more flexibility regarding
anticipated capital needs in the short-term and to allow it to capitalize on rising interest rates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s marketable securities mature at various dates through January&nbsp;2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Accounts receivable. </I></B>The Company records accounts receivable net of allowances for uncollectible
accounts (none as of August&nbsp;31, 2007 or 2006). Any allowance for uncollectible accounts would be
determined based on a review of past due accounts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Fair value of financial instruments. </I></B>The carrying value of all financial instruments potentially
subject to valuation risk (principally consisting of cash, cash equivalents, accounts receivable,
accounts payable, and notes receivable) approximates fair value based upon prevailing interest
rates available to the Company. The fair value of the note receivable from the District is not
practicable to estimate due to the District being a related party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Long-Lived Assets. </I></B>The Company reviews its long-lived assets for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Recoverability of assets to be held and used is measured by a comparison of the carrying amount of
an asset to future undiscounted net cash flows expected to be generated by the eventual use of the
asset. If such assets are considered to be impaired, the
impairment to be recognized is measured by the amount by which the carrying amount of the assets
exceed the fair value of the assets. Assets to be disposed of are reported at the lower of the
carrying amount or fair value less costs to sell. The Company believes there are no impairments in
the carrying amounts of its long-lived assets at August&nbsp;31, 2007.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">46
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Water and Wastewater Systems. </I></B>The Company capitalizes design and construction costs related to
construction activities and it capitalizes certain legal, engineering and permitting costs relating
to the adjudication and improvement of its water assets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Depletion and Depreciation of Water Assets. </I></B>The Company depletes its water assets that are being
utilized on the basis of units produced divided by the total volume of water adjudicated in the
water decrees. Water systems are depreciated on a straight line basis over their estimated useful
lives of 30&nbsp;years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Share-based Compensation. </I></B>Effective September&nbsp;1, 2005, the Company adopted Statement of Financial
Accounting Standards No.&nbsp;123 (revised 2004), <I>Share-Based Payment</I>, (&#147;SFAS 123(R)&#148;) which requires
the measurement and recognition of compensation expense for all share-based payment awards made to
employees and directors, including employee stock options, based on estimated fair values. SFAS
123(R) supersedes the Company&#146;s previous accounting under Accounting Principles Board Opinion
No.&nbsp;25, <I>Accounting for Stock Issued to Employees </I>(&#147;APB 25&#148;) for periods beginning on or after
September&nbsp;1, 2005. In March&nbsp;2005, the Securities and Exchange Commission issued Staff Accounting
Bulletin No.&nbsp;107 (&#147;SAB 107&#148;) relating to SFAS 123(R). The Company has applied the provisions of
SAB 107 in its adoption of SFAS 123(R).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On November&nbsp;10, 2005, the Financial Accounting Standards Board (&#147;FASB&#148;) issued FASB Staff Position
No.&nbsp;FAS 123(R)-3 <I>Transition Election Related to Accounting for Tax Effects of Share-Based Payment
Awards</I>. The Company has adopted the alternative transition method provided in the FASB Staff
Position for calculating the tax effects of stock-based compensation pursuant to SFAS 123(R). The
alternative transition method includes simplified methods to establish the beginning balance of the
additional paid-in capital pool (&#147;APIC pool&#148;) related to the tax effects of employee stock-based
compensation, and to determine the subsequent impact on the APIC pool and statements of cash flows
of the tax effects of employee stock-based compensation awards that are outstanding upon adoption
of SFAS 123(R). Because the Company has a full valuation allowance on its deferred tax assets, the
granting and exercise of stock options during the years ended August&nbsp;31, 2007 and 2006 had no
impact on the income tax provisions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company adopted SFAS 123(R) using the modified prospective transition method, which requires
the application of the accounting standard as of September&nbsp;1, 2005, the first day of the Company&#146;s
fiscal 2006. In accordance with the modified prospective transition method, the Company&#146;s financial
statements for periods prior to fiscal 2006 have not been restated to reflect, and do not include,
the impact of SFAS 123(R). Stock-based compensation expense recognized under SFAS 123(R) for the
years ended August&nbsp;31, 2007 and 2006, was approximately $287,300 and $209,600, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">SFAS 123(R) requires companies to estimate the fair value of share-based payment awards on the date
of grant using an option-pricing model. The value of the portion of the award that is ultimately
expected to vest is recognized as a period expense over the requisite service period in the
statement of operations. Stock-based compensation expense recognized during the period is based on
the value of the portion of share-based payment awards that is ultimately expected to vest during
the period. Stock-based compensation expense recognized in the Company&#146;s statements of operations
for the years ended August&nbsp;31, 2007 and 2006, included (i)&nbsp;compensation expense for share-based
payment awards granted prior to, but not yet vested as of, September&nbsp;1, 2005, based on the grant
date fair value estimated in accordance with the pro forma provisions of Statement of Financial
Accounting Standards No.&nbsp;123, <I>Accounting for Stock-Based Compensation </I>(&#147;SFAS 123&#148;), and (ii)
compensation expense for the share-based payment awards granted subsequent to September&nbsp;1, 2005
based on the grant date fair value estimated in accordance with the provisions of SFAS 123(R). In
accordance with SFAS 123(R), stock-based compensation expense recognized in the statements of
operations for the years ended August&nbsp;31, 2007 and 2006, is based on awards ultimately expected to
vest. The Company does not expect any forfeitures of its prior option grants and therefore the
compensation expense has not been reduced for estimated forfeitures. No options were forfeited
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">47
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">by option holders
during the three years ended August&nbsp;31, 2007. SFAS 123(R) requires forfeitures to be estimated at
the time of grant and revised if necessary, in subsequent periods if actual forfeitures differ from
those estimates. In the Company&#146;s pro forma information required under SFAS 123 for the periods
prior to fiscal 2006 presented below, the Company would have accounted for forfeitures as they
occurred, if any had occurred. The Company attributes the value of stock-based compensation to
expense using the straight-line single option method for all options granted.
&nbsp;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Prior to the adoption of SFAS 123(R), the Company accounted for stock-based awards to employees and
directors using the intrinsic value method in accordance with APB 25 as allowed under SFAS 123.
Under the intrinsic value method, no stock-based compensation expense had been recognized in the
Company&#146;s statements of operations for the year ended August&nbsp;31, 2005. If the Company had
recognized stock-based compensation expense pursuant to SFAS 123 for the year ended August&nbsp;31, 2005
in its statements of operations, the results would have been as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss, as reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,050,881</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Add back stock-based employee compensation expense
included in reported net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deduct: Total stock-based employee compensation expense
determined under fair value based method for all options and
warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(168,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pro forma net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,218,881</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average common shares outstanding
&#150; basic and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,674,156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pro forma net loss per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.09</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company uses the Black-Scholes option-pricing model (&#147;Black-Scholes model&#148;) for the pro forma
information required under SFAS 123 as well as the compensation expense recorded pursuant to SFAS
123(R). The Company&#146;s determination of the estimated fair value of share-based payment awards on
the date of grant using an option-pricing model is affected by the following variables and
assumptions:
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The grant date exercise price &#150; which is the closing market price of the Company&#146;s common
stock on the date of grant;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Estimated option lives &#150; based on historical experience with existing option holders;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Estimated dividend rates &#150; based on historical and anticipated dividends over the life of
the option;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Life of the option &#150; pursuant to the 2004 Incentive Plan, all option grants have a 10&nbsp;year
life;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Risk-free interest rates &#150;with maturities that approximate the expected life of the options
granted;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Calculated stock price volatility &#150; calculated over the expected life of the options
granted, which is calculated based on the weekly closing price of the Company&#146;s common stock
over a period equal to the expected life of the option; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Option exercise behaviors &#150; based on actual and projected employee stock option exercises
and forfeitures.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Income Taxes. </I></B>Income taxes are accounted for under the asset and liability method. Deferred tax
assets and liabilities are recognized for the future tax consequences attributable to differences
between the financial statement carrying amounts of existing assets and liabilities and their
respective tax bases and operating loss and tax credit carryovers. Deferred tax assets and
liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on
deferred tax assets and liabilities of a change in tax rates is recognized in income in the period
that includes the enactment date.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">48
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Accumulated Comprehensive Income (Loss)</I></B><I>. </I>In addition to net loss, comprehensive income (loss)
includes the cumulative unrecognized changes in the fair value of marketable securities that are
classified as available-for-sale.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Loss per Common Share. </I></B>Loss per common share is computed by dividing net loss by the weighted
average number of shares outstanding during each period. Common stock options and warrants
aggregating 140,092, 661,428 and 1,523,391 common share equivalents as of August&nbsp;31, 2007, 2006
and 2005, respectively, have been excluded from the calculation of loss per common share as their
effect is anti-dilutive.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Reclassifications. </I></B>Certain amounts in the prior year financial statements have been reclassified
to conform with the current year presentation.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
3 &#151; WATER, WATER SYSTEMS AND SERVICE AGREEMENTS</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s water and water systems consist of the following costs and accumulated depreciation
and depletion as of August&nbsp;31:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Depreciation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Depreciation</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Depletion</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Depletion</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD></TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Arkansas River Valley assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">81,234,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(265,466</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">82,125,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rangeview water supply</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,949,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,408</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,924,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,768</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rangeview water system</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,032</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28,862</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paradise water supply</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,525,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,520,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fairgrounds water and water system</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,669,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(94,325</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,653,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,225</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky Ranch water supply</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Water supply &#150; other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(893</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(250</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Totals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">103,651,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(403,124</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">104,495,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(40,105</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net investments in water and
water systems</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">103,248,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">104,455,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Depletion and Depreciation. </I></B>The Company recorded approximately $600, $900 and $700 of depletion
charges for the fiscal years ended August&nbsp;31, 2007, 2006 and 2005, respectively. This related
entirely to the use of the Rangeview Water Supply. No depletion is taken against the Arkansas
River water, the Paradise Water Supply or Sky Ranch Water Supply because these assets have not
been placed into service as of August&nbsp;31, 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company recorded approximately $365,500, $19,200 and $7,200 of depreciation expense during the
years ended August&nbsp;31, 2007, 2006 and 2005, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Arkansas River Valley Assets. </I></B>The Company owns the following Arkansas River Valley assets, which
were acquired when the Company entered into the Asset Purchase Agreement (the &#147;Arkansas River
Agreement&#148;) with High Plains A&#038;M LLC (&#147;HP A&#038;M&#148;) in fiscal 2006:
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">60,000 acre-feet of senior water interests in the Arkansas River and its tributaries
represented by approximately 21,600 shares of the Fort Lyon Canal Company (&#147;FLCC&#148;)
(collectively these are referred to as the &#147;Water Rights&#148;),</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Approximately 80 separate real estate properties (or approximately 17,500 acres of land)
located in the counties of Bent, Otero and Prowers, Colorado, currently used for agricultural
purposes (the &#147;Properties&#148;) (certain of the Properties are subject to mortgages maintained by
HP A&#038;M as further described below), and</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Certain contract rights, tangible personal property, mineral rights, and other water
interests related to the Water Rights and Properties (collectively the Water Rights,
Properties, and related assets are referred to as the &#147;Acquired Assets&#148;).</DIV></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">49
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company acquired the Water Rights to enhance and better balance its water portfolio by
increasing its rights to senior surface water which is being demanded by cities and municipalities
granting land use approvals and to increase its inventory of water and capacity to serve
additional customers. The Properties and other non-water assets were acquired because the rights
to the Arkansas River water the Company seeks to transfer for use in the Denver market are based
on the quantity of water historically used to irrigate crops grown on the Properties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The shares in the FLCC acquired by the Company represent the amount of water the Company owns in
the Fort Lyon Canal. The FLCC is a non-profit mutual ditch company that is responsible for the
maintenance and operation of the 110 mile Fort Lyon Canal.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Each of the Properties acquired by the Company are subject to operating leases. The Company
assumed title to the farm leases effective August&nbsp;31, 2006. Pursuant to a property management
agreement between HP A&#038;M and the Company, HP A&#038;M will manage the leases for a period of five years
(through August&nbsp;31, 2011) and will receive all lease payments from the lessees as a management
fee. Because the Company does not have the risk of loss associated with the leases (HP A&#038;M&#146;s
management fee is equal to the lease income for the next five years, and contractually HP A&#038;M has
the risk of loss on the leases), in accordance with Emerging Issues Task Force No.&nbsp;99-19 <I>Reporting
Revenue Gross as Principal versus Net as an Agent</I>, the lease income and management fees are
reflected on a net revenue basis throughout the term of the management agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The $81.9&nbsp;million value of the consideration paid to HP A&#038;M (comprised of the equity and Tap
Participation Fee described below) was allocated to the Acquired Assets based on estimates of each
asset&#146;s, or group of assets&#146;, respective fair value. Because the estimated value of the
consideration paid was less than the total fair value of the Acquired Assets, the relative values
assigned to the Acquired Assets were ratably reduced. The relative fair value of the Water Rights
of $97.5&nbsp;million was determined by an independent third party appraisal. The relative fair value
of the remaining assets of approximately $4.8&nbsp;million was determined by internal studies. The
amounts recorded as <I>other assets </I>consists of professional fees and other acquisition related
costs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Water Rights will be depleted in accordance with the Company&#146;s depletion policies once the
Water Rights are being utilized for their intended purpose. The remaining depreciable assets are
being depreciated over their estimated useful lives of three to seven years consistent with the
Company&#146;s depreciation policies.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Tap Participation Fee</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As consideration for the Acquired Assets, on August&nbsp;31, 2006, the Company issued HP A&#038;M 3,000,000
shares of Pure Cycle common stock valued at approximately $36.2&nbsp;million. The Company also granted
HP A&#038;M the right to receive ten percent (10%) of the Company&#146;s gross proceeds, or the equivalent
thereof, from the sale of the next 40,000 water taps (the &#147;Tap Participation Fee&#148;) (the 40,000
figure was reduced to 39,470 at the August&nbsp;31, 2006, closing date because HP A&#038;M sold certain
assets and properties not related to the FLCC shares which were subject to the Arkansas River
Agreement and were available for credit against the Tap Participation Fee), valued at
approximately $45.6&nbsp;million at the acquisition date. The Tap Participation Fee is due and payable
once the Company has sold a water tap and received the consideration due for such water tap. The
Company did not sell any water taps during the year ended August&nbsp;31, 2007. However, it did sell
additional assets unrelated to the FLCC shares which were credited towards the Tap Participation
Fee. See sale of Lower Arkansas Water Management Association shares (&#147;LAWMA shares&#148;) below.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">50
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The $49.5&nbsp;million estimated fair value of the Tap Participation Fee at August&nbsp;31, 2007 (which
includes imputed interest of approximately $4.7&nbsp;million) was determined using a discounted cash
flow analysis of the projected future payments to HP A&#038;M. The Company determined this value by
estimating new home development in the Company&#146;s service area over an estimated development
period. This was done by utilizing third party historical and projected housing and population
growth data for the Denver, Colorado metropolitan area applied to an
estimated development pattern
supported by historical development patterns of certain master planned communities in the Denver,
Colorado metropolitan area. This development pattern was then applied to future water tap fees
that were calculated using historical water tap fees. The realizable value of the Tap
Participation Fee payable to HP A&#038;M was discounted to August&nbsp;31, 2006, using a rate that
approximates the prevailing rate the Company believes would
be available to similar companies in its industry. Actual development may differ substantially
from the estimated new home development in the Company&#146;s service area, which may have a material
effect on the estimated fair value of the Tap Participation Fee payable to HP A&#038;M, and such
differences may have a material impact on the Company&#146;s financial statements. The valuation of the
Tap Participation Fee payable to HP A&#038;M is a significant estimate based on available historic
market information and estimated future market information. Many factors are necessary to estimate
future market conditions, including but not limited to, supply and demand for new homes,
population growth along the Front Range, cash flows, tap fee increases at our rate-based
districts, and other market forces beyond the Company&#146;s control.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company imputes interest expense on the unpaid Tap Participation Fee using an effective
interest method over the estimated development period utilized in the valuation of the liability.
During the year ended August&nbsp;31, 2007, the Company imputed interest of approximately $4.7&nbsp;million
related to the Tap Participation Fee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">After five years, under circumstances defined in the Arkansas River Agreement, the Tap
Participation Fee can increase to 20% and the number of water taps subject to the Tap
Participation Fee would be correspondingly reduced by half. The Tap Participation Fee is subject
to acceleration in the event of a merger, reorganization, sale of substantially all assets, or
similar transactions and in the event of bankruptcy and insolvency events.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Purchase Price Adjustment </U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the second quarter of fiscal 2007, the Company completed its evaluation of the fair value
of the LAWMA shares acquired from HP A&#038;M on August&nbsp;31, 2006. At August&nbsp;31, 2006, the Company did
not allocate any of the consideration issued to HP A&#038;M to the LAWMA shares because the number of
LAWMA shares acquired and the value of those shares was unknown at the date of the asset
acquisition. Based on information obtained during the second quarter, the Company adjusted its
allocation to reflect the acquisition of 554 LAWMA shares. The LAWMA shares were determined to
have a value of approximately $927,700, which was based on the amount realized from the sale of
509 LAWMA shares as described below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Because the Company intended to sell the LAWMA shares, the LAWMA shares should have been reflected
as assets held for sale as of the acquisition date, if the Company would have been able to
determine the fair value of the LAWMA shares at the date of the acquisition. Based on this, the
Company re-allocated the purchase price, as of the date the value of the LAWMA shares became
known, to the Acquired Assets. In the adjustment process, the LAWMA shares (which are assets held
for sale) have been allocated their full net realizable value, approximately $927,700, and the
remaining value of the consideration has been re-allocated to the remaining Acquired Assets based
on each individual asset&#146;s relative fair value. The effect of this is a reduction in the value
assigned to the Acquired Assets, which are held for use, of $927,700.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Sale of LAWMA Shares</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the year ended August&nbsp;31, 2007, the Company sold 509 LAMWA shares for approximately
$849,700. Pursuant to the Arkansas River Agreement, 100% of the proceeds from the sale of the
LAWMA shares were required to be paid to HP A&#038;M. This results in a credit to the Tap Participation
Fee Payable to HP A&#038;M equivalent to the sale of 505 water taps, which incorporates the full
consideration of the LAWMA transaction credits based on the water tap fees charged by the Company
at the date of sale. As of August&nbsp;31, 2007, the remaining taps subject to the Tap Participation
Fee are 38,965. Because the LAWMA shares were sold at their allocated fair value, the Company did
not recognize any gain or loss on the transaction.
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of August&nbsp;31, 2007, the Company owns 45 remaining LAWMA shares valued at approximately $77,900,
which are valued based on the sales value of the 509 LAWMA shares sold. Because the Company plans
to dispose of these LAWMA shares, pursuant to Statement of Financial Accounting Standards
(&#147;SFAS&#148;)&nbsp;144, <I>Accounting for the Impairment of Long-Lived Assets</I>, the net book value of the
remaining LAWMA shares has been reflected on the balance sheet as held for sale. The LAWMA shares
are not currently being depleted. Management continues to evaluate offers and believes that the
estimated selling price less estimated cost to sell equals or exceeds the net book value of the
LAWMA shares remaining and therefore there is no impairment loss.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Promissory Notes Payable by HP A&#038;M</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain of the properties the Company acquired are subject to outstanding promissory notes with
principal and accrued interest totaling approximately $13.9&nbsp;million at August&nbsp;31, 2007. These
promissory notes are secured by deeds of trust on the Properties. The Company did not assume any of
these promissory notes and is not responsible for making any of the required payments under these
notes. This responsibility remains solely with HP A&#038;M. In the event of default by HP A&#038;M, at the
Company&#146;s sole discretion, the Company may make payments pursuant to any or all of the notes and
cure any or all of the defaults. If the Company does not cure the defaults, it will lose the
properties securing the defaulted notes. If HP A&#038;M defaults on the promissory notes, the Company
can foreclose on a defined amount of stock issued to HP A&#038;M and reduce the Tap Participation Fee by
two times the amount of notes defaulted on by HP A&#038;M. Because HP A&#038;M would lose such a substantial
amount of equity and Tap Participation Fee, and based on the financial stability of HP A&#038;M and its
owners and affiliated companies, the probability of HP A&#038;M defaulting on the notes is deemed
remote. As far as the Company is aware, HP A&#038;M did not default on any of the promissory notes
during the Company&#146;s fiscal 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Because the outstanding notes are collateralized by the Company&#146;s Properties and Water Rights, HP
A&#038;M is deemed to be a Variable Interest Entity (&#147;VIE&#148;) as defined by FASB Interpretation No.&nbsp;46(R)
<I>Consolidation of Variable Interest Entities (as amended) </I>(&#147;FIN 46R&#148;). However, because the Company
will not absorb any of HP A&#038;M&#146;s expected losses or receive any of HP A&#038;M&#146;s expected gains, the
Company is not deemed the &#147;Primary Beneficiary&#148; of HP A&#038;M and therefore is not required to
consolidate HP A&#038;M. HP A&#038;M became a VIE to the Company on August&nbsp;31, 2006 when the Company acquired
the Arkansas River Water Rights and Properties subject to the outstanding promissory notes. HP A&#038;M
is a holding company that acquires water rights and related properties for investment and sale
purposes. If HP A&#038;M were to default on the notes, the Company would lose approximately 60 of the 80
real property interests it acquired and the water rights associated with those Properties, unless
the Company cured the notes in default.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Additional Agreements and Information</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Upon the closing, the Company and HP A&#038;M also entered into the following agreements:
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A pledge agreement related to the promissory notes, whereby HP A&#038;M pledged, transferred,
assigned and granted to the Company a security interest in and to (a)&nbsp;1,500,000 shares of Pure
Cycle common stock, (b)&nbsp;all shares of Pure Cycle Common Stock hereafter issued to HP A&#038;M by
means of any dividend or distribution in respect of the shares pledged hereunder (together
with the shares identified in (a), the &#147;Pledged Shares&#148;), (c)&nbsp;the certificates representing
the Pledged Shares, and (d)&nbsp;all rights to money or property which HP A&#038;M now has or hereafter
acquires in respect of the Pledged Shares;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A pledge agreement, whereby the Company pledged to HP A&#038;M: (i)&nbsp;one-half of the shares of
FLCC purchased by the Company, (ii)&nbsp;all shares of FLCC hereafter issued to the Company by
means of any dividend or distribution in respect of the shares pledged hereunder (together
with the shares identified in (i), the &#147;Company&#146;s Pledged Shares&#148;), (iii)&nbsp;the certificates
representing the Company&#146;s Pledged Shares, (iv)&nbsp;the Properties associated with the water
represented by the Company&#146;s Pledged Shares, and (v)&nbsp;all rights to money or property which the
Company now has or hereafter acquires in respect of the Company&#146;s Pledged Shares;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A five year property management agreement with HP A&#038;M, pursuant to which, HP A&#038;M holds the
right to pursue leasing of the Properties and the Water Rights to interested parties. All
lease income associated with leasing the Properties and Water Rights, together with all costs
associated with these activities including but not limited to, overhead obligations, real
property taxes, and personnel costs, are the sole opportunity and obligation of HP A&#038;M;</DIV></TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A non-solicitation agreement with each of the owners of HP A&#038;M, pursuant to which each of
the named parties agreed, for three years (i)&nbsp;not to solicit the Company&#146;s customers or
potential customers to provide water in the
Company&#146;s service areas or potential service areas, (ii)&nbsp;not to solicit employees of the
Company, (iii)&nbsp;not to engage in certain activities competitive with the Company and (iv)&nbsp;not to
engage in the purchase of water or water rights without first offering such water or water
rights to the Company;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A registration rights agreement, pursuant to which the Company granted HP A&#038;M one demand
right to register 750,000 shares of Pure Cycle common stock and piggyback rights to register
an additional 750,000 shares of Pure Cycle common stock (HP A&#038;M exercised its piggyback rights
in July&nbsp;2007 and therefore the Company registered 750,000 shares of common stock held by HP
A&#038;M); and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A voting agreement, pursuant to which Mr.&nbsp;Mark Harding, the Company&#146;s President, agrees to
vote shares of Pure Cycle common stock owned by him for HP A&#038;M&#146;s designated board member.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company assigned no value to the management agreement based on the fact that the Company does
not receive any of the lease payments and is not responsible for any of the operating expenses
associated with the leases. The leases subject to the property management agreement expire at
various dates through 2010, which is earlier than the expiration date of the management agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In order to utilize the Arkansas River water in the Company&#146;s service areas, the Company will be
required to convert this water to municipal and industrial uses. Change of water use must be done
through the Colorado water courts and several conditions must be present prior to the water court
granting an application for transfer of a water right. A transfer case would be expected to include
the following provisions: (i)&nbsp;a provision of anti-speculation in which the applicant must have
contractual obligations to provide water service to customers prior to the water court ruling on
the transfer of a water right, (ii)&nbsp;the applicant can only transfer the &#147;consumptive use&#148; portion
of its water rights (the Company expects to face opposition to any consumptive use calculation of
the historic agricultural uses of its water), (iii)&nbsp;applicants likely would be required to mitigate
the loss of tax base in the basin of origin, (iv)&nbsp;applicants would likely have re-vegetation
requirements requiring them to restore irrigated soils to non-irrigated, and (v)&nbsp;applicants would
be required to meet water quality measures which would be included in the cost of transferring the
water rights. The Company will likely need to construct a pipeline, which would be approximately
130 miles long and cost in excess of $400&nbsp;million, in order to transport the Arkansas River water
to its potential customers along the Front Range. The cost for this pipeline is expected to be
funded through tap sales utilizing the Company&#146;s existing Denver based assets, but there can be no
assurances that the Company will be able to generate the funds necessary to complete the pipeline
without additional debt or equity offerings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Rangeview Water Supply and Water System. </I></B>The Rangeview Water Supply and water system costs
represent the costs of assets acquired or facilities constructed to extend water service to
customers located on and off the Lowry Range. The recorded costs of the Rangeview Water Supply
includes payments to the sellers of the Rangeview Water Supply, design and construction costs and
certain direct costs related to improvements to the asset including legal and engineering fees.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company acquired the Rangeview Water Supply beginning in 1996 when (i)&nbsp;the Company entered
into the Agreement for Sale of Export Water with the District, a quasi-municipal political
subdivision of the State of Colorado; (ii)&nbsp;the District entered into the Amended and Restated
Lease Agreement with the Land Board, which owns the Lowry Range; and (iii)&nbsp;the Company entered
into the Service Agreement with the District for the provision of water service to the Lowry Range
(collectively these agreements are referred to as the &#147;Rangeview Water Agreements&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The 26,700 acre-feet Rangeview Water Supply is a combination of tributary surface water and storage
rights and nontributary groundwater rights associated with the Lowry Range, a 27,000 acre property
owned by the Land Board, which is located approximately 15 miles southeast of Denver. The Rangeview
Water Agreements require 15,050 acre-feet of water per year be used specifically on the Lowry
Range, which the Company has the exclusive rights to use. The Rangeview Water Agreements also
provide for the Company to use surface reservoir storage capacity in providing water service to
customers both on and off the Lowry Range. The Company owns the rights to use the remaining 11,650
acre-feet of non-tributary groundwater, which can be exported off the Lowry Range to serve area
users (referred to as &#147;Export Water&#148;). The Company also has the option with the Land Board to
exchange an aggregate gross volume of 165,000 acre-feet of groundwater for 1,650 acre-feet per year
of adjudicated surface water.
</DIV>


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<P align="center" style="font-size: 10pt">53
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Based on independent engineering estimates, the 15,050 acre-feet of water designated for use on the
Lowry Range is capable of providing water service to approximately 46,500 SFE units, and the 11,650
acre-feet of Export Water owned by the Company can serve approximately 33,600 SFE units throughout
the Denver metropolitan region.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to the Rangeview Water Agreements, the Company will design, finance, construct, operate
and maintain the District&#146;s water and wastewater systems to provide service to the District&#146;s
customers on the Lowry Range. On the Lowry Range, the Company will operate both the water and the
wastewater systems during the contract period and the District will own both systems. After 2081,
ownership of the water system servicing customers on the Lowry Range will revert to the Land Board,
with the District retaining ownership of the wastewater system. The Company owns the Export Water
and will use it to provide water and wastewater services to customers off the Lowry Range. The
Company will also own all the facilities required to extend water and wastewater services off the
Lowry Range. The Company plans to contract with third parties for the construction of these
facilities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Rates and charges for all water and wastewater services on the Lowry Range, including tap fees and
usage or monthly fees, are governed by the terms of the Rangeview Water Agreements. The Company&#146;s
rates and charges are reviewed annually and are based on the average of similar rates and charges
of three surrounding municipal water and wastewater service providers. These represent gross fees
and to the extent that water service is provided using Export Water, the Company is required to pay
royalties to the Land Board ranging from 10% of gross revenues to 50% of net revenue after
deducting certain costs. In exchange for providing water service to customers on the Lowry Range,
the Company will receive 95% of all water service fees received by the District, after the District
pays the required royalties to the Land Board totaling 12% of gross revenues received from water
sales. In exchange for providing wastewater service for the District&#146;s customers, the Company will
receive 100% of the District&#146;s wastewater tap fees and 90% of the District&#146;s wastewater usage fees.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company delivered approximately 44.4&nbsp;million, 56.6&nbsp;million and 52.3&nbsp;million gallons of water to
customers on the Lowry Range in fiscal 2007, 2006 and 2005, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Arapahoe County Fairgrounds Agreement for Water Service. </I></B>Effective August&nbsp;3, 2005, the Company
entered into the County Agreement with the County to design and construct a water system for, and
provide water services to, the Fairgrounds. Pursuant to the County Agreement: (i)&nbsp;the County
purchased water taps for 38.5 SFEs for $567,490, or $14,740 per tap; (ii)&nbsp;the Company agreed to
design and construct the required Special Facilities, for which the County agreed to provide
funding of $1,245,168; and (iii)&nbsp;the Company agreed to acquire rights to approximately 363
acre-feet of groundwater from the County for $293,013. As of August&nbsp;31, 2007, the water rights deed
for 336 acre-feet of water has not been transferred to the Company, and therefore, the cost of this
water has not been capitalized on the accompanying balance sheet. However, the value of
approximately $240,000 is included in the construction proceeds receivable account until such time
as the County transfers the water rights deed to the Company. The other 27 acre-feet of
groundwater, valued at $52,938, has been capitalized in the accompanying balance sheet as of August
31, 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to the County Agreement, in August&nbsp;2005 the Company received a net cash payment of
$514,552 and the rights to 27 acre-feet of dedicated groundwater valued at $52,938. Since the
Company will utilize Export Water to provide water service to the Fairgrounds, the sale of the
water taps generated a royalty payment to the Land Board of $34,522. The agreement with the Land
Board requires royalty payments on Export Water sales based on net revenues, which are defined as
proceeds from the sale of Export Water less direct and indirect costs, including reasonable
overhead charges, associated with the withdrawal, treatment and delivery of Export Water. Based on
this, in September&nbsp;2005, the Company made the required $34,522 royalty payment to the Land Board,
which is 10% of the net tap fees received from the County.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, tap fees under service agreements in which Export Water will be utilized are subject
to the CAA, which is described in more detail in Note 5 below. Net tap fees subject to the CAA
totaled $532,968, which were the tap
fees received from the County less the $34,522 Land Board royalty. The $532,968 was distributed by
the escrow agent as required by the CAA in September&nbsp;2005. Based on the 2004 CAA acquisitions made
by the Company, the Company received $373,078, or 70%, of the distribution and external parties
received $159,890, or 30%.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The tap fees retained by the Company were used to fund construction of the Wholesale Facilities
required to extend water service to the Fairgrounds. In July&nbsp;2006 the Company completed
construction of the Wholesale Facilities and in accordance with SAB 104 began ratably recognizing
$428,000 of tap fees in income. The $428,000 is comprised of the tap fees received by the Company
of $567,490, decreased by (i)&nbsp;royalties to the Land Board of $34,522; and (ii)&nbsp;65% of the total
payments made to external CAA holders (which is more fully described in Note 5 below) or $104,136.
For the years ended August&nbsp;31, 2007 and 2006, the Company recognized approximately $14,300 and
$1,200 of tap fee revenue, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to the County Agreement, the County is providing funding of approximately $1.245&nbsp;million
for the design and construction of the Special Facilities, to be paid as follows:
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">An initial cash payment of approximately $397,000, which was paid in August&nbsp;2005,</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The transfer of approximately 336 acre-feet of water, valued at approximately $240,000,
and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The balance of approximately $607,900 in monthly payments over 10&nbsp;years (including
interest at 6% per annum).</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The monthly payments payable by the County were originally $6,850. However, pursuant to the County
Agreement, because the County had not transferred the 336 acre-feet of water to the Company upon
the completion of construction, the balance owed the Company was not reduced by the value of the
water rights to be transferred (approximately $240,000) and is therefore still included in the
construction proceeds receivable account. As a result, the monthly payments being charged to the
County in fiscal 2007 was $9,555. The County made six payments of $9,555 each through December
2006, but then ceased making payments because the County disagreed with the increase. As a result,
in October&nbsp;2007, the Company and the County agreed in principal to amend the County Agreement,
whereby the County would (i)&nbsp;make the principal and interest payments on the original $607,900
balance owed to the Company (or approximately $6,850 per month for ten years), (ii)&nbsp;pay half of the
interest (at 6% per annum) calculated on the value of the water rights that have not been
transferred to the Company as of yet, and (iii)&nbsp;transfer the water rights valued at approximately
$240,000. In addition, the County made a one-time payment of approximately $54,800, which
represents the amounts past due under the proposed amendment to the County Agreement. The County
and the Company are diligently working to complete this amendment to the County Agreement, but as
of the date of the filing of this Annual Report on Form 10-K for the year ended August&nbsp;31, 2007,
the amendment has not been finalized.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In accordance with GAAP, the total construction funding of $1.25&nbsp;million is deferred and will be
recognized as revenue over the expected service period, which is also the estimated useful life of
the Special Facilities constructed with the funds. During the years ended August&nbsp;31, 2007 and 2006,
the Company recognized approximately $41,500 and $3,500 of Special Facilities revenue,
respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Sky Ranch Water Supply and Water Service Agreements. </I></B>On October&nbsp;31, 2003, and May&nbsp;14, 2004, the
Company entered into two Water Service Agreements (collectively the &#147;Sky Ranch Agreements&#148;) with
the developer of approximately 950 acres of property located 4 miles north of the Lowry Range along
Interstate 70 known as Sky Ranch. Pursuant to the Sky Ranch Agreements the Company will provide
water for all homes and buildings to be constructed at Sky Ranch, which could go as high as 4,850
SFE units. The developer is obligated to purchase a minimum of 400 water taps from the Company
before occupancy of the first house in Sky Ranch and a minimum of 310 annually thereafter. This tap
purchase schedule is designed to provide the Company with adequate funds with which to construct
the Wholesale Facilities required to provide water service. As additional water taps are acquired
due to continued development of Sky Ranch, the Company will expand the infrastructure to meet
demand as necessary. The Company has not received any payments for tap purchases from the developer
as of August&nbsp;31, 2007, and the Company does not know if or when Sky Ranch will purchase water taps.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">55
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As part of the Sky Ranch Agreements, the Company will purchase approximately 537 acre-feet of water
through future tap credits totaling $2.6&nbsp;million on the first 767 taps purchased by the developer.
In lieu of the developer receiving these credits, the Company will utilize the funds to construct
certain Special Facilities required in order for the Company to provide water service to Sky Ranch.
As of August&nbsp;31, 2007, this water has not been purchased by the Company because Sky Ranch has not
purchased any water taps.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On October&nbsp;31, 2003, the Company entered into the Denver Groundwater Purchase Agreement (the
&#147;DGPA&#148;) with the developer of Sky Ranch. The DGPA provides the Company the right to purchase a
total of 223 acre-feet of adjudicated decreed water rights owned by the developer for five payments
of $50,000 each, totaling $250,000. Under the DGPA, the Company can acquire 44.6 acre-feet of water
per year (or 20% of the total 223 acre-feet) for $50,000. In fiscal 2005 and 2004, the Company
exercised its rights and purchased a total of 89.2 acre-feet of Denver aquifer groundwater for
payments totaling $100,000, which was deeded to the Company at the dates of purchase. At the
Company&#146;s discretion, this water can be used either on Sky Ranch or elsewhere in the Company&#146;s
target service area. In fiscal 2007 and 2006, the Company exercised its rights to acquire another
40% (89.2 acre-feet) of water per the DGPA from Sky Ranch. However, as of August&nbsp;31, 2007, Sky
Ranch has not cashed the Company&#146;s payments nor has the Company received the water rights deeds as
required by the DGPA. The Company anticipates purchasing the remaining 20% of the Sky Ranch
groundwater pursuant to the DGPA, by exercising its rights in fiscal 2008 for the final payment of
$50,000. The Company will not capitalize any of these payments until it receives the water rights
deeds from Sky Ranch.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company plans to initially develop the 760 acre-feet of water beneath the Sky Ranch property
purchased from the developer of Sky Ranch under the DGPA and the Sky Ranch Agreements. The
purchased water is sufficient to provide water service to approximately 1,500 taps. Any taps
purchased by Sky Ranch in excess of 1,500 will be serviced utilizing Export Water and are subject
to royalty payments to the Land Board and payments to the CAA holders.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Sky Ranch Agreements provide the developer options to use a combined 1,200 acre-feet of Export
Water per year at Sky Ranch after a defined number of taps have been purchased for use at Sky Ranch
unless the developer allows the options to expire. The Sky Ranch Agreements call for two options:
(i)&nbsp;annual installments of $50,000 over five years (the &#147;Sky Ranch Option&#148;), and (ii)&nbsp;annual
installments of $10,400 over five years (the &#147;Hills Option&#148;). Option fees received before the
options are exercised or allowed to expire will not be refunded and are deferred and recognized
into income ratably until the next option payment is due.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In fiscal 2005 and 2004, the developer remitted the first two $50,000 Sky Ranch Option payments
which were both distributed in order of priority to the CAA holders. The Company received $35,000
of the fiscal 2005 distribution in September&nbsp;2005 and outside parties received $15,000. The Company
received this distribution because it had repurchased certain CAA interests in fiscal 2004. Of the
amounts paid to the outside parties, $5,231 was allocated to the <I>Participating Interests in Export
Water supply </I>liability and $9,769 reduced the contingency under the CAA. The Company did not retain
any of the fiscal 2004 distributions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February&nbsp;2005, the developer remitted the first $10,400 Hills Option payment which was
distributed in order of priority to the CAA holders. Of this distribution, the Company received
$7,280 and outside parties received $3,120. Of the amounts paid to the outside parties, $1,088 was
allocated to the <I>Participating Interests in Export Water supply </I>liability and $2,032 reduced the
contingency under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of August&nbsp;31, 2007, the developer of Sky Ranch has not remitted the Sky Ranch Option payments or
the Hills at Sky Ranch Option payments due in our fiscal 2007 and 2006, and therefore the payments,
which total $120,800, are past due. Notwithstanding Sky Ranch being in default on its option fees,
the Sky Ranch and Hills at Sky Ranch Agreements remain in effect. Continued default by Sky Ranch on
payment of option fees for Export Water places the Sky Ranch development at risk of not being able
to use our Export Water to service development in excess of the 1,500 single family units. There is
currently no development occurring at Sky Ranch and the developer of Sky Ranch has listed the
property for sale. Whether Sky Ranch exercises these options or not has no bearing on the DGPA and
the Company fully intends to complete its purchase of the remaining water covered by the DGPA, and
to pursue delivery of the deeds for the water acquired.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">56
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has dedicated approximately 1,200 acre-feet, or 10%, of the Export Water supply (which
is about 4.2% of the Company&#146;s overall Rangeview Water Supply) for this project under the Sky Ranch
options.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Paradise Water Supply. </I></B>In 1987, the Company acquired water, water wells, and related assets from
Paradise Oil, Water and Land Development, Inc., which constitute the Paradise Water Supply. The
recorded costs of the Paradise water supply include the costs to acquire the Paradise water supply,
as well as certain direct legal and engineering costs relating to improvements to the asset. The
Paradise Water Supply includes 70,000 acre-feet of conditionally decreed tributary Colorado River
water, a right-of-way permit from the United States Department of the Interior, Bureau of Land
Management, for the construction of a 70,000 acre-foot dam and reservoir across federal lands, and
four unrelated water wells. Due to the strict regulatory requirements for constructing an
on-channel reservoir, completing this conditional storage right at its decreed location would be
difficult. As a result, there can be no assurance that the Company will ever be able to make use of
this asset or sell the water profitably.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Every six years the Paradise Water Supply is subject to a Finding of Reasonable Diligence review by
the water court and the State Engineer to determine if the Company is diligently pursuing the
development of the water rights. During fiscal 2005, the water court began the latest review. In
fiscal 2006 the Company received objections from two parties to its Paradise Water rights. In
fiscal 2007, the Company received a Finding of Due Diligence from the State Engineer because the
Company and the objectors reached an agreement on the objections. The agreement called for the
Company to acknowledge that, pursuant to agreements entered into prior to the Company&#146;s acquisition
of the Paradise Water Supply, it is required to use the water along the western slope of Colorado,
the Company will investigate reservoir sites that are not located directly on the main channel of
the Colorado River, and the Company will lease up to 10,000 acre-feet of water to the objectors for
a minimal annual lease payment subject to the parties ratable participation in the development
costs of the reservoir project.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In accordance with FASB Statement of Financial Accounting Standard No.&nbsp;144<B>, </B><I>Accounting for the
Impairment or Disposal of Long-Lived Assets </I>(&#147;SFAS 144&#148;), the Company reviews its long-term
assets, including the Paradise water supply, for indicators of impairment. Consistent with SFAS
144, the Company compares the carrying amount of the Paradise Water Supply to the sum of the
undiscounted cash flows from the expected eventual use of the asset. Assessment of the
recoverability of the carrying value of the Paradise Water Supply assumes the Company generates
cash flows from the leasing of the Paradise Water Supply to commercial and agricultural uses along
the western slope of Colorado. Because the fair value exceeds the carrying value of the Paradise
water supply no impairment was found to exist.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
4 &#151; INVESTMENT IN WELL ENHANCEMENT AND RECOVERY SYSTEMS, LLC</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Effective January&nbsp;30, 2007, the Company entered into an Operating Agreement with Mr.&nbsp;Ryan Clark
(who is deemed the indirect beneficial owner of approximately 7% of the Company&#146;s common stock by
means of his role as manager of TPC Ventures, LLC) and Hydro Resources, Inc. (collectively the
Company, Ryan Clark and Hydro Resources, Inc. are referred to as the &#147;LLC Owners&#148;) to form Well
Enhancement and Recovery Systems, LLC (&#147;Well Enhancement LLC&#148;). Well Enhancement LLC was
established to develop a proprietary new deep water well enhancement tool which the LLC Owners
believe will increase the efficiency of deep water wells in the Denver metropolitan area. Each of
the LLC Owners holds a 1/3 interest in Well Enhancement LLC. The president of the Company will act
as the manager of Well Enhancement LLC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company accounts for its investment in Well Enhancement LLC under the equity method pursuant to
Accounting Principles Board Opinion No.&nbsp;18 <I>The Equity Method of Accounting for Investments in
Common Stock (as amended) </I>and Emerging Issues Task Force Issue No.&nbsp;03-16 <I>Accounting for Investments
in Limited Liability Companies</I>. As of August&nbsp;31, 2007, the Company&#146;s <I>Investment in Well Enhancement
and Recovery Systems, LLC </I>account on its balance sheet includes $40,000 of capital contributions
made to date by the Company (total initial capital contribution will be approximately $70,000 per
LLC Owner) and its 1/3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> share of the $106,700 of net losses of Well Enhancement LLC
through August&nbsp;31, 2007. As of August&nbsp;31, 2007, Well Enhancement LLC&#146;s balance sheet consisted
entirely of approximately $13,300 of cash and its results of operations for the seven months ended
August&nbsp;31, 2007 consisted of $106,700 of expenses related to the design of the well enhancement
tool.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">57
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
5 &#151; PARTICIPATING INTERESTS IN EXPORT WATER</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company acquired its Rangeview Water Supply through various amended agreements entered into in
the early 1990&#146;s. The acquisition was consummated with the signing of the Comprehensive Amendment
Agreement No.&nbsp;1 (the &#147;CAA&#148;) in 1996. Upon entering into the CAA, the Company recorded an initial
liability of approximately $11.1&nbsp;million, which represents the cash the Company received and used
to purchase its Export Water Supply. In return, the Company agreed to remit a total of $31.8
million of proceeds received from the sale of Export Water to the Participating Interest holders.
In accordance with EITF Issue No 88-18 <I>Sales of Future Revenues</I>, the obligation for the $11.1
million was recorded as debt, and the remaining $20.7&nbsp;million contingent liability is not reflected
on the Company&#146;s balance sheet because the obligation to pay this is contingent on sales of Export
Water, the amounts and timing of which are not reasonably determinable.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As the proceeds from the sale of Export Water are received, and the amounts are remitted to the
external CAA holders, the Company allocates a ratable percentage of this payment to the principal
portion (the <I>Participating Interests in Export Water supply </I>liability account) with the balance of
the payment being charged to the contingent obligation portion. The amount allocated to the
liability is approximately 35%, which is the percentage the $11.1&nbsp;million represented of the
original total $31.8&nbsp;million obligation. The remaining portion, or approximately 65%, is allocated
to the contingent obligation. The portion allocated to principal will be recorded as a reduction in
the <I>Participating Interests in Export Water </I>liability account while the amounts applied to the
contingency are recorded on a net revenue basis when funds are received.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In recent years the Company has repurchased various portions of the CAA obligations in priority.
The table below summarizes the transactions impacting the CAA obligations since its signing, which
are explained in greater detail below the table:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Export</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Water</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Export Water</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Paticipating</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proceeds</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proceeds to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Potential</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Interests</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Received</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Pure Cycle</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Obligation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Liability</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Contingency</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Original balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">218,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31,807,732</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,090,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,717,102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky Ranch option payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,435</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,565</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,199,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,199,333</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,858,920</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,340,413</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at August&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,417,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,558,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,214,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,344,124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky Ranch option payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,231</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,769</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Hills at Sky Ranch option payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,280</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,120</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,088</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,032</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Arapahoe County tap fees *</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">532,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(373,078</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(159,890</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(55,754</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(104,136</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at August&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">643,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,002,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,380,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,152,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,228,187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acquisition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,698,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,698,001</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,638,086</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,059,915</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at August&nbsp;31, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">643,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,700,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,682,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,514,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,168,272</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Export Water Sale payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,067</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,743</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,655</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,088</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,500,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,500,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,661,424</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,839,476</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at August&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">659,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,190,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,176,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,851,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,325,708</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Arapahoe County tap fees are less the $34,522 royalty payment to the Land Board.</DIV></TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">58
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">





<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In July&nbsp;2007, the Company acquired the rights to approximately $10.5&nbsp;million of CAA interests in
exchange for cash payments of approximately $2.6&nbsp;million, which was raised in the Company&#146;s equity
offering in July&nbsp;2007. As a result, the Company now has the right to retain an additional $10.5
million of the initial $31.8&nbsp;million of proceeds from the sale of Export Water. When combined with
the CAA acquisitions described below and the payments made as a result of the sale of Export Water,
the total remaining potential third party obligation as of August&nbsp;31, 2007 is approximately $8.2
million. The Company recorded a gain on the acquisition of the CAA interests made in July&nbsp;2007
of approximately $1.0&nbsp;million. Of this, approximately $765,000 was recorded as a capital
contribution because the CAA interests acquired by the Company for approximately $7.8&nbsp;million were
held by parties that are deemed related to the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In August&nbsp;2006, the Company acquired the rights to approximately $4.7&nbsp;million of CAA interests, and
retired approximately $896,000 of debt (which included approximately $471,500 of accrued interest)
in exchange for the issuance of 242,169 shares of restricted common stock valued at approximately
$2.1&nbsp;million. The Company agreed to register these shares, which was completed in fiscal 2007. As a
result, the Company recorded a gain on the extinguishment of debt and acquisition of the CAA of
$390,900 during the fiscal year ended August&nbsp;31, 2006.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During fiscal 2004, the Company acquired the rights to approximately $8.2&nbsp;million of CAA
obligations in exchange for cash payments of $2.75&nbsp;million and the issuance of 40,512 shares of
restricted common stock. As a result of these transactions, the Company recorded an extinguishment
charge of approximately $217,000 related to this transaction during the fiscal year ended August
31, 2004.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Also see Note 14 &#150; Subsequent Events, regarding the acquisition of approximately $4.7&nbsp;million of
CAA interests in October&nbsp;2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The acquisition of these CAA obligations and debt reduction, reduces the long term impact of the
CAA and provides the Company with additional cash flows to fund operations and pursue other
business opportunities that may arise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The CAA includes contractually established priorities. Following the CAA acquisition made by the
Company, the Company&#146;s priority levels include $5.6&nbsp;million in the highest priority level, $2.0
million in the third priority level, and the remaining $16.0&nbsp;million at various other priority
levels.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The CAA obligation is non-interest bearing, and if the Export Water is not sold, the parties to the
CAA have no recourse against the Company. If the Company does not sell the Export Water, the
holders of the Series&nbsp;B Preferred Stock are also not entitled to payment of any dividend and have
no contractual recourse against the Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
6 &#151; ACCRUED LIABILITIES</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At August&nbsp;31, 2007, the Company had accrued liabilities of approximately $85,900, of which $79,500
was for professional fees with the remainder relating to operating payables. At August&nbsp;31, 2006,
the Company had accrued liabilities of approximately $289,600, of which $143,400 was for
professional fees (of which $77,800 related to the Arkansas River Agreement as described in Note 3
above), $117,300 related to construction invoices for the County Agreement, and the remainder was
for operating payables.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 7 &#151; LONG-TERM DEBT</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of August&nbsp;31, 2007, the only debt the Company has with a contractual maturity date is the
$26,542 note payable to the estate of the Company&#146;s former CEO, which was paid in full in October&nbsp;2007 and
was non-interest bearing and un-secured.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Participating Interest in Export Water supply and the Tap Participation Fees payable to HP A&#038;M
are obligations of the Company that have no scheduled maturity dates. Therefore, these liabilities
are not disclosed in tabular format.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">59
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As further described in Note 5 above, in August&nbsp;2006 the Company issued 242,169 shares of
restricted common stock as consideration for the extinguishment of approximately $896,000 of debt
and accrued interest and $4.7&nbsp;million of CAA interests. The net gain on this transaction was
approximately $390,900 which is reflected in the Company&#146;s statement of operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As further described in Note 13 below, in December&nbsp;2005, the Company and the estate of its former
CEO agreed to terms whereby the Company paid the estate approximately $195,600 in full
consideration of notes payable and accrued interest totaling approximately $558,800.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 8 &#151; STOCKHOLDERS&#146; EQUITY</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Preferred and Common Stock. </I></B>On July&nbsp;24, 2007, the Company completed the sale of 1.2&nbsp;million shares
of its common stock in a privately placed registered offering, which raised approximately $9.1
million (less commissions, fees and expenses totaling $275,400). Approximately $2.6&nbsp;million of the
funds raised in the equity offering were used to acquire the $10.5&nbsp;million of CAA interests
described in Note 5 above. The remaining funds will be used to fund the Company&#146;s operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s non-voting Series&nbsp;B Preferred Stock have a preference in liquidation of $1.00 per
share less any dividends previously paid. Additionally, the Series&nbsp;B Preferred Stock are
redeemable at the discretion of the Company for $1.00 per share less any dividends previously
paid. In the event that the Company&#146;s proceeds from sale or disposition of Export Water rights
exceeds $36,026,232, the Series&nbsp;B Preferred Stock holders will receive the next $433,000 of
proceeds in the form of a dividend.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Stock Options. </I></B>The Company maintains two stock option plans, the 2004 Incentive Plan which was
approved by stockholders in April&nbsp;2004, and the Equity Incentive Plan which was approved by
stockholders in June&nbsp;1992, (collectively the &#147;Option Plans&#148;) for executives, eligible employees
and non-employee directors. Under the Option Plans, options to purchase shares of stock can be
granted with exercise prices and vesting periods determined by the Compensation Committee of the
Board and are exercisable over periods of up to ten years. The Company has 1.6&nbsp;million shares of
common stock reserved for issuance under the 2004 Incentive Plan, of which 1,460,000 options can
still be granted. The Equity Incentive Plan expired in 2002 and no additional options can be
granted under this plan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table summarizes the stock option activity for the Option Plans for the year ended
August&nbsp;31, 2007:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Approximate </B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Remaining</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Contractual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Instrinsic</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Term</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding at August&nbsp;31, 2006:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">661,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(538,836</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forfeited or expired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding at August&nbsp;31, 2007:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(131,700</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options exercisable at August&nbsp;31, 2007:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(102,700</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The total intrinsic value of options exercised during the year ended August&nbsp;31, 2007 was
approximately $3.2&nbsp;million.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">60
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table summarizes the activity and value of non-vested options as of and for the year
ended August&nbsp;31, 2007:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted-</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grant Date</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-vested options outstanding at August&nbsp;31, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8.10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vested</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-vested options outstanding at August&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The total fair value of options vested during the year ended August&nbsp;31, 2007 was approximately
$312,900.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At August&nbsp;31, 2007, the Company has unrecognized SFAS 123(R) expenses relating to non-vested
options that are expected to vest totaling approximately $259,400. The weighted-average period over
which these options are expected to vest is approximately one year. The Company has not recorded
any excess tax benefits to additional paid in capital.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the year ended August&nbsp;31, 2007, the Company issued 538,836 shares of common stock upon the
exercise of stock options. The options were exercised at a price of $1.80 per share. The exercise
price for the options exercised was paid for by the option holders utilizing 126,521 shares of
Company common stock held by the option holders for more than six months with a combined market
value at the dates of exercise totaling approximately $969,900, which is included on the line
<I>Treasury Stock </I>on the accompanying balance sheet.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In August&nbsp;2007, the Company granted one of its directors options to purchase 2,500 shares of the
Company&#146;s common stock pursuant to the 2004 Incentive Plan. The options vest one year from the date
of grant and expire ten years from the date of grant. The Company calculated the fair value of
these options pursuant to SFAS 123(R) at approximately $16,100 using the Black-Scholes model with
the following variables: exercise price of $7.64; estimated option life of eight years; estimated
dividend rate of 0%; weighted average risk-free interest rate of 4.75%; weighted average stock
price volatility of 92.5%; and an estimated forfeiture rate of 0%. The $16,100 of stock-based
compensation expense calculated pursuant to SFAS 123(R) will be expensed monthly over the vesting
period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Also in August&nbsp;2007, the Company granted one of its directors options to purchase 5,000 shares of
the Company&#146;s common stock pursuant to the 2004 Incentive Plan. The options vest 50% on the first
anniversary date of the grant and 50% on the second anniversary date of the grant. The Company
calculated the fair value of these options pursuant to SFAS 123(R) at approximately $32,100 using
the Black-Scholes model with the following variables: exercise price of $7.61; estimated option
life of eight years; estimated dividend rate of 0%; weighted average risk-free interest rate of
4.75%; weighted average stock price volatility of 92.6%; and an estimated forfeiture rate of 0%.
The $32,100 of stock-based compensation expense calculated pursuant to SFAS 123(R) will be expensed
monthly over the vesting period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In April&nbsp;2007, the Company granted four of its directors options to purchase a combined 10,000
shares of the Company&#146;s common stock pursuant to the 2004 Incentive Plan. The options vest one year
from the date of grant and expire ten years from the date of grant. The Company calculated the fair
value of these options pursuant to SFAS 123(R) at approximately $67,700 using the Black-Scholes
model with the following variables: approximate weighted average exercise price of $8.00; estimated
option lives of eight years; estimated dividend rate of 0%; weighted average risk-free interest
rate of 4.625%; weighted average stock price volatility of 93.4%; and an estimated forfeiture rate
of 0%. The $67,700 of stock-based compensation expense calculated pursuant to SFAS 123(R) is being
expensed monthly over the vesting period.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">61
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In August&nbsp;2006, the Company granted a director an option to purchase 5,000 shares of the Company&#146;s
common stock pursuant to the 2004 Incentive Plan. The option vests 50% on the first anniversary
date of the grant and 50% on the second anniversary date of the grant. The Company calculated the
fair value of these options pursuant to SFAS 123(R) at approximately $36,000 using the
Black-Scholes model with the following variables: exercise price of $8.27; estimated option life of
eight years; estimated dividend rate of 0%; weighted average risk-free interest rate of 4.875%;
stock price volatility of 101.6%; and an estimated forfeiture rate of 0%. The $36,000 of
stock-based compensation expense calculated pursuant to SFAS 123(R) is being expensed monthly over
the vesting period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Also in August&nbsp;2006, the Company granted an employee an option to purchase 30,000 shares of the
Company&#146;s common stock pursuant to the 2004 Incentive Plan. The option vests one-third on each of
the next three anniversary dates of the grant. The Company calculated the fair value of these
options pursuant to SFAS 123(R) at approximately $232,000 using the Black-Scholes model with the
following variables: exercise price of $8.84; estimated option life of eight years; estimated
dividend rate of 0%; weighted average risk-free interest rate of 4.875%; stock price volatility of
101.5%; and an estimated forfeiture rate of 0%. The $232,000 of stock-based compensation expense
calculated pursuant to SFAS 123(R) is being expensed monthly over the vesting period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In April&nbsp;2006 the Company granted four of its directors options to purchase a combined 10,000
shares of the Company&#146;s common stock pursuant to the 2004 Incentive Plan. The options vest one year
from the date of grant and expire ten years from the date of grant. The Company calculated the fair
value of these options pursuant to SFAS 123(R) at approximately $116,000 using the Black-Scholes
model with the following variables: weighted average exercise price of $13.25; estimated option
lives of eight years; estimated dividend rate of 0%; weighted average risk-free interest rate of
4.93%; weighted average stock price volatility of 101.8%; and an estimated forfeiture rate of 0%.
The $116,000 of stock-based compensation expense calculated pursuant to SFAS 123(R) was
expensed monthly over the vesting period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Restricted stock. </I></B>On August&nbsp;27, 2007, the Company granted 34,189 shares of restricted common stock
to the President of the Company. Pursuant to SFAS 123(R), the Company will recognize compensation
expense on this grant based on the grant date fair value of the stock. The grant date fair value of
the restricted stock was based upon the market price of the Company&#146;s common stock on the date of
the grant. The grant date fair value will be amortized to compensation expense over the vesting
term of two years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A summary of the status of our restricted stock at August&nbsp;31, 2007, and changes during fiscal 2007,
are as follows: &nbsp;
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted-</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>grant date</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>fair value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted stock outstanding at August&nbsp;31, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted stock granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted stock vested and released</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted stock forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted stock outstanding at August&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of August&nbsp;31, 2007, there was approximately $259,000 of unrecognized compensation expense
related to restricted stock awarded under the Company&#146;s 2004 Incentive Plan. This expense is
expected to be recognized over a weighted-average period of 2&nbsp;years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Warrants. </I></B>As of August&nbsp;31, 2007, the Company had outstanding warrants to purchase 92 shares of
common stock at an exercise price of $1.80 per share. These warrants expire six months from the
earlier of (i)&nbsp;the date all of the Export Water is sold or otherwise disposed of, (ii)&nbsp;the date the
CAA is terminated with respect to the original holder
of the warrant, or (iii)&nbsp;the date on which the Company makes the final payment pursuant to Section
2.1(r) of the CAA. No warrants were exercised during fiscal 2007. During fiscal 2006, the Company
issued 15,520 shares of common stock upon the exercise of 15,520 warrants. The warrant holder paid
the exercise price of $27,936 in cash.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">62
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Gain on extinguishment of related party CAA obligations and debt. </I></B>See Note 13 &#150; <I>Related Party
Transactions </I>regarding gain on extinguishment of related party CAA obligations and debt recorded as
additional paid in capital.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 9 &#151;  SIGNIFICANT CUSTOMERS</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company had accounts receivable from two customers totaling approximately $61,200 and $60,600
as of August&nbsp;31, 2007 and 2006, respectively. The same customers accounted for approximately 91%,
96% and 98% of the Company&#146;s revenues during the years ended August&nbsp;31, 2007, 2006 and 2005,
respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 10 &#151; INCOME TAXES</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There is no provision for income taxes because the Company has incurred operating losses. Deferred
income taxes reflect the tax effects of net operating loss carryforwards and temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for income tax purposes. Significant components of the Company&#146;s deferred tax assets
as of August&nbsp;31 are as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net operating loss carryforwards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,440,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,366,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,472,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Imputed interest on Tap Participation Fee
payable to HP A&#038;M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,753,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and depletion of water and
water systems</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">462,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">479,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Water tap revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,810,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,003,300</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,548,900</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net deferred tax asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation on property and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,500</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net deferred assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has recorded a valuation allowance equal to the excess of the deferred tax assets over
the deferred tax liability as the Company is unable to reasonably determine if it is more likely
than not that deferred tax assets will ultimately be realized.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Income taxes computed using the federal statutory income tax rate differs from our effective tax
rate primarily due to the following for the years ended August&nbsp;31:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected benefit from federal income taxes at statutory
rate of 34%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,351,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(269,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(357,300</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">State taxes, net of federal benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(228,200</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,200</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34,700</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expiration of net operating losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Permanent differences</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(621,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(319,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(215,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,806,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">454,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">430,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At August&nbsp;31, 2007, the Company has approximately $11,905,100 of net operating loss carryforwards
available for income tax purposes which expire between fiscal 2008 and 2027. Utilization of these
net operating loss carryforwards may be subject to substantial annual ownership change limitations
provided by the Internal Revenue Code. Such an annual limitation could result in the expiration of
the net operating loss carryforwards before utilization.
&nbsp;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">63
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Net operating loss carryforwards of approximately $1.1&nbsp;million, $430,000 and $474,000 expired
during the years ended August&nbsp;31, 2007, 2006 and 2005, respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
11 &#151; 401(k) PLAN</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Effective July&nbsp;25, 2006, the Company adopted the Pure Cycle Corporation 401(k) Profit Sharing Plan
(the &#147;Plan&#148;), a defined contribution retirement plan for the benefit of its employees. The Plan is
currently a salary deferral only plan and at this time the Company does not match employee
contributions. The Company pays the annual administrative fees of the Plan, and the Plan
participants pay the investment fees. The Plan is open to all employees, age 21 or older, who have
been employees of the Company for at least six months. During the years ended August&nbsp;31, 2007 and
2006, the Company paid fees of approximately $3,400 and less than $1,000, respectively, for the
administration of the Plan.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
12 &#151; SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">Years Ended August 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD></TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustment to purchase price relating to LAWMA
shares acquired from <BR>
HP A&#038;M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">927,682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Treasury stock accepted upon exercise of stock
options with mature shares used as consideration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">969,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">454,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">554,939</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on extinguishment of related party debt
accounted for as contributed capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">765,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">363,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tap Participation Fee issued to HP A&#038;M pursuant to
Arkansas River Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45,635,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common stock issued to HP A&#038;M pursuant to the
Arkansas River Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,240,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common stock issued to acquire contingent
obligations, and extinguish debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,128,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Construction proceeds receivable included in
deferred revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">864,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments in water and water systems included
with accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">117,287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capitalized legal and engineering fees incurred in
connection with Arkansas River water acquisition
included with accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">77,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Water rights acquired with deferred tap fee credits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">52,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated common stock registration costs included
with accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted common stock issued to former CEO in
satisfaction of reimbursement obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,415,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">64
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
13 &#151; RELATED PARTY TRANSACTIONS</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On July&nbsp;30, 2007, the Company acquired approximately $10.5&nbsp;million of CAA interests, for cash
payments totaling approximately $2.6&nbsp;million, resulting in a gain on extinguishment of
approximately $1.02&nbsp;million. Certain of these parties were deemed related to the Company and
therefore, approximately $765,000 of this gain was recorded as a contribution of capital in fiscal
2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See &#147;Sale of LAWMA Shares&#148; in Note 3 above regarding Tap Participation Fee payments made to HP A&#038;M
pursuant to the Arkansas River Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On December&nbsp;29, 2005, the Company and the estate of its former CEO agreed to terms whereby the
Company paid the estate $195,573 in full consideration of notes payable and accrued interest
totaling $558,781. Because the estate of our former CEO is deemed a related party, the Company
recorded the $363,208 gain as a contribution of capital.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company leases office space from the son of its former CEO, who is also the sole manager of
TPC Ventures, LLC which is a greater than 5% holder of the Company&#146;s common stock. The Company
leases the office space on a month-to-month basis for $1,000 per month.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 1995, the Company extended a loan to the District, a related party. The loan provided for
borrowings of up to $250,000 is unsecured, bears interest based on the prevailing prime rate plus
2% (10.25% at August&nbsp;31, 2007) and matures on December&nbsp;31, 2007. The approximately $475,700
balance of the note receivable at August&nbsp;31, 2007 includes borrowings of approximately $229,300
and accrued interest of approximately $246,400. The Company extended the due date to December&nbsp;31,
2008 and accordingly the note has been classified as non-current.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
14 &#151; SUBSEQUENT EVENTS</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On October&nbsp;1, 2007, the Company acquired the rights to approximately $4.7&nbsp;million of CAA interests
in exchange for the issuance of 211,228 shares of the Company&#146;s restricted common stock, valued at
approximately $1.9&nbsp;million. As a result, the Company now has the right to retain an additional $4.7
million of the initial $31.8&nbsp;million of proceeds from the sale of Export Water. This brings the
Company&#146;s total to be retained per the CAA as of October&nbsp;1, 2007 to $28.3&nbsp;million. As a result of
this acquisition, the Company will record a loss on the extinguishment of CAA interests of
approximately $273,700 for the three months ended November&nbsp;30, 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In October&nbsp;2007, the Company and the County agreed in principal to amend the County Agreement. As
of the date of the filing of this Annual Report on Form 10-K, the amendment has not been finalized.
See further discussion of proposed amendment to the County Agreement in the <I>Arapahoe County
Fairgrounds Agreement for Water Service </I>section of Note 3 above.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">65
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PURE CYCLE CORPORATION<BR>
NOTES TO FINANCIAL STATEMENTS<BR>
AUGUST 31, 2007, 2006 AND 2005
</DIV>

<DIV align="left">
<A name="306"></A>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
15 &#151; SUPPLEMENTAL DATA: SELECTED QUARTERLY FINANCIAL INFORMATION (unaudited)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><I>In thousands, except per share amounts</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Fiscal 2007 quarters ended:</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">August 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">May 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">February 28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">November 30</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">87.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">62.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">52.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">63.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross margin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,757.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,742.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,829.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,585.2</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per share &#151; basic and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.09</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.09</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.10</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.09</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Market price of common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">High</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Low</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6.41</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Fiscal 2006 quarters ended:</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">August 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">May 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">February 28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">November 30</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">83.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">67.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">55.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">65.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross margin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">55.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">54.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">46.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(79.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(201.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(306.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(205.1</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per share &#151; basic and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.02</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Market price of common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">High</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Low</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.56</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">*****
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">66
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="left">
<A name="114"></A>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9. </B><U><B>Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure.</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As discussed in our Form 8-K filed with the Commission on December&nbsp;18, 2006, certain of the
properties we acquired from HP A&#038;M pursuant to the Arkansas River Agreement, entered into on
August&nbsp;31, 2006, are subject to outstanding promissory notes (the &#147;Promissory Notes&#148;) which are
secured by deeds of trust on the properties. We did not assume the Promissory Notes and they remain
the obligation of HP&nbsp;A&#038;M. The Promissory Notes had principal and accrued interest totaling
approximately $13.9&nbsp;million and $14.6 at August&nbsp;31, 2007 and 2006, respectively. Because we would
lose a portion of the land and water rights acquired from HP A&#038;M if any defaults on such Promissory
Notes are not cured, we originally recorded the outstanding balance of the Promissory Notes as a
liability on our balance sheet at August&nbsp;31, 2006. In December&nbsp;2006, we were informed by our
former auditor, Anton Collins Mitchell LLP (&#147;ACM&#148;) of their intent to not stand for re-election. At
the time, it was ACM&#146;s position that for periods commencing after August&nbsp;31, 2006, the acquisition
date, interest accrued on the Promissory Notes should be treated as an expense paid by a principal
shareholder in accordance with Staff Accounting Bulletin No.&nbsp;79, <I>Accounting for Expenses or
Liabilities by Principal Stockholder(s)</I>, whereby we would record interest expense, which would have
been approximately $950,000 in fiscal 2007, with a corresponding increase to additional paid in
capital. Since we did not concur with this position, we requested the Staff of the Office of the
Chief Accountant of the Securities and Exchange Commission (the &#147;Staff&#148;) to review our proposed
treatment of the Promissory Notes. As described in our First Amendment to our August&nbsp;31, 2006 Form
10-K, following this concurrence review, we removed the liability related to the Promissory Notes
from our August&nbsp;31, 2006 balance sheet. Further information can be obtained from the First
Amendment to our August&nbsp;31, 2006 Annual Report on Form 10-K filed with the Commission on April&nbsp;16,
2007.
</DIV>

<DIV align="left">
<A name="115"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9A. </B><U><B>Controls and Procedures.</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>(a)&nbsp;&nbsp; Evaluation of Disclosure Controls and Procedures</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our management is responsible for establishing and maintaining adequate internal control over
financial reporting as such term is defined in the Exchange Act Rule&nbsp;13a&#150;15(f). Our internal
control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with GAAP.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The President and Chief Financial Officer assessed the effectiveness of internal control over
financial reporting as of August&nbsp;31, 2007 based on the criteria established in <I>Internal
Control&#151;Integrated Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway
Commission. Based upon this evaluation, the President and Chief Financial Officer concluded that
the Company&#146;s disclosure controls and procedures have been designed and are being operated in a
manner that provides reasonable assurance that the information required to be disclosed by the
Company in reports filed under the Securities Exchange Act of 1934, as amended, is recorded,
processed, summarized and reported within the time periods specified in the SEC&#146;s rules and forms. A system of controls, no matter how well designed and operated, cannot provide absolute assurance
that the objectives of the system of controls are met, and no evaluation of controls can provide
absolute assurance that all control issues and instances of fraud, if any, within a company have
been detected.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>(b)&nbsp;&nbsp; Management&#146;s Report on Internal Control Over Financial Reporting</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The management of the Company is responsible for establishing and maintaining adequate internal
control over financial reporting as defined in Rules&nbsp;13a-15(f) and 15d-15(f) under the Securities
Exchange Act of 1934. The Securities and Exchange Act of 1934 defines internal control over
financial reporting as a process designed by, or under the supervision of, the Company&#146;s principal
executive and principal financial officers and effected by the Company&#146;s board of directors,
management and other personnel, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance
with accounting principles generally accepted in the United States of America and includes those
policies and procedures that:
&nbsp;
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Pertain to the maintenance of records that in reasonable detail
accurately and fairly reflect the transactions and dispositions of the
assets of the Company;</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance
with accounting principles generally accepted in the United States of
America, and that receipts and expenditures of the Company are being
made only in accordance with authorizations of management and
directors of the Company; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition of the Company&#146;s
assets that could have a material effect on the financial statements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">67
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All internal control systems, no matter how well designed, have inherent limitations. Therefore,
even those systems determined to be effective can provide only reasonable assurance with respect to
financial statement preparation and presentation. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because
of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Management assessed the effectiveness of the Company&#146;s internal control over financial reporting as
of August&nbsp;31, 2007. In making this assessment, we used the criteria set forth by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO)&nbsp;in Internal Control &#150; Integrated
Framework. Based on our assessment, we determined that, as of August&nbsp;31, 2007, the Company&#146;s
internal control over financial reporting was effective based on those criteria.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">GHP Horwath P.C. (&#147;GHP&#148;) our independent registered public accounting firm, has performed an audit
of the effectiveness of the Company&#146;s internal control over financial reporting
as of August&nbsp;31, 2007. This audit is required to be performed in accordance with the standards of
the Public Company Accounting Oversight Board (United States). Our independent auditors were given
unrestricted access to all&nbsp;&nbsp;financial&nbsp;&nbsp;records and related data. The report of the Company&#146;s
independent registered public accounting firm is included in <I>Item&nbsp;8. Financial Statements and
Supplementary Data</I>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>(c)&nbsp;Changes in Internal Controls</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During management&#146;s assessment of the effectiveness of our internal controls over financial
reporting as reported in our 2006 Form 10-K/A, we identified certain material weaknesses. In an
effort to improve our internal controls over financial reporting, we engaged a third party
accounting firm to assist us in evaluating complex accounting issues which arose during fiscal 2007
and we implemented new procedures to ensure our filings with the SEC are made on time.
</DIV>

<DIV align="left">
<A name="116"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9B. </B><U><B>Other Information.</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">None

</DIV>
<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART III</B>
</DIV>

<DIV align="left">
<A name="121"></A>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Information concerning Items 10 through Items 14 are contained in our definitive Proxy Statement
pursuant to Regulation&nbsp;14A promulgated under the Securities Exchange Act of 1934 for the 2008
Annual Meeting of Stockholders and is incorporated herein by reference, which is expected to be
filed on or about December&nbsp;15, 2007.
</DIV>

<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART IV</B>
</DIV>

<DIV align="left">
<A name="119"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;15. </B><U><B>Exhibits, Financial Statement Schedules</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Exhibits</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amended and Restated Certificate of Incorporation &#151; Incorporated by reference from
Exhibit&nbsp;3.1 to Amendment No.&nbsp;2 to Registration Statement on Form SB-2, filed June&nbsp;10,
2004, Registration No.&nbsp;333-114568</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amended and Restated Bylaws of Registrant &#151; Incorporated by reference from Exhibit&nbsp;3.2
to Amendment No.&nbsp;2 to Registration Statement on Form SB-2, filed June&nbsp;10, 2004,
Registration No.&nbsp;333-114568-.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Specimen Stock Certificate &#151; Incorporated by reference to Registration Statement No.
2-62483.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Right of First Refusal Agreement dated August&nbsp;12, 1992 between INCO Securities
Corporation and Richard F. Myers, Mark W. Harding, Thomas P. Clark, Thomas Lamm and Rowena
Rogers. Incorporated by Reference from Registration Statement on Form SB-2, filed April
19, 2004, Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">2004 Equity Incentive Plan. Incorporated by reference from Proxy Statement for Annual
Meeting held April&nbsp;12, 2004</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">68
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Service Agreement, dated April&nbsp;11, 1996, by and between Pure Cycle Corporation and the
Rangeview Metropolitan District. Incorporated by reference from Quarterly Report on Form
10-QSB for the period ended May&nbsp;31, 1996.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Wastewater Service Agreement, dated January&nbsp;22, 1997, by and between Pure Cycle
Corporation and the Rangeview Metropolitan District. Incorporated by reference from the
Annual Report on Form 10-KSB for the fiscal year ended August&nbsp;31, 1998.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Comprehensive Amendment Agreement No.&nbsp;1, dated April&nbsp;11, 1996, by and among ISC, the
Company, the Bondholders, Gregory M. Morey, Newell Augur, Jr., Bill Peterson, Stuart
Sundlun, Alan C. Stormo, Beverlee A. Beardslee, Bradley Kent Beardslee, Robert Douglas
Beardslee, Asra Corporation, International Properties, Inc., and the Land Board.
Incorporated by reference from Quarterly Report on Form 10-QSB for the period ended May
31, 1996.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Agreement for Sale of Export Water dated April&nbsp;11, 1996 by and among the Company and
the District. Incorporated by reference from Quarterly Report on Form 10-QSB for the
fiscal quarter ended May&nbsp;31, 1996).</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Water Service Agreement for the Sky Ranch PUD dated October&nbsp;31, 2003 by and between
Airpark Metropolitan District, Icon Investors I, LLC, the Company and the District.
Incorporated by reference from Registration Statement on Form SB-2, filed April&nbsp;19, 2004,
Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amendment to Water Service Agreement for the Sky Ranch PUD dated January&nbsp;6, 2004.
Incorporated by Reference from Amendment No.&nbsp;1 to Registration Statement on Form SB-2,
filed June&nbsp;7, 2004, Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amendment to Water Service Agreement for the Sky Ranch PUD dated January&nbsp;30, 2004.
Incorporated by Reference from Amendment No.&nbsp;1 to Registration Statement on Form SB-2,
filed June&nbsp;7, 2004, Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amendment to Water Service Agreement for the Sky Ranch PUD dated January&nbsp;30, 2004
pertaining to amendment of the Option Agreement for Export Water. Incorporated by
Reference from Amendment No.&nbsp;1 to Registration Statement on Form SB-2, filed June&nbsp;7, 2004,
Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Corrected Amendment to Water Service Agreement for the Sky Ranch PUD dated March&nbsp;5,
2004. Incorporated by Reference from original Annual Report on Form 10-K for the fiscal
year ended August&nbsp;31, 2006, filed November&nbsp;21, 2006.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.12</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amended and Restated Lease Agreement between the Land Board and the District dated
April&nbsp;4, 1996. Incorporated by Reference from Amendment No.&nbsp;1 to Registration Statement on
Form SB-2, filed June&nbsp;7, 2004, Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.13</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Bargain and Sale Deed among the Land Board, the District and the Company dated
April&nbsp;11, 1996. Incorporated by Reference from Amendment No.&nbsp;1 to Registration Statement on
Form SB-2, filed June&nbsp;7, 2004, Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.14</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Mortgage Deed, Security Agreement, and Financing Statement between the Land Board
and the Company dated April&nbsp;11, 1996. Incorporated by Reference from Amendment No.&nbsp;1 to
Registration Statement on Form SB-2, filed June&nbsp;7, 2004, Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.15</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Water Service Agreement for the Hills at Sky Ranch Water dated May&nbsp;14, 2004 among
Icon Land II, LLC, a Colorado limited liability company, the Company, and the District.
Incorporated by reference from the Current Report on Form 8-K filed with the SEC on May&nbsp;21,
2004.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.16</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Agreement for Water Service dated August&nbsp;3, 2005 among Pure Cycle Corporation,
Rangeview Metropolitan District and Arapahoe County incorporated by reference from Form 8-K
filed on August&nbsp;4, 2005.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.17</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Arkansas River Agreement dated May&nbsp;10, 2006 among Pure Cycle Corporation and High
Plains A&#038;M, LLC incorporated by reference from Form 8-K filed on May&nbsp;16, 2006.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.18</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreement dated as of August&nbsp;28, 2006 between Pure Cycle Corporation
and Inco Securities Corporation incorporated by reference from Form 8-K filed on September
1, 2006.</DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">69
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.19</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Placement Agent Agreement by and among Pure Cycle Corporation, certain selling
stockholders, and Wm Smith Securities, Incorporated and Flagstone Securities, LLC, as
Placement Agents, dated July&nbsp;24, 2007 incorporated by reference from <BR>
Form 8-K filed on July
25, 2007.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.20</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and
Apex Investment Fund II, L.P. *</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.21</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and
Productivity Fund II, L.P.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.22</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and
Environmental Private Equity<BR>
 Fund II, L.P.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.23</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and
Environmental Venture Fund, L.P.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.24</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and
the Estate of Thomas P. Clark.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.25</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and Auginco.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.26</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and Newell Augur, Jr.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.27</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and Anders Brag.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.28</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and Bill Peterson.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.29</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and Gregory M. Morey.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.30</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and Amy Leeds.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.31</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and Margaret S. Hansson.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.32</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated October&nbsp;1, 2007 between Pure Cycle Corporation and
Landmark Water Partners, L.P.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.33</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated October&nbsp;1, 2007 between Pure Cycle Corporation and
Landmark Water Partners II, L.P.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.34</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated October&nbsp;1, 2007 between Pure Cycle Corporation and
Warwick Partners, L.P.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.35</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated October&nbsp;1, 2007 between Pure Cycle Corporation and
International Properties, Inc.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.36</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated October&nbsp;1, 2007 between Pure Cycle Corporation and
Fayyaz &#038; Company, Inc.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">14</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Code of Ethics as amended August&nbsp;2, 2007. *</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">16.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Letter from Anton Collins Mitchell LLP to the Securities and Exchange Commission, dated
December&nbsp;18, 2006, incorporated by reference from Form 8-K filed on December&nbsp;18, 2006.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Consent of GHP Horwath, P.C. *</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Consent of Anton Collins Mitchell LLP *</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">31.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Certification under Section&nbsp;302 of the Sarbanes-Oxley Act of 2002. *</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">32.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Certification pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of
the Sarbanes-Oxley Act of 2002. *</DIV></TD>
</TR>

</TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Filed herewith</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Financial Statement Schedules</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">None
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">70
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="left">
<A name="120"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to the requirements of Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">PURE CYCLE CORPORATION</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="font-size: 10pt; border-bottom: 1px solid #000000">/s/ Mark W. Harding</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Mark W. Harding, President and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">November&nbsp;14, 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed
by the following persons on behalf of the registrant and in the capacity and on the dates
indicated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Mark W. Harding
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>President,
Chief Financial Officer and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;14, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mark W. Harding


</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Executive
Officer, Principal Financial and
Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Harrison H. Augur</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Harrison H. Augur
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Chairman,
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;14, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Mark D. Campbell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mark D. Campbell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;14, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Arthur G. Epker III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Arthur G. Epker III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;14, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard L. Guido</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Richard L. Guido
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;14, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Peter C. Howell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Peter C. Howell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;14, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ George M. Middlemas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
George M. Middlemas
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;14, 2007</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">71
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT
INDEX</B></DIV>
<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="center">Exhibits</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"></DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="center" style="border-bottom: 1px solid #000000">No.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV align="CENTER" style="border-bottom: 1px solid #000000">Description</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amended and Restated Certificate of Incorporation &#151; Incorporated by reference from
Exhibit&nbsp;3.1 to Amendment No.&nbsp;2 to Registration Statement on Form SB-2, filed June&nbsp;10,
2004, Registration No.&nbsp;333-114568</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amended and Restated Bylaws of Registrant &#151; Incorporated by reference from Exhibit&nbsp;3.2
to Amendment No.&nbsp;2 to Registration Statement on Form SB-2, filed June&nbsp;10, 2004,
Registration No.&nbsp;333-114568-.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Specimen Stock Certificate &#151; Incorporated by reference to Registration Statement No.
2-62483.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Right of First Refusal Agreement dated August&nbsp;12, 1992 between INCO Securities
Corporation and Richard F. Myers, Mark W. Harding, Thomas P. Clark, Thomas Lamm and Rowena
Rogers. Incorporated by Reference from Registration Statement on Form SB-2, filed April
19, 2004, Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">2004 Equity Incentive Plan. Incorporated by reference from Proxy Statement for Annual
Meeting held April&nbsp;12, 2004</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Service Agreement, dated April&nbsp;11, 1996, by and between Pure Cycle Corporation and the
Rangeview Metropolitan District. Incorporated by reference from Quarterly Report on Form
10-QSB for the period ended May&nbsp;31, 1996.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Wastewater Service Agreement, dated January&nbsp;22, 1997, by and between Pure Cycle
Corporation and the Rangeview Metropolitan District. Incorporated by reference from the
Annual Report on Form 10-KSB for the fiscal year ended August&nbsp;31, 1998.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Comprehensive Amendment Agreement No.&nbsp;1, dated April&nbsp;11, 1996, by and among ISC, the
Company, the Bondholders, Gregory M. Morey, Newell Augur, Jr., Bill Peterson, Stuart
Sundlun, Alan C. Stormo, Beverlee A. Beardslee, Bradley Kent Beardslee, Robert Douglas
Beardslee, Asra Corporation, International Properties, Inc., and the Land Board.
Incorporated by reference from Quarterly Report on Form 10-QSB for the period ended May
31, 1996.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Agreement for Sale of Export Water dated April&nbsp;11, 1996 by and among the Company and
the District. Incorporated by reference from Quarterly Report on Form 10-QSB for the
fiscal quarter ended May&nbsp;31, 1996).</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Water Service Agreement for the Sky Ranch PUD dated October&nbsp;31, 2003 by and between
Airpark Metropolitan District, Icon Investors I, LLC, the Company and the District.
Incorporated by reference from Registration Statement on Form SB-2, filed April&nbsp;19, 2004,
Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amendment to Water Service Agreement for the Sky Ranch PUD dated January&nbsp;6, 2004.
Incorporated by Reference from Amendment No.&nbsp;1 to Registration Statement on Form SB-2,
filed June&nbsp;7, 2004, Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amendment to Water Service Agreement for the Sky Ranch PUD dated January&nbsp;30, 2004.
Incorporated by Reference from Amendment No.&nbsp;1 to Registration Statement on Form SB-2,
filed June&nbsp;7, 2004, Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amendment to Water Service Agreement for the Sky Ranch PUD dated January&nbsp;30, 2004
pertaining to amendment of the Option Agreement for Export Water. Incorporated by
Reference from Amendment No.&nbsp;1 to Registration Statement on Form SB-2, filed June&nbsp;7, 2004,
Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Corrected Amendment to Water Service Agreement for the Sky Ranch PUD dated March&nbsp;5,
2004. Incorporated by Reference from original Annual Report on Form 10-K for the fiscal
year ended August&nbsp;31, 2006, filed November&nbsp;21, 2006.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.12</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amended and Restated Lease Agreement between the Land Board and the District dated
April&nbsp;4, 1996. Incorporated by Reference from Amendment No.&nbsp;1 to Registration Statement on
Form SB-2, filed June&nbsp;7, 2004, Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.13</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Bargain and Sale Deed among the Land Board, the District and the Company dated
April&nbsp;11, 1996. Incorporated by Reference from Amendment No.&nbsp;1 to Registration Statement on
Form SB-2, filed June&nbsp;7, 2004, Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.14</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Mortgage Deed, Security Agreement, and Financing Statement between the Land Board
and the Company dated April&nbsp;11, 1996. Incorporated by Reference from Amendment No.&nbsp;1 to
Registration Statement on Form SB-2, filed June&nbsp;7, 2004, Registration No.&nbsp;333-114568.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.15</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Water Service Agreement for the Hills at Sky Ranch Water dated May&nbsp;14, 2004 among
Icon Land II, LLC, a Colorado limited liability company, the Company, and the District.
Incorporated by reference from the Current Report on Form 8-K filed with the SEC on May&nbsp;21,
2004.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.16</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Agreement for Water Service dated August&nbsp;3, 2005 among Pure Cycle Corporation,
Rangeview Metropolitan District and Arapahoe County incorporated by reference from Form 8-K
filed on August&nbsp;4, 2005.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.17</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Arkansas River Agreement dated May&nbsp;10, 2006 among Pure Cycle Corporation and High
Plains A&#038;M, LLC incorporated by reference from Form 8-K filed on May&nbsp;16, 2006.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.18</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreement dated as of August&nbsp;28, 2006 between Pure Cycle Corporation
and Inco Securities Corporation incorporated by reference from Form 8-K filed on September
1, 2006.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
 <TD>&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.19</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Placement Agent Agreement by and among Pure Cycle Corporation, certain selling
stockholders, and Wm Smith Securities, Incorporated and Flagstone Securities, LLC, as
Placement Agents, dated July&nbsp;24, 2007 incorporated by reference from Form 8-K filed on July
25, 2007.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.20</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and
Apex Investment Fund II, L.P. *</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.21</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and
Productivity Fund II, L.P.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.22</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and
Environmental Private Equity Fund II, L.P.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.23</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and
Environmental Venture Fund, L.P.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.24</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and
the Estate of Thomas P. Clark.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.25</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and Auginco.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.26</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and Newell Augur, Jr.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.27</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and Anders Brag.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.28</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and Bill Peterson.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.29</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and Gregory M. Morey.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.30</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and Amy Leeds.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.31</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated July&nbsp;31, 2007 between Pure Cycle Corporation and Margaret S. Hansson.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.32</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated October&nbsp;1, 2007 between Pure Cycle Corporation and
Landmark Water Partners, L.P.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.33</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated October&nbsp;1, 2007 between Pure Cycle Corporation and
Landmark Water Partners II, L.P.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.34</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated October&nbsp;1, 2007 between Pure Cycle Corporation and
Warwick Partners, L.P.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.35</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated October&nbsp;1, 2007 between Pure Cycle Corporation and
International Properties, Inc.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.36</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Purchase and Sale Agreements dated October&nbsp;1, 2007 between Pure Cycle Corporation and
Fayyaz &#038; Company, Inc.*</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">14</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Code of Ethics as amended August&nbsp;2, 2007. *</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">16.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Letter from Anton Collins Mitchell LLP to the Securities and Exchange Commission, dated
December&nbsp;18, 2006, incorporated by reference from Form 8-K filed on December&nbsp;18, 2006.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Consent of GHP Horwath P.C. *</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Consent of Anton Collins Mitchell LLP *</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">31.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Certification under Section&nbsp;302 of the Sarbanes-Oxley Act of 2002. *</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">32.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Certification pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of
the Sarbanes-Oxley Act of 2002. *</DIV></TD>
</TR>

</TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Filed herewith</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Financial Statement Schedules</DIV></TD>
</TR>


</TABLE>







<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">72
</DIV>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.20
<SEQUENCE>2
<FILENAME>c71577exv10w20.htm
<DESCRIPTION>EXHIBIT 10.20
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.20
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Purchase and Sale Agreement is entered into effective as of July&nbsp;31, 2007, by and between
PURE CYCLE CORPORATION, a Delaware corporation (&#147;Pure Cycle&#148;), and APEX INVESTMENT FUND II, L.P., a
Delaware limited partnership (&#147;Seller&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RECITALS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle and Seller are parties to a Comprehensive Amendment Agreement No.&nbsp;1, dated
as of April&nbsp;11, 1996 (the &#147;CAA&#148;), pursuant to which Pure Cycle is obligated to pay to the parties
to the CAA certain proceeds it receives from the sale of Export Water (as defined in the CAA); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Seller is a party entitled to receive Gross Proceeds totaling $7,163,274 in
categories (i), (p), (q), (s), and (t)&nbsp;of Paragraph&nbsp;2 of the CAA; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle has offered to purchase from Seller its rights to receive all payments
under the CAA at a discount to the face amount of the Gross Proceeds to be received, and Seller has
accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AGREEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW THEREFORE, in consideration of the mutual promises herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase of CAA Interest</U>. Pure Cycle hereby purchases from Seller, and Seller
hereby sells to Pure Cycle, all of its right, title and interest in the CAA. Seller hereby
unconditionally and irrevocably transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby
accepts from Seller, all of Seller&#146;s rights related to its interest in the CAA, including, without
limitation: (i)&nbsp;the rights of Seller to receive monies and other property or assets due and to
become due to Seller with respect to such interest pursuant to the CAA and (ii)&nbsp;all rights of
Seller with respect to such interest and to compel performance and otherwise exercise all remedies
thereunder (collectively, the &#147;transferred interest&#148;). Pure Cycle hereby accepts the transferred
interest and assumes all of the rights, obligations, and responsibilities of Seller under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. The consideration payable by Pure Cycle for the transferred
interest shall be One Million Seven Hundred Ninety Thousand Eight Hundred Nineteen Dollars
($1,790,819) (the &#147;Consideration&#148;), payable by cash, check or wire transfer of immediately payable
funds to the bank account specified on Exhibit&nbsp;A attached hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon payment to Seller of the Consideration, all rights of
Seller relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and the Seller agree
that this Agreement constitutes an assignment to Pure Cycle of all of Seller&#146;s rights, title and
interest in and to the CAA as of the date hereof, and as of the date hereof, the Seller shall cease
to possess any rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Representations and Warranties</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Seller has all requisite right, power and authority to execute,
deliver and perform this Agreement. This Agreement has been duly and validly executed and
delivered by the Seller. This Agreement is the valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as enforceability may be
limited by (a)&nbsp;applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally and (b)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership of Transferred Interest</U>. The transferred interest represents the entire
interest of Seller under the CAA. Seller owns the transferred interest, and passes to Pure Cycle
good and marketable title to the transferred interest, free and clear of any lien, encumbrance,
pledge, option, charge or assessment of any kind. Seller has not taken any action to sell or
otherwise transfer the transferred interest or to mortgage, hypothecate or otherwise encumber the
transferred interest, or to grant any lien, pledge, option, encumbrance, adverse interest or claim
of any kind on the incidents of ownership of the transferred interest, including any right of first
offer or other contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. Seller has full right and power to sell, assign and transfer the
transferred interest as provided in this Agreement. The execution, delivery and performance by the
Seller of this Agreement does not and will not: (a)&nbsp;conflict with, violate, result in a breach of
or constitute a default under any agreement, instrument or obligation to which the Seller is a
party or by which the Seller is bound; (b)&nbsp;conflict with or violate any order, judgment, decree,
statute, rule or regulation applicable to the Seller; (c)&nbsp;result in the creation or imposition of
any Lien against or upon the transferred interest; or (d)&nbsp;require any consent, approval or
authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representatives</U>. Seller understands that the valuation of interests in
the CAA is uncertain and that the value derives from future transactions and developments that are
largely unknown and unknowable. Seller acknowledges that the Consideration being paid hereunder
represents an arms&#146; length negotiation between Pure Cycle and Seller and represents the fair market
value of transferred interest. Seller has read and understands the public filings made by Pure
Cycle with the Securities and Exchange Commission. In addition, Seller has been given the
opportunity to solicit from Pure Cycle all information relevant to valuation of rights under the
CAA, and has received all the information requested. Seller has made an investigation of the
pertinent facts related to Pure Cycle and the likelihood of payment under the CAA and has reviewed
all information regarding Pure Cycle to the extent it deems necessary in order to be fully informed
with respect thereto. Seller is a sophisticated investor, knowledgeable and experienced in
financial and business matters and in transactions of this nature, and has made its own assessment
of the value of the rights under the CAA. Seller is capable of evaluating the merits and risks of
this transaction. Seller understands that subsequent events may prove that values of interests in
the CAA were higher or lower than the valuation indicated by the Consideration paid hereunder.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Release</U>. Seller, on behalf of itself and its partners and agents, hereby fully and
forever releases and discharges Pure Cycle and its officers, directors, agents, employees,
affiliates, successors and predecessors from any and all claims, demands, proceedings, causes of
actions, orders, obligations, contracts, agreements, debts, guarantees, damages, expenses, costs,
attorneys&#146; fees and liabilities whatsoever, whether known or unknown, suspected or unsuspected,
both at law and in equity, which the Seller now has, has ever had or may hereafter have against
Pure Cycle in connection with, related to or arising out of (i)&nbsp;the Seller&#146;s interest under the
CAA, (ii)&nbsp;the financing transactions pursuant to which Seller acquired shares of Series&nbsp;A Preferred
Stock of Pure Cycle and its interest in the CAA and (iii)&nbsp;the business, operations, management,
financing, or other matters relating to Pure Cycle.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the Seller and
Pure Cycle made herein shall survive the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which, when executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PURE CYCLE CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark Harding</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Harding, President</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">SELLER:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">APEX INVESTMENT FUND II, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Apex Management Partnership, General Partner</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ George Middlemas</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">George Middlemas, General Partner</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">4
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>3
<FILENAME>c71577exv10w21.htm
<DESCRIPTION>EXHIBIT 10.21
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.21
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Purchase and Sale Agreement is entered into effective as of July&nbsp;31, 2007, by and between
PURE CYCLE CORPORATION, a Delaware corporation (&#147;Pure Cycle&#148;), and PRODUCTIVITY FUND II, L.P., a
Delaware limited partnership (&#147;Seller&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RECITALS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle and Seller are parties to a Comprehensive Amendment Agreement No.&nbsp;1, dated
as of April&nbsp;11, 1996 (the &#147;CAA&#148;), pursuant to which Pure Cycle is obligated to pay to the parties
to the CAA certain proceeds it receives from the sale of Export Water (as defined in the CAA); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Seller is a party entitled to receive Gross Proceeds totaling $269,447 in categories
(p), (q), (s)&nbsp;of Paragraph&nbsp;2 of the CAA; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle has offered to purchase from Seller its rights to receive all payments
under the CAA at a discount to the face amount of the Gross Proceeds to be received, and Seller has
accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AGREEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW THEREFORE, in consideration of the mutual promises herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase of CAA Interest</U>. Pure Cycle hereby purchases from Seller, and Seller
hereby sells to Pure Cycle, all of its right, title and interest in the CAA. Seller hereby
unconditionally and irrevocably transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby
accepts from Seller, all of Seller&#146;s rights related to its interest in the CAA, including, without
limitation: (i)&nbsp;the rights of Seller to receive monies and other property or assets due and to
become due to Seller with respect to such interest pursuant to the CAA and (ii)&nbsp;all rights of
Seller with respect to such interest and to compel performance and otherwise exercise all remedies
thereunder (collectively, the &#147;transferred interest&#148;). Pure Cycle hereby accepts the transferred
interest and assumes all of the rights, obligations, and responsibilities of Seller under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. The consideration payable by Pure Cycle for the transferred
interest shall be Sixty Seven Thousand Three Hundred Sixty Two Dollars ($67,362) (the
&#147;Consideration&#148;), payable by cash, check or wire transfer of immediately payable funds to the bank
account specified on Exhibit&nbsp;A attached hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon payment to Seller of the Consideration, all rights of
Seller relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and the Seller agree
that this Agreement constitutes an assignment to Pure Cycle of all of Seller&#146;s rights, title and
interest in and to the CAA as of the date hereof, and as of the date hereof, the Seller shall cease
to possess any rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Representations and Warranties</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Seller has all requisite right, power and authority to execute,
deliver and perform this Agreement. This Agreement has been duly and validly executed and
delivered by the Seller. This Agreement is the valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as enforceability may be
limited by (a)&nbsp;applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally and (b)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership of Transferred Interest</U>. The transferred interest represents the entire
interest of Seller under the CAA. Seller owns the transferred interest, and passes to Pure Cycle
good and marketable title to the transferred interest, free and clear of any lien, encumbrance,
pledge, option, charge or assessment of any kind. Seller has not taken any action to sell or
otherwise transfer the transferred interest or to mortgage, hypothecate or otherwise encumber the
transferred interest, or to grant any lien, pledge, option, encumbrance, adverse interest or claim
of any kind on the incidents of ownership of the transferred interest, including any right of first
offer or other contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. Seller has full right and power to sell, assign and transfer the
transferred interest as provided in this Agreement. The execution, delivery and performance by the
Seller of this Agreement does not and will not: (a)&nbsp;conflict with, violate, result in a breach of
or constitute a default under any agreement, instrument or obligation to which the Seller is a
party or by which the Seller is bound; (b)&nbsp;conflict with or violate any order, judgment, decree,
statute, rule or regulation applicable to the Seller; (c)&nbsp;result in the creation or imposition of
any Lien against or upon the transferred interest; or (d)&nbsp;require any consent, approval or
authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representatives</U>. Seller understands that the valuation of interests in
the CAA is uncertain and that the value derives from future transactions and developments that are
largely unknown and unknowable. Seller acknowledges that the Consideration being paid hereunder
represents an arms&#146; length negotiation between Pure Cycle and Seller and represents the fair market
value of transferred interest. Seller has read and understands the public filings made by Pure
Cycle with the Securities and Exchange Commission. In addition, Seller has been given the
opportunity to solicit from Pure Cycle all information relevant to valuation of rights under the
CAA, and has received all the information requested. Seller has made an investigation of the
pertinent facts related to Pure Cycle and the likelihood of payment under the CAA and has reviewed
all information regarding Pure Cycle to the extent it deems necessary in order to be fully informed
with respect thereto. Seller is a sophisticated investor, knowledgeable and experienced in
financial and business matters and in transactions of this nature, and has made its own assessment
of the value of the rights under the CAA. Seller is capable of evaluating the merits and risks of
this transaction. Seller understands that subsequent events may prove that values of interests in
the CAA were higher or lower than the valuation indicated by the Consideration paid hereunder.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Release</U>. Seller, on behalf of itself and its partners and agents, hereby fully
and forever releases and discharges Pure Cycle and its officers, directors, agents, employees,
affiliates, successors and predecessors from any and all claims, demands, proceedings, causes of
actions, orders, obligations, contracts, agreements, debts, guarantees, damages, expenses, costs,
attorneys&#146; fees and liabilities whatsoever, whether known or unknown, suspected or unsuspected,
both at law and in equity, which the Seller now has, has ever had or may hereafter have against
Pure Cycle in connection with, related to or arising out of (i)&nbsp;the Seller&#146;s interest under the
CAA, (ii)&nbsp;the financing transactions pursuant to which Seller acquired shares of Series&nbsp;A Preferred
Stock of Pure Cycle and its interest in the CAA and (iii)&nbsp;the business, operations, management,
financing, or other matters relating to Pure Cycle.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the Seller and
Pure Cycle made herein shall survive the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which, when executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PURE CYCLE CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark Harding</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Harding, President</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">SELLER:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PRODUCTIVITY FUND II, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Productivity Fund II, General Partner</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ F. Oliver Nicklin, Jr.</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">F. Oliver Nicklin, Jr., General Partner</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">4
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.22
<SEQUENCE>4
<FILENAME>c71577exv10w22.htm
<DESCRIPTION>EXHIBIT 10.22
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.22
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Purchase and Sale Agreement is entered into effective as of July&nbsp;31, 2007, by and between
PURE CYCLE CORPORATION, a Delaware corporation (&#147;Pure Cycle&#148;), and ENVIRONMENTAL PRIVATE EQUITY
FUND II, L.P., a Delaware limited partnership (&#147;Seller&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RECITALS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle and Seller are parties to a Comprehensive Amendment Agreement No.&nbsp;1, dated
as of April&nbsp;11, 1996 (the &#147;CAA&#148;), pursuant to which Pure Cycle is obligated to pay to the parties
to the CAA certain proceeds it receives from the sale of Export Water (as defined in the CAA); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Seller is a party entitled to receive Gross Proceeds totaling $1,199,999 in
categories (p), (q), (s)&nbsp;of Paragraph&nbsp;2 of the CAA; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle has offered to purchase from Seller its rights to receive all payments
under the CAA at a discount to the face amount of the Gross Proceeds to be received, and Seller has
accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AGREEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW THEREFORE, in consideration of the mutual promises herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase of CAA Interest</U>. Pure Cycle hereby purchases from Seller, and Seller
hereby sells to Pure Cycle, all of its right, title and interest in the CAA. Seller hereby
unconditionally and irrevocably transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby
accepts from Seller, all of Seller&#146;s rights related to its interest in the CAA, including, without
limitation: (i)&nbsp;the rights of Seller to receive monies and other property or assets due and to
become due to Seller with respect to such interest pursuant to the CAA and (ii)&nbsp;all rights of
Seller with respect to such interest and to compel performance and otherwise exercise all remedies
thereunder (collectively, the &#147;transferred interest&#148;). Pure Cycle hereby accepts the transferred
interest and assumes all of the rights, obligations, and responsibilities of Seller under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. The consideration payable by Pure Cycle for the transferred
interest shall be Three Hundred Thousand Dollars ($300,000) (the &#147;Consideration&#148;), payable by cash,
check or wire transfer of immediately payable funds to the bank account specified on Exhibit&nbsp;A
attached hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon payment to Seller of the Consideration, all rights of
Seller relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and the Seller agree
that this Agreement constitutes an assignment to Pure Cycle of all of Seller&#146;s rights, title and
interest in and to the CAA as of the date hereof, and as of the date hereof, the Seller shall cease
to possess any rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Representations and Warranties</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Seller has all requisite right, power and authority to execute,
deliver and perform this Agreement. This Agreement has been duly and validly executed and
delivered by the Seller. This Agreement is the valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as enforceability may be
limited by (a)&nbsp;applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally and (b)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership of Transferred Interest</U>. The transferred interest represents the entire
interest of Seller under the CAA. Seller owns the transferred interest, and passes to Pure Cycle
good and marketable title to the transferred interest, free and clear of any lien, encumbrance,
pledge, option, charge or assessment of any kind. Seller has not taken any action to sell or
otherwise transfer the transferred interest or to mortgage, hypothecate or otherwise encumber the
transferred interest, or to grant any lien, pledge, option, encumbrance, adverse interest or claim
of any kind on the incidents of ownership of the transferred interest, including any right of first
offer or other contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. Seller has full right and power to sell, assign and transfer the
transferred interest as provided in this Agreement. The execution, delivery and performance by the
Seller of this Agreement does not and will not: (a)&nbsp;conflict with, violate, result in a breach of
or constitute a default under any agreement, instrument or obligation to which the Seller is a
party or by which the Seller is bound; (b)&nbsp;conflict with or violate any order, judgment, decree,
statute, rule or regulation applicable to the Seller; (c)&nbsp;result in the creation or imposition of
any Lien against or upon the transferred interest; or (d)&nbsp;require any consent, approval or
authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representatives</U>. Seller understands that the valuation of interests in
the CAA is uncertain and that the value derives from future transactions and developments that are
largely unknown and unknowable. Seller acknowledges that the Consideration being paid hereunder
represents an arms&#146; length negotiation between Pure Cycle and Seller and represents the fair market
value of transferred interest. Seller has read and understands the public filings made by Pure
Cycle with the Securities and Exchange Commission. In addition, Seller has been given the
opportunity to solicit from Pure Cycle all information relevant to valuation of rights under the
CAA, and has received all the information requested. Seller has made an investigation of the
pertinent facts related to Pure Cycle and the likelihood of payment under the CAA and has reviewed
all information regarding Pure Cycle to the extent it deems necessary in order to be fully informed
with respect thereto. Seller is a sophisticated investor, knowledgeable and experienced in
financial and business matters and in transactions of this nature, and has made its own assessment
of the value of the rights under the CAA. Seller is capable of evaluating the merits and risks of
this transaction. Seller understands that subsequent events may prove that values of interests in
the CAA were higher or lower than the valuation indicated by the Consideration paid hereunder.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Release</U>. Seller, on behalf of itself and its partners and agents, hereby fully
and forever releases and discharges Pure Cycle and its officers, directors, agents, employees,
affiliates, successors and predecessors from any and all claims, demands, proceedings, causes of
actions, orders, obligations, contracts, agreements, debts, guarantees, damages, expenses, costs,
attorneys&#146; fees and liabilities whatsoever, whether known or unknown, suspected or unsuspected,
both at law and in equity, which the Seller now has, has ever had or may hereafter have against
Pure Cycle in connection with, related to or arising out of (i)&nbsp;the Seller&#146;s interest under the
CAA,
(ii)&nbsp;the financing transactions pursuant to which Seller acquired shares of Series&nbsp;A Preferred
Stock of Pure Cycle and its interest in the CAA and (iii)&nbsp;the business, operations, management,
financing, or other matters relating to Pure Cycle.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the Seller and
Pure Cycle made herein shall survive the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which, when executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PURE CYCLE CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark Harding</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Harding, President</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">SELLER:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap>ENVIRONMENTAL PRIVATE EQUITY FUND II, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Environmental Private Equity Fund II, General Partner</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ F. Oliver Nicklin, Jr.</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">F. Oliver Nicklin, Jr., General Partner</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">4
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>5
<FILENAME>c71577exv10w23.htm
<DESCRIPTION>EXHIBIT 10.23
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.23
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Purchase and Sale Agreement is entered into effective as of July&nbsp;31, 2007, by and between
PURE CYCLE CORPORATION, a Delaware corporation (&#147;Pure Cycle&#148;), and ENVIRONMENTAL VENTURE FUND,
L.P., a Delaware limited partnership (&#147;Seller&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RECITALS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle and Seller are parties to a Comprehensive Amendment Agreement No.&nbsp;1, dated
as of April&nbsp;11, 1996 (the &#147;CAA&#148;), pursuant to which Pure Cycle is obligated to pay to the parties
to the CAA certain proceeds it receives from the sale of Export Water (as defined in the CAA); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Seller is a party entitled to receive Gross Proceeds totaling $404,180 in categories
(p), (q), (s)&nbsp;of Paragraph&nbsp;2 of the CAA; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle has offered to purchase from Seller its rights to receive all payments
under the CAA at a discount to the face amount of the Gross Proceeds to be received, and Seller has
accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AGREEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW THEREFORE, in consideration of the mutual promises herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase of CAA Interest</U>. Pure Cycle hereby purchases from Seller, and Seller
hereby sells to Pure Cycle, all of its right, title and interest in the CAA. Seller hereby
unconditionally and irrevocably transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby
accepts from Seller, all of Seller&#146;s rights related to its interest in the CAA, including, without
limitation: (i)&nbsp;the rights of Seller to receive monies and other property or assets due and to
become due to Seller with respect to such interest pursuant to the CAA and (ii)&nbsp;all rights of
Seller with respect to such interest and to compel performance and otherwise exercise all remedies
thereunder (collectively, the &#147;transferred interest&#148;). Pure Cycle hereby accepts the transferred
interest and assumes all of the rights, obligations, and responsibilities of Seller under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. The consideration payable by Pure Cycle for the transferred
interest shall be One Hundred One Thousand Forty Five Dollars ($101,045) (the &#147;Consideration&#148;),
payable by cash, check or wire transfer of immediately payable funds to the bank account specified
on Exhibit&nbsp;A attached hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon payment to Seller of the Consideration, all rights of
Seller relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and the Seller agree
that this Agreement constitutes an assignment to Pure Cycle of all of Seller&#146;s rights, title and
interest in and to the CAA as of the date hereof, and as of the date hereof, the Seller shall cease
to possess any rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Representations and Warranties</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Seller has all requisite right, power and authority to execute,
deliver and perform this Agreement. This Agreement has been duly and validly executed and
delivered by the Seller. This Agreement is the valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as enforceability may be
limited by (a)&nbsp;applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally and (b)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership of Transferred Interest</U>. The transferred interest represents the entire
interest of Seller under the CAA. Seller owns the transferred interest, and passes to Pure Cycle
good and marketable title to the transferred interest, free and clear of any lien, encumbrance,
pledge, option, charge or assessment of any kind. Seller has not taken any action to sell or
otherwise transfer the transferred interest or to mortgage, hypothecate or otherwise encumber the
transferred interest, or to grant any lien, pledge, option, encumbrance, adverse interest or claim
of any kind on the incidents of ownership of the transferred interest, including any right of first
offer or other contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. Seller has full right and power to sell, assign and transfer the
transferred interest as provided in this Agreement. The execution, delivery and performance by the
Seller of this Agreement does not and will not: (a)&nbsp;conflict with, violate, result in a breach of
or constitute a default under any agreement, instrument or obligation to which the Seller is a
party or by which the Seller is bound; (b)&nbsp;conflict with or violate any order, judgment, decree,
statute, rule or regulation applicable to the Seller; (c)&nbsp;result in the creation or imposition of
any Lien against or upon the transferred interest; or (d)&nbsp;require any consent, approval or
authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representatives</U>. Seller understands that the valuation of interests in
the CAA is uncertain and that the value derives from future transactions and developments that are
largely unknown and unknowable. Seller acknowledges that the Consideration being paid hereunder
represents an arms&#146; length negotiation between Pure Cycle and Seller and represents the fair market
value of transferred interest. Seller has read and understands the public filings made by Pure
Cycle with the Securities and Exchange Commission. In addition, Seller has been given the
opportunity to solicit from Pure Cycle all information relevant to valuation of rights under the
CAA, and has received all the information requested. Seller has made an investigation of the
pertinent facts related to Pure Cycle and the likelihood of payment under the CAA and has reviewed
all information regarding Pure Cycle to the extent it deems necessary in order to be fully informed
with respect thereto. Seller is a sophisticated investor, knowledgeable and experienced in
financial and business matters and in transactions of this nature, and has made its own assessment
of the value of the rights under the CAA. Seller is capable of evaluating the merits and risks of
this transaction. Seller understands that subsequent events may prove that values of interests in
the CAA were higher or lower than the valuation indicated by the Consideration paid hereunder.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Release</U>. Seller, on behalf of itself and its partners and agents, hereby fully
and forever releases and discharges Pure Cycle and its officers, directors, agents, employees,
affiliates, successors and predecessors from any and all claims, demands, proceedings, causes of
actions, orders, obligations, contracts, agreements, debts, guarantees, damages, expenses, costs,
attorneys&#146; fees and liabilities whatsoever, whether known or unknown, suspected or unsuspected,
both at law and in equity, which the Seller now has, has ever had or may hereafter have against
Pure Cycle in connection with, related to or arising out of (i)&nbsp;the Seller&#146;s interest under the
CAA, (ii)&nbsp;the financing transactions pursuant to which Seller acquired shares of Series&nbsp;A Preferred
Stock of Pure Cycle and its interest in the CAA and (iii)&nbsp;the business, operations, management,
financing, or other matters relating to Pure Cycle.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the Seller and
Pure Cycle made herein shall survive the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which, when executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">3
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PURE CYCLE CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark Harding</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Harding, President</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">SELLER:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ENVIRONMENTAL VENTURE FUND, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Environmental Venture Fund, General Partner</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ F. Oliver Nicklin, Jr.</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">F. Oliver Nicklin, Jr., General Partner</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">4
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.24
<SEQUENCE>6
<FILENAME>c71577exv10w24.htm
<DESCRIPTION>EXHIBIT 10.24
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.24
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Purchase and Sale Agreement is entered into effective as of July&nbsp;31, 2007, by and between
PURE CYCLE CORPORATION, a Delaware corporation (&#147;Pure Cycle&#148;), and the Estate of Thomas P. Clark
(&#147;Seller&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RECITALS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle and Seller are parties to a Comprehensive Amendment Agreement No.&nbsp;1, dated
as of April&nbsp;11, 1996 (the &#147;CAA&#148;), pursuant to which Pure Cycle is obligated to pay to the parties
to the CAA certain proceeds it receives from the sale of Export Water (as defined in the CAA); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Seller is a party entitled to receive Gross Proceeds totaling $400,000 in
categories (d)&nbsp;and (k)&nbsp;of Paragraph&nbsp;2.1 of the CAA; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle has offered to purchase from Seller its rights to receive all payments
under the CAA at a discount to the face amount of the Gross Proceeds to be received, and Seller has
accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AGREEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW THEREFORE, in consideration of the mutual promises herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase of CAA Interest</U>. Pure Cycle hereby purchases from Seller, and Seller
hereby sells to Pure Cycle, all of its right, title and interest in the CAA. Seller hereby
unconditionally and irrevocably transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby
accepts from Seller, all of Seller&#146;s rights related to its interest in the CAA, including, without
limitation: (i)&nbsp;the rights of Seller to receive monies and other property or assets due and to
become due to Seller with respect to such interest pursuant to the CAA and (ii)&nbsp;all rights of
Seller with respect to such interest and to compel performance and otherwise exercise all remedies
thereunder (collectively, the &#147;transferred interest&#148;). Pure Cycle hereby accepts the transferred
interest and assumes all of the rights, obligations, and responsibilities of Seller under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. The consideration payable by Pure Cycle for the transferred
interest shall be One Hundred Thousand Dollars ($100,000) (the &#147;Consideration&#148;), payable by cash,
check or wire transfer of immediately payable funds to the bank account specified on Exhibit&nbsp;A
attached hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon payment to Seller of the Consideration, all rights of
Seller relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and the Seller agree
that this Agreement constitutes an assignment to Pure Cycle of all of Seller&#146;s rights, title and
interest in and to the CAA as of the date hereof, and as of the date hereof, the Seller shall cease
to possess any rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Representations and Warranties</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Seller has all requisite right, power and authority to execute,
deliver and perform this Agreement. This Agreement has been duly and validly executed and
delivered by the Seller. This Agreement is the valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as enforceability may be
limited by (a)&nbsp;applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally and (b)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership of Transferred Interest</U>. The transferred interest represents the entire
interest of Seller under the CAA. Seller owns the transferred interest, and passes to Pure Cycle
good and marketable title to the transferred interest, free and clear of any lien, encumbrance,
pledge, option, charge or assessment of any kind. Seller has not taken any action to sell or
otherwise transfer the transferred interest or to mortgage, hypothecate or otherwise encumber the
transferred interest, or to grant any lien, pledge, option, encumbrance, adverse interest or claim
of any kind on the incidents of ownership of the transferred interest, including any right of first
offer or other contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. Seller has full right and power to sell, assign and transfer the
transferred interest as provided in this Agreement. The execution, delivery and performance by the
Seller of this Agreement does not and will not: (a)&nbsp;conflict with, violate, result in a breach of
or constitute a default under any agreement, instrument or obligation to which the Seller is a
party or by which the Seller is bound; (b)&nbsp;conflict with or violate any order, judgment, decree,
statute, rule or regulation applicable to the Seller; (c)&nbsp;result in the creation or imposition of
any Lien against or upon the transferred interest; or (d)&nbsp;require any consent, approval or
authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representatives</U>. Seller understands that the valuation of interests in
the CAA is uncertain and that the value derives from future transactions and developments that are
largely unknown and unknowable. Seller acknowledges that the Consideration being paid hereunder
represents an arms&#146; length negotiation between Pure Cycle and Seller and represents the fair market
value of transferred interest. Seller has read and understands the public filings made by Pure
Cycle with the Securities and Exchange Commission. In addition, Seller has been given the
opportunity to solicit from Pure Cycle all information relevant to valuation of rights under the
CAA, and has received all the information requested. Seller has made an investigation of the
pertinent facts related to Pure Cycle and the likelihood of payment under the CAA and has reviewed
all information regarding Pure Cycle to the extent it deems necessary in order to be fully informed
with respect thereto. Seller is a sophisticated investor, knowledgeable and experienced in
financial and business matters and in transactions of this nature, and has made its own assessment
of the value of the rights under the CAA. Seller is capable of evaluating the merits and risks of
this transaction. Seller understands that subsequent events may prove that values of interests in
the CAA were higher or lower than the valuation indicated by the Consideration paid hereunder.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Release</U>. Seller, on behalf of itself and its beneficiaries and agents, hereby
fully and forever releases and discharges Pure Cycle and its officers, directors, agents,
employees, affiliates, successors and predecessors from any and all claims, demands, proceedings,
causes of actions, orders, obligations, contracts, agreements, debts, guarantees, damages,
expenses, costs, attorneys&#146; fees and liabilities whatsoever, whether known or unknown, suspected or
unsuspected, both at law and in equity, which the Seller now has, has ever had or may hereafter
have against Pure Cycle in connection with, related to or arising out of (i)&nbsp;the Seller&#146;s interest
under the CAA, (ii)&nbsp;the financing transactions pursuant to which Seller acquired its interest in
the CAA and (iii)&nbsp;the business, operations, management, financing, or other matters relating to
Pure Cycle.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the Seller and
Pure Cycle made herein shall survive the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which, when executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PURE CYCLE CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark Harding</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Harding, President</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">SELLER:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ESTATE OF THOMAS P. CLARK</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Ryan T. Clark</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ryan T. Clark, Personal Representative of the
Estate of Thomas P. Clark aka Thomas Paul Clark</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT A</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>Wire Instructions</B>

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">A-1
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.25
<SEQUENCE>7
<FILENAME>c71577exv10w25.htm
<DESCRIPTION>EXHIBIT 10.25
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.25
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Purchase and Sale Agreement is entered into effective as of July&nbsp;31, 2007, by and between
PURE CYCLE CORPORATION, a Delaware corporation (&#147;Pure Cycle&#148;), and Auginco, a Colorado general
partnership, (&#147;Seller&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RECITALS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle and Seller are parties to a Comprehensive Amendment Agreement No.&nbsp;1, dated
as of April&nbsp;11, 1996 (the &#147;CAA&#148;), pursuant to which Pure Cycle is obligated to pay to the parties
to the CAA certain proceeds it receives from the sale of Export Water (as defined in the CAA); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Seller is a party entitled to receive Gross Proceeds totaling $190,000 in categories
(i), (r), (t)&nbsp;of Paragraph&nbsp;2 of the CAA; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle has offered to purchase from Seller its rights to receive all payments
under the CAA at a discount to the face amount of the Gross Proceeds to be received, and Seller has
accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AGREEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW THEREFORE, in consideration of the mutual promises herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase of CAA Interest</U>. Pure Cycle hereby purchases from Seller, and Seller
hereby sells to Pure Cycle, all of its right, title and interest in the CAA. Seller hereby
unconditionally and irrevocably transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby
accepts from Seller, all of Seller&#146;s rights related to its interest in the CAA, including, without
limitation: (i)&nbsp;the rights of Seller to receive monies and other property or assets due and to
become due to Seller with respect to such interest pursuant to the CAA and (ii)&nbsp;all rights of
Seller with respect to such interest and to compel performance and otherwise exercise all remedies
thereunder (collectively, the &#147;transferred interest&#148;). Pure Cycle hereby accepts the transferred
interest and assumes all of the rights, obligations, and responsibilities of Seller under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. The consideration payable by Pure Cycle for the transferred
interest shall be Forty Seven Thousand Five Hundred Dollars ($47,500) (the &#147;Consideration&#148;),
payable by cash, check or wire transfer of immediately payable funds to the bank account specified
on Exhibit&nbsp;A attached hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon payment to Seller of the Consideration, all rights of
Seller relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and the Seller agree
that this Agreement constitutes an assignment to Pure Cycle of all of Seller&#146;s rights, title and
interest in and to the CAA as of the date hereof, and as of the date hereof, the Seller shall cease
to possess any rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Representations and Warranties</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Seller has all requisite right, power and authority to execute,
deliver and perform this Agreement. This Agreement has been duly and validly executed and
delivered by the Seller. This Agreement is the valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as enforceability may be
limited by (a)&nbsp;applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally and (b)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership of Transferred Interest</U>. The transferred interest represents the entire
interest of Seller under the CAA. Seller owns the transferred interest, and passes to Pure Cycle
good and marketable title to the transferred interest, free and clear of any lien, encumbrance,
pledge, option, charge or assessment of any kind. Seller has not taken any action to sell or
otherwise transfer the transferred interest or to mortgage, hypothecate or otherwise encumber the
transferred interest, or to grant any lien, pledge, option, encumbrance, adverse interest or claim
of any kind on the incidents of ownership of the transferred interest, including any right of first
offer or other contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. Seller has full right and power to sell, assign and transfer the
transferred interest as provided in this Agreement. The execution, delivery and performance by the
Seller of this Agreement does not and will not: (a)&nbsp;conflict with, violate, result in a breach of
or constitute a default under any agreement, instrument or obligation to which the Seller is a
party or by which the Seller is bound; (b)&nbsp;conflict with or violate any order, judgment, decree,
statute, rule or regulation applicable to the Seller; (c)&nbsp;result in the creation or imposition of
any Lien against or upon the transferred interest; or (d)&nbsp;require any consent, approval or
authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representatives</U>. Seller understands that the valuation of interests in
the CAA is uncertain and that the value derives from future transactions and developments that are
largely unknown and unknowable. Seller acknowledges that the Consideration being paid hereunder
represents an arms&#146; length negotiation between Pure Cycle and Seller and represents the fair market
value of transferred interest. Seller has read and understands the public filings made by Pure
Cycle with the Securities and Exchange Commission. In addition, Seller has been given the
opportunity to solicit from Pure Cycle all information relevant to valuation of rights under the
CAA, and has received all the information requested. Seller has made an investigation of the
pertinent facts related to Pure Cycle and the likelihood of payment under the CAA and has reviewed
all information regarding Pure Cycle to the extent it deems necessary in order to be fully informed
with respect thereto. Seller is a sophisticated investor, knowledgeable and experienced in
financial and business matters and in transactions of this nature, and has made its own assessment
of the value of the rights under the CAA. Seller is capable of evaluating the merits and risks of
this transaction. Seller understands that subsequent events may prove that values of interests in
the CAA were higher or lower than the valuation indicated by the Consideration paid hereunder.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Release</U>. Seller, on behalf of itself and its partners and agents, hereby fully
and forever releases and discharges Pure Cycle and its officers, directors, agents, employees,
affiliates, successors and predecessors from any and all claims, demands, proceedings, causes of
actions, orders, obligations, contracts, agreements, debts, guarantees, damages, expenses, costs,
attorneys&#146; fees and liabilities whatsoever, whether known or unknown, suspected or
unsuspected, both at law and in equity, which the Seller now has, has ever had or may hereafter
have against Pure Cycle in connection with, related to or arising out of (i)&nbsp;the Seller&#146;s interest
under the CAA, (ii)&nbsp;the financing transactions pursuant to which Seller acquired shares of Series&nbsp;A
Preferred Stock of Pure Cycle and its interest in the CAA and (iii)&nbsp;the business, operations,
management, financing, or other matters relating to Pure Cycle.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the Seller and
Pure Cycle made herein shall survive the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which, when executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">3
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PURE CYCLE CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark Harding</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Harding, President</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">SELLER:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Auginco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Harrison H. Augur</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Harrison H. Augur, general partner</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">4
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.26
<SEQUENCE>8
<FILENAME>c71577exv10w26.htm
<DESCRIPTION>EXHIBIT 10.26
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.26
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Purchase and Sale Agreement is entered into effective as of July&nbsp;31, 2007, by and between
PURE CYCLE CORPORATION, a Delaware corporation (&#147;Pure Cycle&#148;), and Newell Augur Jr., (&#147;Seller&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RECITALS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS,&nbsp;Pure Cycle and Seller are parties to a Comprehensive Amendment Agreement No.&nbsp;1, dated
as of April&nbsp;11, 1996 (the &#147;CAA&#148;), pursuant to which Pure Cycle is obligated to pay to the parties
to the CAA certain proceeds it receives from the sale of Export Water (as defined in the CAA); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Seller is a party entitled to receive Gross Proceeds totaling $50,000 in categories
(t), (s)&nbsp;of Paragraph&nbsp;2 of the CAA; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle has offered to purchase from Seller its rights to receive all payments
under the CAA at a discount to the face amount of the Gross Proceeds to be received, and Seller has
accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AGREEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW THEREFORE, in consideration of the mutual promises herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase of CAA Interest</U>. Pure Cycle hereby purchases from Seller, and Seller
hereby sells to Pure Cycle, all of its right, title and interest in the CAA. Seller hereby
unconditionally and irrevocably transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby
accepts from Seller, all of Seller&#146;s rights related to its interest in the CAA, including, without
limitation: (i)&nbsp;the rights of Seller to receive monies and other property or assets due and to
become due to Seller with respect to such interest pursuant to the CAA and (ii)&nbsp;all rights of
Seller with respect to such interest and to compel performance and otherwise exercise all remedies
thereunder (collectively, the &#147;transferred interest&#148;). Pure Cycle hereby accepts the transferred
interest and assumes all of the rights, obligations, and responsibilities of Seller under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. The consideration payable by Pure Cycle for the transferred
interest shall be Twelve Thousand Five Hundred Dollars ($12,500) (the &#147;Consideration&#148;), payable by
cash, check or wire transfer of immediately payable funds to the bank account specified on Exhibit
A attached hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon payment to Seller of the Consideration, all rights of
Seller relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and the Seller agree
that this Agreement constitutes an assignment to Pure Cycle of all of Seller&#146;s rights, title and
interest in and to the CAA as of the date hereof, and as of the date hereof, the Seller shall cease
to possess any rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Representations and Warranties</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Seller has all requisite right, power and authority to execute,
deliver and perform this Agreement. This Agreement has been duly and validly executed and
delivered by the Seller. This Agreement is the valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as enforceability may be
limited by (a)&nbsp;applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally and (b)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership of Transferred Interest</U>. The transferred interest represents the entire
interest of Seller under the CAA. Seller owns the transferred interest, and passes to Pure Cycle
good and marketable title to the transferred interest, free and clear of any lien, encumbrance,
pledge, option, charge or assessment of any kind. Seller has not taken any action to sell or
otherwise transfer the transferred interest or to mortgage, hypothecate or otherwise encumber the
transferred interest, or to grant any lien, pledge, option, encumbrance, adverse interest or claim
of any kind on the incidents of ownership of the transferred interest, including any right of first
offer or other contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. Seller has full right and power to sell, assign and transfer the
transferred interest as provided in this Agreement. The execution, delivery and performance by the
Seller of this Agreement does not and will not: (a)&nbsp;conflict with, violate, result in a breach of
or constitute a default under any agreement, instrument or obligation to which the Seller is a
party or by which the Seller is bound; (b)&nbsp;conflict with or violate any order, judgment, decree,
statute, rule or regulation applicable to the Seller; (c)&nbsp;result in the creation or imposition of
any Lien against or upon the transferred interest; or (d)&nbsp;require any consent, approval or
authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representatives</U>. Seller understands that the valuation of interests in
the CAA is uncertain and that the value derives from future transactions and developments that are
largely unknown and unknowable. Seller acknowledges that the Consideration being paid hereunder
represents an arms&#146; length negotiation between Pure Cycle and Seller and represents the fair market
value of transferred interest. Seller has read and understands the public filings made by Pure
Cycle with the Securities and Exchange Commission. In addition, Seller has been given the
opportunity to solicit from Pure Cycle all information relevant to valuation of rights under the
CAA, and has received all the information requested. Seller has made an investigation of the
pertinent facts related to Pure Cycle and the likelihood of payment under the CAA and has reviewed
all information regarding Pure Cycle to the extent it deems necessary in order to be fully informed
with respect thereto. Seller is a sophisticated investor, knowledgeable and experienced in
financial and business matters and in transactions of this nature, and has made its own assessment
of the value of the rights under the CAA. Seller is capable of evaluating the merits and risks of
this transaction. Seller understands that subsequent events may prove that values of interests in
the CAA were higher or lower than the valuation indicated by the Consideration paid hereunder.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Release</U>. Seller, on behalf of itself and its partners and agents, hereby fully and
forever releases and discharges Pure Cycle and its officers, directors, agents, employees,
affiliates, successors and predecessors from any and all claims, demands, proceedings, causes of
actions, orders, obligations, contracts, agreements, debts, guarantees, damages, expenses, costs,
attorneys&#146; fees and liabilities whatsoever, whether known or unknown, suspected or unsuspected,
both at law and in equity, which the Seller now has, has ever had or may hereafter have against
Pure Cycle in connection with, related to or arising out of (i)&nbsp;the Seller&#146;s interest under the
CAA, (ii)&nbsp;the financing transactions pursuant to which Seller acquired shares of Series&nbsp;A Preferred
Stock of Pure Cycle and its interest in the CAA and (iii)&nbsp;the business, operations, management,
financing, or other matters relating to Pure Cycle.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the Seller and
Pure Cycle made herein shall survive the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which, when executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">3
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PURE CYCLE CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark Harding
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark Harding, President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">SELLER:<BR><BR>
Newell Augur Jr.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Newell Augur Jr.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Newell Augur Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">4
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.27
<SEQUENCE>9
<FILENAME>c71577exv10w27.htm
<DESCRIPTION>EXHIBIT 10.27
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.27
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Purchase and Sale Agreement is entered into effective as of July&nbsp;31, 2007, by and between
PURE CYCLE CORPORATION, a Delaware corporation (&#147;Pure Cycle&#148;), and Anders Brag, (&#147;Seller&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RECITALS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS,&nbsp;Pure Cycle and Seller are parties to a Comprehensive Amendment Agreement No.&nbsp;1, dated
as of April&nbsp;11, 1996 (the &#147;CAA&#148;), pursuant to which Pure Cycle is obligated to pay to the parties
to the CAA certain proceeds it receives from the sale of Export Water (as defined in the CAA); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Seller is a party entitled to receive Gross Proceeds totaling $250,000 in categories
(i), (r), (t)&nbsp;of Paragraph&nbsp;2 of the CAA; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle has offered to purchase from Seller its rights to receive all payments
under the CAA at a discount to the face amount of the Gross Proceeds to be received, and Seller has
accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AGREEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW THEREFORE, in consideration of the mutual promises herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase of CAA Interest</U>. Pure Cycle hereby purchases from Seller, and Seller
hereby sells to Pure Cycle, all of its right, title and interest in the CAA. Seller hereby
unconditionally and irrevocably transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby
accepts from Seller, all of Seller&#146;s rights related to its interest in the CAA, including, without
limitation: (i)&nbsp;the rights of Seller to receive monies and other property or assets due and to
become due to Seller with respect to such interest pursuant to the CAA and (ii)&nbsp;all rights of
Seller with respect to such interest and to compel performance and otherwise exercise all remedies
thereunder (collectively, the &#147;transferred interest&#148;). Pure Cycle hereby accepts the transferred
interest and assumes all of the rights, obligations, and responsibilities of Seller under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. The consideration payable by Pure Cycle for the transferred
interest shall be Sixty Two Thousand Five Hundred Dollars ($62,500) (the &#147;Consideration&#148;), payable
by cash, check or wire transfer of immediately payable funds to the bank account specified on
Exhibit&nbsp;A attached hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon payment to Seller of the Consideration, all rights of
Seller relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and the Seller agree
that this Agreement constitutes an assignment to Pure Cycle of all of Seller&#146;s rights, title and
interest in and to the CAA as of the date hereof, and as of the date hereof, the Seller shall cease
to possess any rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. Representations and Warranties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Seller has all requisite right, power and authority to execute,
deliver and perform this Agreement. This Agreement has been duly and validly executed and
delivered by the Seller. This Agreement is the valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as enforceability may be
limited by (a)&nbsp;applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally and (b)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership of Transferred Interest</U>. The transferred interest represents the entire
interest of Seller under the CAA. Seller owns the transferred interest, and passes to Pure Cycle
good and marketable title to the transferred interest, free and clear of any lien, encumbrance,
pledge, option, charge or assessment of any kind. Seller has not taken any action to sell or
otherwise transfer the transferred interest or to mortgage, hypothecate or otherwise encumber the
transferred interest, or to grant any lien, pledge, option, encumbrance, adverse interest or claim
of any kind on the incidents of ownership of the transferred interest, including any right of first
offer or other contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. Seller has full right and power to sell, assign and transfer the
transferred interest as provided in this Agreement. The execution, delivery and performance by the
Seller of this Agreement does not and will not: (a)&nbsp;conflict with, violate, result in a breach of
or constitute a default under any agreement, instrument or obligation to which the Seller is a
party or by which the Seller is bound; (b)&nbsp;conflict with or violate any order, judgment, decree,
statute, rule or regulation applicable to the Seller; (c)&nbsp;result in the creation or imposition of
any Lien against or upon the transferred interest; or (d)&nbsp;require any consent, approval or
authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representatives</U>. Seller understands that the valuation of interests in
the CAA is uncertain and that the value derives from future transactions and developments that are
largely unknown and unknowable. Seller acknowledges that the Consideration being paid hereunder
represents an arms&#146; length negotiation between Pure Cycle and Seller and represents the fair market
value of transferred interest. Seller has read and understands the public filings made by Pure
Cycle with the Securities and Exchange Commission. In addition, Seller has been given the
opportunity to solicit from Pure Cycle all information relevant to valuation of rights under the
CAA, and has received all the information requested. Seller has made an investigation of the
pertinent facts related to Pure Cycle and the likelihood of payment under the CAA and has reviewed
all information regarding Pure Cycle to the extent it deems necessary in order to be fully informed
with respect thereto. Seller is a sophisticated investor, knowledgeable and experienced in
financial and business matters and in transactions of this nature, and has made its own assessment
of the value of the rights under the CAA. Seller is capable of evaluating the merits and risks of
this transaction. Seller understands that subsequent events may prove that values of interests in
the CAA were higher or lower than the valuation indicated by the Consideration paid hereunder.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Release</U>. Seller, on behalf of itself and its partners and agents, hereby fully
and forever releases and discharges Pure Cycle and its officers, directors, agents, employees,
affiliates, successors and predecessors from any and all claims, demands, proceedings, causes of
actions, orders, obligations, contracts, agreements, debts, guarantees, damages, expenses, costs,
attorneys&#146; fees and liabilities whatsoever, whether known or unknown, suspected or unsuspected,
both at law and in equity, which the Seller now has, has ever had or may hereafter have against
Pure Cycle in connection with, related to or arising out of (i)&nbsp;the Seller&#146;s interest under the
CAA, (ii)&nbsp;the financing transactions pursuant to which Seller acquired shares of Series&nbsp;A Preferred
Stock of Pure Cycle and its interest in the CAA and (iii)&nbsp;the business, operations, management,
financing, or other matters relating to Pure Cycle.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the Seller and
Pure Cycle made herein shall survive the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which, when executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PURE CYCLE CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark Harding
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark Harding, President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">SELLER:<BR><BR>
Anders Brag<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Anders Brag
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Anders Brag&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">4
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.28
<SEQUENCE>10
<FILENAME>c71577exv10w28.htm
<DESCRIPTION>EXHIBIT 10.28
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.28
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Purchase and Sale Agreement is entered into effective as of July&nbsp;31, 2007, by and between
PURE CYCLE CORPORATION, a Delaware corporation (&#147;Pure Cycle&#148;), and Bill Peterson, (&#147;Seller&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RECITALS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS,&nbsp;Pure Cycle and Seller are parties to a Comprehensive Amendment Agreement No.&nbsp;1, dated
as of April&nbsp;11, 1996 (the &#147;CAA&#148;), pursuant to which Pure Cycle is obligated to pay to the parties
to the CAA certain proceeds it receives from the sale of Export Water (as defined in the CAA); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Seller is a party entitled to receive Gross Proceeds totaling $24,000 in categories
(t), (s)&nbsp;of Paragraph&nbsp;2 of the CAA; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle has offered to purchase from Seller its rights to receive all payments
under the CAA at a discount to the face amount of the Gross Proceeds to be received, and Seller has
accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AGREEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW THEREFORE, in consideration of the mutual promises herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase of CAA Interest</U>. Pure Cycle hereby purchases from Seller, and Seller
hereby sells to Pure Cycle, all of its right, title and interest in the CAA. Seller hereby
unconditionally and irrevocably transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby
accepts from Seller, all of Seller&#146;s rights related to its interest in the CAA, including, without
limitation: (i)&nbsp;the rights of Seller to receive monies and other property or assets due and to
become due to Seller with respect to such interest pursuant to the CAA and (ii)&nbsp;all rights of
Seller with respect to such interest and to compel performance and otherwise exercise all remedies
thereunder (collectively, the &#147;transferred interest&#148;). Pure Cycle hereby accepts the transferred
interest and assumes all of the rights, obligations, and responsibilities of Seller under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. The consideration payable by Pure Cycle for the transferred
interest shall be Six Thousand Dollars ($6,000) (the &#147;Consideration&#148;), payable by cash, check or
wire transfer of immediately payable funds to the bank account specified on Exhibit&nbsp;A attached
hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon payment to Seller of the Consideration, all rights of
Seller relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and the Seller agree
that this Agreement constitutes an assignment to Pure Cycle of all of Seller&#146;s rights, title and
interest in and to the CAA as of the date hereof, and as of the date hereof, the Seller shall cease
to possess any rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. Representations and Warranties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Seller has all requisite right, power and authority to execute,
deliver and perform this Agreement. This Agreement has been duly and validly executed and
delivered by the Seller. This Agreement is the valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as enforceability may be
limited by (a)&nbsp;applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally and (b)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership of Transferred Interest</U>. The transferred interest represents the entire
interest of Seller under the CAA. Seller owns the transferred interest, and passes to Pure Cycle
good and marketable title to the transferred interest, free and clear of any lien, encumbrance,
pledge, option, charge or assessment of any kind. Seller has not taken any action to sell or
otherwise transfer the transferred interest or to mortgage, hypothecate or otherwise encumber the
transferred interest, or to grant any lien, pledge, option, encumbrance, adverse interest or claim
of any kind on the incidents of ownership of the transferred interest, including any right of first
offer or other contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. Seller has full right and power to sell, assign and transfer the
transferred interest as provided in this Agreement. The execution, delivery and performance by the
Seller of this Agreement does not and will not: (a)&nbsp;conflict with, violate, result in a breach of
or constitute a default under any agreement, instrument or obligation to which the Seller is a
party or by which the Seller is bound; (b)&nbsp;conflict with or violate any order, judgment, decree,
statute, rule or regulation applicable to the Seller; (c)&nbsp;result in the creation or imposition of
any Lien against or upon the transferred interest; or (d)&nbsp;require any consent, approval or
authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representatives</U>. Seller understands that the valuation of interests in
the CAA is uncertain and that the value derives from future transactions and developments that are
largely unknown and unknowable. Seller acknowledges that the Consideration being paid hereunder
represents an arms&#146; length negotiation between Pure Cycle and Seller and represents the fair market
value of transferred interest. Seller has read and understands the public filings made by Pure
Cycle with the Securities and Exchange Commission. In addition, Seller has been given the
opportunity to solicit from Pure Cycle all information relevant to valuation of rights under the
CAA, and has received all the information requested. Seller has made an investigation of the
pertinent facts related to Pure Cycle and the likelihood of payment under the CAA and has reviewed
all information regarding Pure Cycle to the extent it deems necessary in order to be fully informed
with respect thereto. Seller is a sophisticated investor, knowledgeable and experienced in
financial and business matters and in transactions of this nature, and has made its own assessment
of the value of the rights under the CAA. Seller is capable of evaluating the merits and risks of
this transaction. Seller understands that subsequent events may prove that values of interests in
the CAA were higher or lower than the valuation indicated by the Consideration paid hereunder.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Release</U>. Seller, on behalf of itself and its partners and agents, hereby fully
and forever releases and discharges Pure Cycle and its officers, directors, agents, employees,
affiliates, successors and predecessors from any and all claims, demands, proceedings, causes of
actions, orders, obligations, contracts, agreements, debts, guarantees, damages, expenses, costs,
attorneys&#146; fees and liabilities whatsoever, whether known or unknown, suspected or unsuspected,
both at law and in equity, which the Seller now has, has ever had or may hereafter have against
Pure Cycle in connection with, related to or arising out of (i)&nbsp;the Seller&#146;s interest under the
CAA, (ii)&nbsp;the financing transactions pursuant to which Seller acquired shares of Series&nbsp;A Preferred
Stock of Pure Cycle and its interest in the CAA and (iii)&nbsp;the business, operations, management,
financing, or other matters relating to Pure Cycle.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the Seller and
Pure Cycle made herein shall survive the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which, when executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PURE CYCLE CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark Harding
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark Harding, President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">SELLER:<BR><BR>
Bill Peterson<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Bill Peterson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Bill Peterson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">4
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.29
<SEQUENCE>11
<FILENAME>c71577exv10w29.htm
<DESCRIPTION>EXHIBIT 10.29
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.29
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Purchase and Sale Agreement is entered into effective as of July&nbsp;31, 2007, by and between
PURE CYCLE CORPORATION, a Delaware corporation (&#147;Pure Cycle&#148;), and Gregory M. Morey, (&#147;Seller&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RECITALS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS,&nbsp;Pure Cycle and Seller are parties to a Comprehensive Amendment Agreement No.&nbsp;1, dated
as of April&nbsp;11, 1996 (the &#147;CAA&#148;), pursuant to which Pure Cycle is obligated to pay to the parties
to the CAA certain proceeds it receives from the sale of Export Water (as defined in the CAA); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Seller is a party entitled to receive Gross Proceeds totaling $200,000 in categories
(i), (r), (t)&nbsp;of Paragraph&nbsp;2 of the CAA; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle has offered to purchase from Seller its rights to receive all payments
under the CAA at a discount to the face amount of the Gross Proceeds to be received, and Seller has
accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AGREEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW THEREFORE, in consideration of the mutual promises herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase of CAA Interest</U>. Pure Cycle hereby purchases from Seller, and Seller
hereby sells to Pure Cycle, all of its right, title and interest in the CAA. Seller hereby
unconditionally and irrevocably transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby
accepts from Seller, all of Seller&#146;s rights related to its interest in the CAA, including, without
limitation: (i)&nbsp;the rights of Seller to receive monies and other property or assets due and to
become due to Seller with respect to such interest pursuant to the CAA and (ii)&nbsp;all rights of
Seller with respect to such interest and to compel performance and otherwise exercise all remedies
thereunder (collectively, the &#147;transferred interest&#148;). Pure Cycle hereby accepts the transferred
interest and assumes all of the rights, obligations, and responsibilities of Seller under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. The consideration payable by Pure Cycle for the transferred
interest shall be Fifty Thousand Dollars ($50,000) (the &#147;Consideration&#148;), payable by cash, check or
wire transfer of immediately payable funds to the bank account specified on Exhibit&nbsp;A attached
hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon payment to Seller of the Consideration, all rights of
Seller relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and the Seller agree
that this Agreement constitutes an assignment to Pure Cycle of all of Seller&#146;s rights, title and
interest in and to the CAA as of the date hereof, and as of the date hereof, the Seller shall cease
to possess any rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Representations and Warranties</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Seller has all requisite right, power and authority to execute,
deliver and perform this Agreement. This Agreement has been duly and validly executed and
delivered by the Seller. This Agreement is the valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as enforceability may be
limited by (a)&nbsp;applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally and (b)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership of Transferred Interest</U>. The transferred interest represents the entire
interest of Seller under the CAA. Seller owns the transferred interest, and passes to Pure Cycle
good and marketable title to the transferred interest, free and clear of any lien, encumbrance,
pledge, option, charge or assessment of any kind. Seller has not taken any action to sell or
otherwise transfer the transferred interest or to mortgage, hypothecate or otherwise encumber the
transferred interest, or to grant any lien, pledge, option, encumbrance, adverse interest or claim
of any kind on the incidents of ownership of the transferred interest, including any right of first
offer or other contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. Seller has full right and power to sell, assign and transfer the
transferred interest as provided in this Agreement. The execution, delivery and performance by the
Seller of this Agreement does not and will not: (a)&nbsp;conflict with, violate, result in a breach of
or constitute a default under any agreement, instrument or obligation to which the Seller is a
party or by which the Seller is bound; (b)&nbsp;conflict with or violate any order, judgment, decree,
statute, rule or regulation applicable to the Seller; (c)&nbsp;result in the creation or imposition of
any Lien against or upon the transferred interest; or (d)&nbsp;require any consent, approval or
authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representatives</U>. Seller understands that the valuation of interests in
the CAA is uncertain and that the value derives from future transactions and developments that are
largely unknown and unknowable. Seller acknowledges that the Consideration being paid hereunder
represents an arms&#146; length negotiation between Pure Cycle and Seller. Seller has read and
understands the public filings made by Pure Cycle with the Securities and Exchange Commission.
Seller is a sophisticated investor, knowledgeable and experienced in financial and business matters
and in transactions of this nature, and has made its own assessment of the value of the rights
under the CAA. Seller is capable of evaluating the merits and risks of this transaction. Seller
understands that subsequent events may prove that values of interests in the CAA were higher or
lower than the valuation indicated by the Consideration paid hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Release</U>. Seller, on behalf of itself and its partners and agents, hereby fully
and forever releases and discharges Pure Cycle and its officers, directors, agents, employees,
affiliates, successors and predecessors from any and all claims, demands, proceedings, causes of
actions, orders, obligations, contracts, agreements, debts, guarantees, damages, expenses, costs,
attorneys&#146; fees and liabilities whatsoever, whether known or unknown, suspected or unsuspected,
both at law and in equity, which the Seller now has, has ever had or may hereafter have against
Pure Cycle in connection with, related to or arising out of (i)&nbsp;the Seller&#146;s interest under the
CAA, (ii)&nbsp;the financing transactions pursuant to which Seller acquired shares of Series&nbsp;A Preferred
Stock of Pure Cycle and its interest in the CAA and (iii)&nbsp;the business, operations, management,
financing, or other matters relating to Pure Cycle.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">2
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the Seller and
Pure Cycle made herein shall survive the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which, when executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PURE CYCLE CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark Harding
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark Harding, President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">SELLER:<BR><BR>
Gregory M. Morey<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Gregory M. Morey
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Gregory M. Morey&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">4
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.30
<SEQUENCE>12
<FILENAME>c71577exv10w30.htm
<DESCRIPTION>EXHIBIT 10.30
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.30
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Purchase and Sale Agreement is entered into effective as of July&nbsp;31, 2007, by and between
PURE CYCLE CORPORATION, a Delaware corporation (&#147;Pure Cycle&#148;), and Amy Leeds, (&#147;Seller&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RECITALS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS,&nbsp;Pure Cycle and Seller are parties to a Comprehensive Amendment Agreement No.&nbsp;1, dated
as of April&nbsp;11, 1996 (the &#147;CAA&#148;), pursuant to which Pure Cycle is obligated to pay to the parties
to the CAA certain proceeds it receives from the sale of Export Water (as defined in the CAA); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Seller is a party entitled to receive Gross Proceeds totaling $200,000 in categories
(i), (r), (t)&nbsp;of Paragraph&nbsp;2 of the CAA; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle has offered to purchase from Seller its rights to receive all payments
under the CAA at a discount to the face amount of the Gross Proceeds to be received, and Seller has
accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AGREEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW THEREFORE, in consideration of the mutual promises herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase of CAA Interest</U>. Pure Cycle hereby purchases from Seller, and Seller
hereby sells to Pure Cycle, all of its right, title and interest in the CAA. Seller hereby
unconditionally and irrevocably transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby
accepts from Seller, all of Seller&#146;s rights related to its interest in the CAA, including, without
limitation: (i)&nbsp;the rights of Seller to receive monies and other property or assets due and to
become due to Seller with respect to such interest pursuant to the CAA and (ii)&nbsp;all rights of
Seller with respect to such interest and to compel performance and otherwise exercise all remedies
thereunder (collectively, the &#147;transferred interest&#148;). Pure Cycle hereby accepts the transferred
interest and assumes all of the rights, obligations, and responsibilities of Seller under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. The consideration payable by Pure Cycle for the transferred
interest shall be Fifty Thousand Dollars ($50,000) (the &#147;Consideration&#148;), payable by cash, check or
wire transfer of immediately payable funds to the bank account specified on Exhibit&nbsp;A attached
hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon payment to Seller of the Consideration, all rights of
Seller relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and the Seller agree
that this Agreement constitutes an assignment to Pure Cycle of all of Seller&#146;s rights, title and
interest in and to the CAA as of the date hereof, and as of the date hereof, the Seller shall cease
to possess any rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Representations and Warranties</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Seller has all requisite right, power and authority to execute,
deliver and perform this Agreement. This Agreement has been duly and validly executed and
delivered by the Seller. This Agreement is the valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as enforceability may be
limited by (a)&nbsp;applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally and (b)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership of Transferred Interest</U>. The transferred interest represents the entire
interest of Seller under the CAA. Seller owns the transferred interest, and passes to Pure Cycle
good and marketable title to the transferred interest, free and clear of any lien, encumbrance,
pledge, option, charge or assessment of any kind. Seller has not taken any action to sell or
otherwise transfer the transferred interest or to mortgage, hypothecate or otherwise encumber the
transferred interest, or to grant any lien, pledge, option, encumbrance, adverse interest or claim
of any kind on the incidents of ownership of the transferred interest, including any right of first
offer or other contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. Seller has full right and power to sell, assign and transfer the
transferred interest as provided in this Agreement. The execution, delivery and performance by the
Seller of this Agreement does not and will not: (a)&nbsp;conflict with, violate, result in a breach of
or constitute a default under any agreement, instrument or obligation to which the Seller is a
party or by which the Seller is bound; (b)&nbsp;conflict with or violate any order, judgment, decree,
statute, rule or regulation applicable to the Seller; (c)&nbsp;result in the creation or imposition of
any Lien against or upon the transferred interest; or (d)&nbsp;require any consent, approval or
authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representatives</U>. Seller understands that the valuation of interests in
the CAA is uncertain and that the value derives from future transactions and developments that are
largely unknown and unknowable. Seller acknowledges that the Consideration being paid hereunder
represents an arms&#146; length negotiation between Pure Cycle and Seller and represents the fair market
value of transferred interest. Seller has read and understands the public filings made by Pure
Cycle with the Securities and Exchange Commission. In addition, Seller has been given the
opportunity to solicit from Pure Cycle all information relevant to valuation of rights under the
CAA, and has received all the information requested. Seller has made an investigation of the
pertinent facts related to Pure Cycle and the likelihood of payment under the CAA and has reviewed
all information regarding Pure Cycle to the extent it deems necessary in order to be fully informed
with respect thereto. Seller is a sophisticated investor, knowledgeable and experienced in
financial and business matters and in transactions of this nature, and has made its own assessment
of the value of the rights under the CAA. Seller is capable of evaluating the merits and risks of
this transaction. Seller understands that subsequent events may prove that values of interests in
the CAA were higher or lower than the valuation indicated by the Consideration paid hereunder.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">2
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Release</U>. Seller, on behalf of itself and its partners and agents, hereby fully
and forever releases and discharges Pure Cycle and its officers, directors, agents, employees,
affiliates, successors and predecessors from any and all claims, demands, proceedings, causes of
actions, orders, obligations, contracts, agreements, debts, guarantees, damages, expenses, costs,
attorneys&#146; fees and liabilities whatsoever, whether known or unknown, suspected or unsuspected,
both at law and in equity, which the Seller now has, has ever had or may hereafter have against
Pure Cycle in connection with, related to or arising out of (i)&nbsp;the Seller&#146;s interest under the
CAA, (ii)&nbsp;the financing transactions pursuant to which Seller acquired shares of Series&nbsp;A Preferred
Stock of Pure Cycle and its interest in the CAA and (iii)&nbsp;the business, operations, management,
financing, or other matters relating to Pure Cycle.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the Seller and
Pure Cycle made herein shall survive the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which, when executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">3
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PURE CYCLE CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark Harding
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark Harding, President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">SELLER:<BR><BR>
Amy Leeds<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Amy Leeds
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Amy Leeds&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">4
</DIV>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.31
<SEQUENCE>13
<FILENAME>c71577exv10w31.htm
<DESCRIPTION>EXHIBIT 10.31
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.31
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Purchase and Sale Agreement is entered into effective as of July&nbsp;31, 2007, by and between
PURE CYCLE CORPORATION, a Delaware corporation (&#147;Pure Cycle&#148;), and Margaret S. Hansson, (&#147;Seller&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RECITALS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS,&nbsp;Pure Cycle and Seller are parties to a Comprehensive Amendment Agreement No.&nbsp;1, dated
as of April&nbsp;11, 1996 (the &#147;CAA&#148;), pursuant to which Pure Cycle is obligated to pay to the parties
to the CAA certain proceeds it receives from the sale of Export Water (as defined in the CAA); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Seller is a party entitled to receive Gross Proceeds totaling $150,000 in categories
(h)&nbsp;of Paragraph&nbsp;2 of the <BR>
CAA; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Pure Cycle has offered to purchase from Seller its rights to receive all payments
under the CAA at a discount to the face amount of the Gross Proceeds to be received, and Seller has
accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AGREEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW THEREFORE, in consideration of the mutual promises herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase of CAA Interest</U>. Pure Cycle hereby purchases from Seller, and Seller
hereby sells to Pure Cycle, all of its right, title and interest in the CAA. Seller hereby
unconditionally and irrevocably transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby
accepts from Seller, all of Seller&#146;s rights related to its interest in the CAA, including, without
limitation: (i)&nbsp;the rights of Seller to receive monies and other property or assets due and to
become due to Seller with respect to such interest pursuant to the CAA and (ii)&nbsp;all rights of
Seller with respect to such interest and to compel performance and otherwise exercise all remedies
thereunder (collectively, the &#147;transferred interest&#148;). Pure Cycle hereby accepts the transferred
interest and assumes all of the rights, obligations, and responsibilities of Seller under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. The consideration payable by Pure Cycle for the transferred
interest shall be Thirty Seven Thousand Five Hundred Dollars ($37,500) (the &#147;Consideration&#148;),
payable by cash, check or wire transfer of immediately payable funds to the bank account specified
on Exhibit&nbsp;A attached hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon payment to Seller of the Consideration, all rights of
Seller relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and the Seller agree
that this Agreement constitutes an assignment to Pure Cycle of all of Seller&#146;s rights, title and
interest in and to the CAA as of the date hereof, and as of the date hereof, the Seller shall cease
to possess any rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Representations and Warranties</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Seller has all requisite right, power and authority to execute,
deliver and perform this Agreement. This Agreement has been duly and validly executed and
delivered by the Seller. This Agreement is the valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as enforceability may be
limited by (a)&nbsp;applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally and (b)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership of Transferred Interest</U>. The transferred interest represents the entire
interest of Seller under the CAA. Seller owns the transferred interest, and passes to Pure Cycle
good and marketable title to the transferred interest, free and clear of any lien, encumbrance,
pledge, option, charge or assessment of any kind. Seller has not taken any action to sell or
otherwise transfer the transferred interest or to mortgage, hypothecate or otherwise encumber the
transferred interest, or to grant any lien, pledge, option, encumbrance, adverse interest or claim
of any kind on the incidents of ownership of the transferred interest, including any right of first
offer or other contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. Seller has full right and power to sell, assign and transfer the
transferred interest as provided in this Agreement. The execution, delivery and performance by the
Seller of this Agreement does not and will not: (a)&nbsp;conflict with, violate, result in a breach of
or constitute a default under any agreement, instrument or obligation to which the Seller is a
party or by which the Seller is bound; (b)&nbsp;conflict with or violate any order, judgment, decree,
statute, rule or regulation applicable to the Seller; (c)&nbsp;result in the creation or imposition of
any Lien against or upon the transferred interest; or (d)&nbsp;require any consent, approval or
authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representatives</U>. Seller understands that the valuation of interests in
the CAA is uncertain and that the value derives from future transactions and developments that are
largely unknown and unknowable. Seller acknowledges that the Consideration being paid hereunder
represents an arms&#146; length negotiation between Pure Cycle and Seller and represents the fair market
value of transferred interest. Seller has read and understands the public filings made by Pure
Cycle with the Securities and Exchange Commission. In addition, Seller has been given the
opportunity to solicit from Pure Cycle all information relevant to valuation of rights under the
CAA, and has received all the information requested. Seller has made an investigation of the
pertinent facts related to Pure Cycle and the likelihood of payment under the CAA and has reviewed
all information regarding Pure Cycle to the extent it deems necessary in order to be fully informed
with respect thereto. Seller is a sophisticated investor, knowledgeable and experienced in
financial and business matters and in transactions of this nature, and has made its own assessment
of the value of the rights under the CAA. Seller is capable of evaluating the merits and risks of
this transaction. Seller understands that subsequent events may prove that values of interests in
the CAA were higher or lower than the valuation indicated by the Consideration paid hereunder.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Release</U>. Seller, on behalf of itself and its partners and agents, hereby fully
and forever releases and discharges Pure Cycle and its officers, directors, agents, employees,
affiliates, successors and predecessors from any and all claims, demands, proceedings, causes of
actions, orders, obligations, contracts, agreements, debts, guarantees, damages, expenses, costs,
attorneys&#146; fees and liabilities whatsoever, whether known or unknown, suspected or unsuspected,
both at law and in equity, which the Seller now has, has ever had or may hereafter have against
Pure Cycle in connection with, related to or arising out of (i)&nbsp;the Seller&#146;s interest under the
CAA, (ii)&nbsp;the financing transactions pursuant to which Seller acquired shares of Series&nbsp;A Preferred
Stock of Pure Cycle and its interest in the CAA and (iii)&nbsp;the business, operations, management,
financing, or other matters relating to Pure Cycle.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the Seller and
Pure Cycle made herein shall survive the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which, when executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PURE CYCLE CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark Harding
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark Harding, President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">SELLER:<BR><BR>
Margaret S. Hansson<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Margaret S. Hansson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Margaret S. Hansson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">4
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.32
<SEQUENCE>14
<FILENAME>c71577exv10w32.htm
<DESCRIPTION>EXHIBIT 10.32
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.32
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">THIS PURCHASE AND SALE AGREEMENT (the &#147;<B>Agreement</B>&#148;) is entered into as of October&nbsp;1, 2007 by
and between Pure Cycle Corporation, a Delaware corporation (&#147;<B>Pure Cycle</B>&#148;), and Landmark Water
Partners, L.P., a Delaware limited partnership (&#147;<B>CAA Holder</B>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>RECITALS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A.&nbsp;Pursuant to the Comprehensive Amendment Agreement No.&nbsp;1, dated as of April&nbsp;11, 1996
(the &#147;<B>CAA</B>&#148;), between Pure Cycle and certain investors (including CAA Holder), Pure Cycle is
obligated to pay such investors certain proceeds it receives from the sale of &#147;<B>Export
Water</B>&#148; (as defined in the CAA).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">B.&nbsp;CAA Holder is referenced in Section&nbsp;2.1(c), (j), and (s)(ii) of the CAA and is entitled
to receive &#147;Gross Proceeds&#148; (as defined in the CAA) totaling $500,000, $500,000, and
$599,333, respectively, under these subsections of the CAA (collectively, the &#147;<B>CAA Holder
Gross Proceeds</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">C.&nbsp;Pure Cycle has offered to purchase from the CAA Holder all of its rights to receive
payments under the CAA at a discount to the face amount of the CAA Holder Gross Proceeds in
consideration of the issuance of certain shares of the capital stock of Pure Cycle, and CAA
Holder has accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In consideration of the mutual promises herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase and Sale of CAA Interest</U>. CAA Seller hereby unconditionally
and irrevocably sells, transfers, assigns and conveys to Pure Cycle, and Pure Cycle
hereby purchases and accepts from CAA Holder, all of its right, title and interest in
and to CAA, including without limitation: (i)&nbsp;the right of CAA Holder to receive
monies and other property or assets due and to become due to the CAA Holder pursuant to
the CAA (including, without limitation, the CAA Holder Gross Proceeds) and (ii)&nbsp;all
rights of the CAA Holder to compel performance and otherwise exercise all remedies
thereunder (collectively, the &#147;<B>Transferred Interest</B>&#148;). Pure Cycle hereby assumes all
of the obligations, liabilities, responsibilities and commitments of the CAA Holder
under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. In consideration of the sale of the Transferred
Interests, Pure Cycle hereby agrees to issue and deliver 72,196&nbsp;shares of common stock
of Pure Cycle (the &#147;PC Shares&#148;) to CAA Holder. The PC Shares shall bear the legend
restricting transfer set forth in Section&nbsp;8 hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon issuance to the CAA Holder of the PC Shares,
all rights of the CAA Holder relating in any way to the CAA will be owned by Pure
Cycle. Pure Cycle and CAA Holder agree that this Agreement constitutes an assignment
to Pure Cycle of all of the CAA Holder&#146;s rights, title and interest in and to the CAA
as of the date hereof, and that as of the date hereof the CAA Holder shall cease to
possess any rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;<U>Representations and Warranties of the CAA Holders</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. The CAA Holder represents that it has all requisite right, power, and
authority to execute, deliver and perform its obligations under this Agreement; this Agreement has
been duly and validly authorized, executed and delivered by the CAA Holder; and this Agreement is
the valid and binding obligation of the CAA Holder, enforceable against it in accordance with its
terms, except as enforceability may be limited by (i)&nbsp;applicable bankruptcy, insolvency,
reorganization, arrangement, moratorium, fraudulent conveyance, redemption, reinstatement, and
other laws affecting the rights or remedies of creditors generally or (ii)&nbsp;general principles of
equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership</U>. The Transferred Interest represents the entire interest of the CAA
Holder under the CAA. The CAA Holder owns the Transferred Interest and passes to Pure Cycle good
and marketable title to the Transferred Interest, free and clear of any lien, encumbrance, pledge,
option, adverse interest, charge or assessment of any kind (a &#147;<B>Lien</B>&#148;). The CAA holder represents
that it has not taken any action to sell or otherwise transfer the Transferred Interest, to
mortgage, hypothecate or otherwise encumber the Transferred Interest, or to grant any Lien on the
incidents of ownership of the Transferred Interest, including any right of first offer or other
contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. The CAA Holder represents that the execution, delivery and
performance by it of this Agreement does not and will not (i)&nbsp;conflict with, violate, result in a
breach of or constitute a default under any agreement, instrument or obligation to which such CAA
Holder is a party or by which it is bound; (ii)&nbsp;conflict with or violate any order, judgment,
decree, statute, rule or regulation applicable to the CAA Holder; (iii)&nbsp;result in the creation or
imposition of any Lien against or upon the Transferred Interest; or (iv)&nbsp;require any consent,
approval or authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representations</U>. The CAA Holder understands that the valuation of
interests in the CAA and the common stock of Pure Cycle is uncertain and that such value derives
significantly from future transactions and developments that are largely unknown and unknowable.
The CAA Holder acknowledges that the consideration being paid hereunder represents the result of an
arms&#146; length negotiation between Pure Cycle and the CAA Holder and represents the fair market value
of the Transferred Interest. The CAA Holder has read and understands the public filings made by
Pure Cycle with the U.S. Securities and Exchange Commission (the &#147;<B>SEC</B>&#148;). In addition, the CAA
Holder has been given the opportunity to solicit from Pure Cycle all information relevant to
valuation of rights under the CAA and regarding Pure Cycle&#146;s business and operations and has
received all the information requested. The CAA Holder has made an investigation of the pertinent
facts related to Pure Cycle, the PC Shares, and the likelihood of payment under the CAA and has
reviewed all information regarding Pure Cycle
to the extent it deems necessary in order to be fully informed with respect thereto. The CAA
Holder is an &#147;accredited investor&#148; within the meaning of Rule&nbsp;501 under the Securities Act of 1933,
as amended (the &#147;<B>Securities Act</B>&#148;), and is knowledgeable and experienced in securities, financial
and business matters and in transactions of this nature, and has made its own assessment of the
value of the PC Shares and of its rights under the CAA. The CAA Holder is capable of evaluating
the merits and risks of this transaction and is able to bear a complete loss of the investment in
the PC Shares. The CAA Holder understands that subsequent events may prove that values of
interests in the CAA were higher or lower than the valuation indicated by the PC Shares paid
hereunder.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">-2-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Restricted Stock</U>. The CAA Holder represents that it has been advised and
understands that the PC Shares have not been registered under the Securities Act or any state
securities laws and that the PC Shares are being issued in reliance upon exemptions from such
registration requirements. The CAA Holder acknowledges that the PC Shares are &#147;restricted
securities&#148; as that term is defined in Rule&nbsp;144 promulgated by the SEC under the Securities Act and
may not be sold or transferred by the CAA Holder unless such PC Shares are subsequently registered
under that act and applicable state securities laws or are transferred pursuant to an exemption
from such registration requirements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Representations and Warranties of Pure Cycle</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Pure Cycle has all corporate right, power, and authority to execute,
deliver and perform its obligations under this Agreement. This Agreement has been duly and validly
authorized, executed and delivered by Pure Cycle. This Agreement is the valid and binding
obligation of Pure Cycle, enforceable against Pure Cycle in accordance with its terms, except as
enforceability may be limited by (i)&nbsp;applicable bankruptcy, insolvency, reorganization,
arrangement, moratorium, fraudulent conveyance, redemption, reinstatement, and other laws affecting
the rights or remedies of creditors generally or (ii)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>No Conflicts</U>. The execution, delivery and performance by Pure Cycle of this
Agreement does not and will not (i)&nbsp;conflict with, violate, result in a breach of or constitute a
default under any agreement, instrument or obligation to which Pure Cycle is a party or by which
Pure Cycle is bound; (ii)&nbsp;conflict with or violate any order, judgment, decree, statute, rule or
regulation applicable to Pure Cycle; or (iii)&nbsp;except as required by Form&nbsp;8-K under the Securities
and Exchange Act of 1934, require any consent, approval or authorization of, or filing with, any
governmental agency.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>PC Shares</U>. The PC Shares are duly authorized validly issued, fully paid and
non-assessable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Release</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>CAA Holder Release</U>. The CAA Holder, on behalf of itself and its partners,
officers, employees, affiliates, and agents, hereby fully and forever releases and discharges Pure
Cycle and its officers, directors, agents, employees, affiliates, successors and predecessors from
any and all claims, demands, proceedings, causes of actions, orders,
obligations, contracts, agreements, debts, guarantees, damages, expenses, costs, attorneys&#146;
fees and liabilities whatsoever, whether known or unknown, suspected or unsuspected, both at law
and in equity, which the CAA Holder now has, has ever had or may hereafter have against Pure Cycle
in connection with, related to or arising out of (i)&nbsp;the CAA Holder&#146;s interest in the CAA, (ii)&nbsp;the
financing transactions pursuant to which the CAA Holder acquired its interest in the CAA and
(iii)&nbsp;the business, operations, management, financing, or other matters relating to Pure Cycle,
provided that this release shall not apply with respect to any claims arising out of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Pure Cycle Release</U>. Pure Cycle, on behalf of itself and its officers, directors,
employees and agents, hereby fully and forever releases and discharges the CAA Holder and its
partners, officers, agents, employees, affiliates, successors and predecessors from any and all
claims, demands, proceedings, causes of actions, orders, obligations, contracts, agreements, debts,
guarantees, damages, expenses, costs, attorneys&#146; fees and liabilities whatsoever, whether known or
unknown, suspected or unsuspected, both at law and in equity, which Pure Cycle now has, has ever
had or may hereafter have against the CAA Holder in connection with, related to or arising out of
(i)&nbsp;the CAA Holder&#146;s interest in the CAA and (ii)&nbsp;the financing transactions pursuant to which Pure
Cycle entered into the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">-3-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the
CAA Holder and Pure Cycle made herein shall survive the delivery of the PC Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Restrictive Legend</U>. The PC Shares issued hereunder shall bear the
following (or substantially equivalent) legend on the face or reverse side thereof:
</DIV>

<DIV align="justify" style="margin-top: 10pt; margin-left:4%; margin-right:8%; font-size: 10pt">&#147;These shares have not been registered under the Securities Act of
1933, as amended, or applicable state securities laws, and may not
be sold, transferred or otherwise disposed of unless the same are
registered or unless an exemption from such registration is
available and Pure Cycle Corporation has received evidence of such
exemption satisfactory to it (which may include, among other things,
an option of counsel satisfactory to the corporation).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the
entire agreement of the parties with respect to the subject matter hereof and
supersedes all prior agreements and understandings, oral or written, with respect
thereto. This Agreement may not be modified orally, but only by an agreement in
writing signed by the party against whom any waiver or amendment may be sought to be
enforced. No action taken pursuant to this Agreement and no investigation by or on
behalf of any party hereto shall be deemed to constitute a waiver by such party of
compliance with any representation, warranty, covenant or agreement herein. The waiver
by any party hereto of any condition or of a breach of another provision of this
Agreement shall not be construed as a waiver of any other condition or subsequent
breach. The waiver by any party of any part of any condition precedent to its
obligations under this Agreement shall not preclude it from seeking redress for breach
of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective heirs, legal representatives,
successors and permitted assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this
Agreement are for reference purposes only and shall not affect the meaning or
interpretation of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.&nbsp;<U>Counterparts</U>. For the convenience of the parties hereto, this
Agreement may be executed in any number of original or facsimile counterparts, each of
which, when executed, shall be deemed to be an original and all of such counterparts
together shall be deemed to be one and the same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in
accordance with the laws of the State of Colorado, without giving effect to the
principles of conflicts of law of such state.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">&#091;Signature page follows&#093;

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">-4-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>PURE CYCLE CORPORATION,</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>LANDMARK WATER PARTNERS, L.P., </B></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">&nbsp;&nbsp;&nbsp;a Delaware corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&nbsp;&nbsp;&nbsp;a Delaware limited partnership</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>COMPTON CAPITAL, LTD.</B>,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">its general partner</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark Harding</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Harding, President</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Earl A. Samson III</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Earl&nbsp;A. Samson, III, President</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">-5-
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.33
<SEQUENCE>15
<FILENAME>c71577exv10w33.htm
<DESCRIPTION>EXHIBIT 10.33
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">
<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.33
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">THIS PURCHASE AND SALE AGREEMENT (the &#147;<B>Agreement</B>&#148;) is entered into as of October&nbsp;1, 2007 by
and between Pure Cycle Corporation, a Delaware corporation (&#147;<B>Pure Cycle</B>&#148;), and Landmark Water
Partners&nbsp;II, L.P., a Delaware limited partnership (&#147;<B>CAA Holder</B>&#148;).
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>RECITALS</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A.&nbsp;Pursuant to the Comprehensive Amendment Agreement No.&nbsp;1, dated as of April&nbsp;11, 1996 (the
&#147;<B>CAA</B>&#148;), between Pure Cycle and certain investors (including CAA Holder), Pure Cycle is obligated to
pay such investors certain proceeds it receives from the sale of &#147;<B>Export Water</B>&#148; (as defined in the
CAA).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">B.&nbsp;CAA Holder is referenced in Section&nbsp;2.1(i), (r), and (t)(i) of the CAA and is entitled to
receive &#147;Gross Proceeds&#148; (as defined in the CAA) totaling $350,000, $286,995, and $413,005,
respectively, under these subsections of the CAA (collectively, the &#147;<B>CAA Holder Gross Proceeds</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">C.&nbsp;Pure Cycle has offered to purchase from the CAA Holder all of its rights to receive
payments under the CAA at a discount to the face amount of the CAA Holder Gross Proceeds in
consideration of the issuance of certain shares of the capital stock of Pure Cycle, and CAA Holder
has accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>AGREEMENT</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In consideration of the mutual promises herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase and Sale of CAA Interest</U>. CAA Seller hereby unconditionally and
irrevocably sells, transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby purchases
and accepts from CAA Holder, all of its right, title and interest in and to CAA, including without
limitation: (i)&nbsp;the right of CAA Holder to receive monies and other property or assets due and to
become due to the CAA Holder pursuant to the CAA (including, without limitation, the CAA Holder
Gross Proceeds) and (ii)&nbsp;all rights of the CAA Holder to compel performance and otherwise exercise
all remedies thereunder (collectively, the &#147;<B>Transferred Interest</B>&#148;). Pure Cycle hereby assumes all
of the obligations, liabilities, responsibilities and commitments of the CAA Holder under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. In consideration of the sale of the Transferred Interests, Pure
Cycle hereby agrees to issue and deliver 47,398&nbsp;shares of common stock of Pure Cycle (the &#147;PC
Shares&#148;) to CAA Holder. The PC Shares shall bear the legend restricting transfer set forth in
Section&nbsp;8 hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon issuance to the CAA Holder of the PC Shares, all rights
of the CAA Holder relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and CAA
Holder agree that this Agreement constitutes an assignment to Pure Cycle of all of the CAA Holder&#146;s
rights, title and interest in and to the CAA as of the date hereof, and that as of the date hereof
the CAA Holder shall cease to possess any rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Representations and Warranties of the CAA Holders</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. The CAA Holder represents that it has all requisite right, power, and
authority to execute, deliver and perform its obligations under this Agreement; this Agreement has
been duly and validly authorized, executed and delivered by the CAA Holder; and this Agreement is
the valid and binding obligation of the CAA Holder, enforceable against it in accordance with its
terms, except as enforceability may be limited by (i)&nbsp;applicable bankruptcy, insolvency,
reorganization, arrangement, moratorium, fraudulent conveyance, redemption, reinstatement, and
other laws affecting the rights or remedies of creditors generally or (ii)&nbsp;general principles of
equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership</U>. The Transferred Interest represents the entire interest of the CAA
Holder under the CAA. The CAA Holder owns the Transferred Interest and passes to Pure Cycle good
and marketable title to the Transferred Interest, free and clear of any lien, encumbrance, pledge,
option, adverse interest, charge or assessment of any kind (a &#147;<B>Lien</B>&#148;). The CAA holder represents
that it has not taken any action to sell or otherwise transfer the Transferred Interest, to
mortgage, hypothecate or otherwise encumber the Transferred Interest, or to grant any Lien on the
incidents of ownership of the Transferred Interest, including any right of first offer or other
contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. The CAA Holder represents that the execution, delivery and
performance by it of this Agreement does not and will not (i)&nbsp;conflict with, violate, result in a
breach of or constitute a default under any agreement, instrument or obligation to which such CAA
Holder is a party or by which it is bound; (ii)&nbsp;conflict with or violate any order, judgment,
decree, statute, rule or regulation applicable to the CAA Holder; (iii)&nbsp;result in the creation or
imposition of any Lien against or upon the Transferred Interest; or (iv)&nbsp;require any consent,
approval or authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representations</U>. The CAA Holder understands that the valuation of
interests in the CAA and the common stock of Pure Cycle is uncertain and that such value derives
significantly from future transactions and developments that are largely unknown and unknowable.
The CAA Holder acknowledges that the consideration being paid hereunder represents the result of an
arms&#146; length negotiation between Pure Cycle and the CAA Holder and represents the fair market value
of the Transferred Interest. The CAA Holder has read and understands the public filings made by
Pure Cycle with the U.S. Securities and Exchange Commission (the &#147;<B>SEC</B>&#148;). In addition, the CAA
Holder has been given the opportunity to solicit from Pure Cycle all information relevant to
valuation of rights under the CAA and regarding Pure Cycle&#146;s business and operations and has
received all the information requested. The CAA Holder has made an investigation of the pertinent
facts related to Pure Cycle, the PC Shares, and the likelihood of payment under the CAA and has
reviewed all information regarding Pure Cycle to the extent it deems necessary in order to be fully
informed with respect thereto. The CAA Holder is an &#147;accredited investor&#148; within the meaning of
Rule&nbsp;501 under the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), and is knowledgeable
and experienced in securities, financial and business matters and in transactions of this nature,
and has made its own assessment of the value of the PC Shares and of its rights under the CAA. The
CAA Holder is capable of evaluating the merits and risks of this transaction and is able to bear a
complete loss of the investment in the PC Shares. The CAA Holder understands that subsequent
events may prove that values of interests in the CAA were higher or lower than the valuation
indicated by the PC Shares paid hereunder.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">-2-
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Restricted Stock</U>. The CAA Holder represents that it has been advised and
understands that the PC Shares have not been registered under the Securities Act or any state
securities laws and that the PC Shares are being issued in reliance upon exemptions from such
registration requirements. The CAA Holder acknowledges that the PC Shares are &#147;restricted
securities&#148; as that term is defined in Rule&nbsp;144 promulgated by the SEC under the Securities Act and
may not be sold or transferred by the CAA Holder unless such PC Shares are subsequently registered
under that act and applicable state securities laws or are transferred pursuant to an exemption
from such registration requirements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">5. <U>Representations and Warranties of Pure Cycle</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Pure Cycle has all corporate right, power, and authority to execute,
deliver and perform its obligations under this Agreement. This Agreement has been duly and validly
authorized, executed and delivered by Pure Cycle. This Agreement is the valid and binding
obligation of Pure Cycle, enforceable against Pure Cycle in accordance with its terms, except as
enforceability may be limited by (i)&nbsp;applicable bankruptcy, insolvency, reorganization,
arrangement, moratorium, fraudulent conveyance, redemption, reinstatement, and other laws affecting
the rights or remedies of creditors generally or (ii)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>No Conflicts</U>. The execution, delivery and performance by Pure Cycle of this
Agreement does not and will not (i)&nbsp;conflict with, violate, result in a breach of or constitute a
default under any agreement, instrument or obligation to which Pure Cycle is a party or by which
Pure Cycle is bound; (ii)&nbsp;conflict with or violate any order, judgment, decree, statute, rule or
regulation applicable to Pure Cycle; or (iii)&nbsp;except as required by Form&nbsp;8-K under the Securities
and Exchange Act of 1934, require any consent, approval or authorization of, or filing with, any
governmental agency.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>PC Shares</U>. The PC Shares are duly authorized validly issued, fully paid and
non-assessable.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">6. <U>Release</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>CAA Holder Release</U>. The CAA Holder, on behalf of itself and its partners,
officers, employees, affiliates, and agents, hereby fully and forever releases and discharges Pure
Cycle and its officers, directors, agents, employees, affiliates, successors and predecessors from
any and all claims, demands, proceedings, causes of actions, orders, obligations, contracts,
agreements, debts, guarantees, damages, expenses, costs, attorneys&#146; fees and liabilities
whatsoever, whether known or unknown, suspected or unsuspected, both at law and in equity, which
the CAA Holder now has, has ever had or may hereafter have against Pure Cycle in connection with,
related to or arising out of (i)&nbsp;the CAA Holder&#146;s interest in the CAA, (ii)&nbsp;the financing
transactions pursuant to which the CAA Holder acquired its interest in the CAA and (iii)&nbsp;the
business, operations, management, financing, or other matters relating to Pure Cycle, provided that
this release shall not apply with respect to any claims arising out of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Pure Cycle Release</U>. Pure Cycle, on behalf of itself and its officers, directors,
employees and agents, hereby fully and forever releases and discharges the CAA Holder and its
partners, officers, agents, employees, affiliates, successors and predecessors from any and all
claims, demands, proceedings, causes of actions, orders, obligations, contracts, agreements, debts,
guarantees, damages, expenses, costs, attorneys&#146; fees and liabilities whatsoever, whether known or
unknown, suspected or unsuspected, both at law and in equity, which Pure Cycle now has, has
ever had or may hereafter have against the CAA Holder in connection with, related to or arising out
of (i)&nbsp;the CAA Holder&#146;s interest in the CAA and (ii)&nbsp;the financing transactions pursuant to which
Pure Cycle entered into the CAA.</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the CAA Holder
and Pure Cycle made herein shall survive the delivery of the PC Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Restrictive Legend</U>. The PC Shares issued hereunder shall bear the following (or
substantially equivalent) legend on the face or reverse side thereof:
</DIV>

<DIV align="justify" style="margin-top: 10pt; margin-left:8%; margin-right:8%; font-size: 10pt">&#147;These shares have not been registered under the Securities Act of
1933, as amended, or applicable state securities laws, and may not
be sold, transferred or otherwise disposed of unless the same are
registered or unless an exemption from such registration is
available and Pure Cycle Corporation has received evidence of such
exemption satisfactory to it (which may include, among other things,
an option of counsel satisfactory to the corporation).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.&nbsp;<U>Counterparts</U>. For the convenience of the parties hereto, this Agreement may be
executed in any number of original or facsimile counterparts, each of which, when executed, shall
be deemed to be an original and all of such counterparts together shall be deemed to be one and the
same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;Signature page follows&#093;
</DIV>


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<P align="center" style="font-size: 10pt">-4-
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PURE CYCLE CORPORATION,</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>LANDMARK WATER PARTNERS&nbsp;II, L.P., </B>a</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Delaware corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware limited partnership</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: <B>COMPTON CAPITAL PARTNERS,
INC.</B>, its general partner</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Mark Harding
<DIV style="font-size: 1pt; margin-left:20px; text-indent:-20px; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark Harding, President
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: /s/ Earl A Samson III</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
<td><DIV style="font-size: 1pt; margin-left:20px; text-indent:-20px; border-top: 1px solid #000000">&nbsp;</div></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earl&nbsp;A. Samson, III, President</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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<DOCUMENT>
<TYPE>EX-10.34
<SEQUENCE>16
<FILENAME>c71577exv10w34.htm
<DESCRIPTION>EXHIBIT 10.34
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.34
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">THIS PURCHASE AND SALE AGREEMENT (the &#147;<B>Agreement</B>&#148;) is entered into as of October&nbsp;1, 2007 by
and between Pure Cycle Corporation, a Delaware corporation (&#147;<B>Pure Cycle</B>&#148;), and Warwick Partners,
L.P., a Delaware limited partnership (&#147;<B>CAA Holder</B>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>RECITALS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A.&nbsp;Pursuant to the Comprehensive Amendment Agreement No.&nbsp;1, dated as of April&nbsp;11, 1996 (the
&#147;<B>CAA</B>&#148;), between Pure Cycle and certain investors (including CAA Holder), Pure Cycle is obligated to
pay such investors certain proceeds it receives from the sale of &#147;<B>Export Water</B>&#148; (as defined in the
CAA).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">B.&nbsp;CAA Holder is referenced in Section&nbsp;2.1(i), (r), and (t)(i) of the CAA and is entitled to
receive &#147;Gross Proceeds&#148; (as defined in the CAA) totaling $250,000, $204,915, and $295,085,
respectively, under these subsections of the CAA (collectively, the &#147;<B>CAA Holder Gross Proceeds</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">C.&nbsp;Pure Cycle has offered to purchase from the CAA Holder all of its rights to receive
payments under the CAA at a discount to the face amount of the CAA Holder Gross Proceeds in
consideration of the issuance of certain shares of the capital stock of Pure Cycle, and CAA Holder
has accepted the offer, on and subject to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In consideration of the mutual promises herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase and Sale of CAA Interest</U>. CAA Seller hereby unconditionally and
irrevocably sells, transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby purchases
and accepts from CAA Holder, all of its right, title and interest in and to CAA, including without
limitation: (i)&nbsp;the right of CAA Holder to receive monies and other property or assets due and to
become due to the CAA Holder pursuant to the CAA (including, without limitation, the CAA Holder
Gross Proceeds) and (ii)&nbsp;all rights of the CAA Holder to compel performance and otherwise exercise
all remedies thereunder (collectively, the &#147;<B>Transferred Interest</B>&#148;). Pure Cycle hereby assumes all
of the obligations, liabilities, responsibilities and commitments of the CAA Holder under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. In consideration of the sale of the Transferred Interests, Pure
Cycle hereby agrees to issue and deliver 33,856 shares of common stock of Pure Cycle (the &#147;PC
Shares&#148;) to CAA Holder. The PC Shares shall bear the legend restricting transfer set forth in
Section&nbsp;8 hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon issuance to the CAA Holder of the PC Shares, all rights
of the CAA Holder relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and CAA
Holder agree that this Agreement constitutes an assignment to Pure Cycle of all of the CAA Holder&#146;s
rights, title and interest in and to the CAA as of the date hereof, and that as of the date hereof
the CAA Holder shall cease to possess any rights with respect to the CAA.
</DIV>
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</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Representations and Warranties of the CAA Holders</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. The CAA Holder represents that it has all requisite right, power, and
authority to execute, deliver and perform its obligations under this Agreement; this Agreement has
been duly and validly authorized, executed and delivered by the CAA Holder; and this Agreement is
the valid and binding obligation of the CAA Holder, enforceable against it in accordance with its
terms, except as enforceability may be limited by (i)&nbsp;applicable bankruptcy, insolvency,
reorganization, arrangement, moratorium, fraudulent conveyance, redemption, reinstatement, and
other laws affecting the rights or remedies of creditors generally or (ii)&nbsp;general principles of
equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership</U>. The Transferred Interest represents the entire interest of the CAA
Holder under the CAA. The CAA Holder owns the Transferred Interest and passes to Pure Cycle good
and marketable title to the Transferred Interest, free and clear of any lien, encumbrance, pledge,
option, adverse interest, charge or assessment of any kind (a &#147;<B>Lien</B>&#148;). The CAA holder represents
that it has not taken any action to sell or otherwise transfer the Transferred Interest, to
mortgage, hypothecate or otherwise encumber the Transferred Interest, or to grant any Lien on the
incidents of ownership of the Transferred Interest, including any right of first offer or other
contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. The CAA Holder represents that the execution, delivery and
performance by it of this Agreement does not and will not (i)&nbsp;conflict with, violate, result in a
breach of or constitute a default under any agreement, instrument or obligation to which such CAA
Holder is a party or by which it is bound; (ii)&nbsp;conflict with or violate any order, judgment,
decree, statute, rule or regulation applicable to the CAA Holder; (iii)&nbsp;result in the creation or
imposition of any Lien against or upon the Transferred Interest; or (iv)&nbsp;require any consent,
approval or authorization of, or filing with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representations</U>. The CAA Holder understands that the valuation of
interests in the CAA and the common stock of Pure Cycle is uncertain and that such value derives
significantly from future transactions and developments that are largely unknown and unknowable.
The CAA Holder acknowledges that the consideration being paid hereunder represents the result of an
arms&#146; length negotiation between Pure Cycle and the CAA Holder and represents the fair market value
of the Transferred Interest. The CAA Holder has read and understands the public filings made by
Pure Cycle with the U.S. Securities and Exchange Commission (the &#147;<B>SEC</B>&#148;). In addition, the CAA
Holder has been given the opportunity to solicit from Pure Cycle all information relevant to
valuation of rights under the CAA and regarding Pure Cycle&#146;s business and operations and has
received all the information requested. The CAA Holder has made an investigation of the pertinent
facts related to Pure Cycle, the PC Shares, and the likelihood of payment under the CAA and has
reviewed all information regarding Pure Cycle to the extent it deems necessary in order to be fully
informed with respect thereto. The CAA Holder is an &#147;accredited investor&#148; within the meaning of
Rule&nbsp;501 under the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), and is knowledgeable
and experienced in securities, financial and business matters and in transactions of this nature,
and has made its own assessment of the value of the PC Shares and of its rights under the CAA. The
CAA Holder is capable of evaluating the merits and risks of this transaction and is able to bear a
complete loss of the investment in the PC Shares. The CAA Holder understands that subsequent
events may prove that values of interests in the CAA were higher or lower than the valuation
indicated by the PC Shares paid hereunder.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Restricted Stock</U>. The CAA Holder represents that it has been advised and
understands that the PC Shares have not been registered under the Securities Act or any state
securities laws and that the PC Shares are being issued in reliance upon exemptions from such
registration requirements. The CAA Holder acknowledges that the PC Shares are &#147;restricted
securities&#148; as that term is defined in Rule&nbsp;144 promulgated by the SEC under the Securities Act and
may not be sold or transferred by the CAA Holder unless such PC Shares are subsequently registered
under that act and applicable state securities laws or are transferred pursuant to an exemption
from such registration requirements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">5. <U>Representations and Warranties of Pure Cycle</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Pure Cycle has all corporate right, power, and authority to execute,
deliver and perform its obligations under this Agreement. This Agreement has been duly and validly
authorized, executed and delivered by Pure Cycle. This Agreement is the valid and binding
obligation of Pure Cycle, enforceable against Pure Cycle in accordance with its terms, except as
enforceability may be limited by (i)&nbsp;applicable bankruptcy, insolvency, reorganization,
arrangement, moratorium, fraudulent conveyance, redemption, reinstatement, and other laws affecting
the rights or remedies of creditors generally or (ii)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>No Conflicts</U>. The execution, delivery and performance by Pure Cycle of this
Agreement does not and will not (i)&nbsp;conflict with, violate, result in a breach of or constitute a
default under any agreement, instrument or obligation to which Pure Cycle is a party or by which
Pure Cycle is bound; (ii)&nbsp;conflict with or violate any order, judgment, decree, statute, rule or
regulation applicable to Pure Cycle; or (iii)&nbsp;except as required by Form&nbsp;8-K under the Securities
and Exchange Act of 1934, require any consent, approval or authorization of, or filing with, any
governmental agency.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>PC Shares</U>. The PC Shares are duly authorized validly issued, fully paid and
non-assessable.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">6. <U>Release</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>CAA Holder Release</U>. The CAA Holder, on behalf of itself and its partners,
officers, employees, affiliates, and agents, hereby fully and forever releases and discharges Pure
Cycle and its officers, directors, agents, employees, affiliates, successors and predecessors from
any and all claims, demands, proceedings, causes of actions, orders, obligations, contracts,
agreements, debts, guarantees, damages, expenses, costs, attorneys&#146; fees and liabilities
whatsoever, whether known or unknown, suspected or unsuspected, both at law and in equity, which
the CAA Holder now has, has ever had or may hereafter have against Pure Cycle in connection with,
related to or arising out of (i)&nbsp;the CAA Holder&#146;s interest in the CAA, (ii)&nbsp;the financing
transactions pursuant to which the CAA Holder acquired its interest in the CAA and (iii)&nbsp;the
business, operations, management, financing, or other matters relating to Pure Cycle, provided that
this release shall not apply with respect to any claims arising out of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Pure Cycle Release</U>. Pure Cycle, on behalf of itself and its officers, directors,
employees and agents, hereby fully and forever releases and discharges the CAA Holder and its
partners, officers, agents, employees, affiliates, successors and predecessors from any and all
claims, demands, proceedings, causes of actions, orders, obligations, contracts, agreements, debts,
guarantees, damages, expenses, costs, attorneys&#146; fees and liabilities whatsoever, whether known or
unknown, suspected or unsuspected, both at law and in equity, which Pure Cycle now has, has ever
had or may hereafter have against the CAA Holder in connection with, related to or arising out of
(i)&nbsp;the CAA Holder&#146;s interest in the CAA and (ii)&nbsp;the financing transactions pursuant to which Pure
Cycle entered into the CAA.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of the CAA Holder
and Pure Cycle made herein shall survive the delivery of the PC Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Restrictive Legend</U>. The PC Shares issued hereunder shall bear the following (or
substantially equivalent) legend on the face or reverse side thereof:
</DIV>

<DIV align="justify" style="margin-top: 10pt; margin-left:8%; margin-right:8%; font-size: 10pt">&#147;These shares have not been registered under the Securities Act of
1933, as amended, or applicable state securities laws, and may not
be sold, transferred or otherwise disposed of unless the same are
registered or unless an exemption from such registration is
available and Pure Cycle Corporation has received evidence of such
exemption satisfactory to it (which may include, among other things,
an option of counsel satisfactory to the corporation).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.&nbsp;<U>Counterparts</U>. For the convenience of the parties hereto, this Agreement may be
executed in any number of original or facsimile counterparts, each of which, when executed, shall
be deemed to be an original and all of such counterparts together shall be deemed to be one and the
same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;Signature page follows&#093;
</DIV>


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<P align="center" style="font-size: 10pt">-4-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PURE CYCLE CORPORATION,</B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Delaware corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>WARWICK PARTNERS, L.P.</B>, a Delaware limited <BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;partnership</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: PROVIDENCE PARTNERS, L.P., its general partner</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Mark Harding
<DIV style="font-size: 1pt; border-top: 1px solid #000000; margin-left:20px; text-indent:-0px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark Harding, President
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: PACIFIC EQUITY LIMITED, its general partner</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: /s/ Herbert A. Denton</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000"><DIV style="font-size: 1pt; border-top: 1px solid #000000; margin-left:20px; text-indent:-0px">&nbsp;</div></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Herbert A. Denton, authorized officer</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.35
<SEQUENCE>17
<FILENAME>c71577exv10w35.htm
<DESCRIPTION>EXHIBIT 10.35
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.35
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">THIS PURCHASE AND SALE AGREEMENT (the &#147;<B>Agreement</B>&#148;) is entered into as of October&nbsp;1, 2007, by
and between Pure Cycle Corporation, a Delaware corporation (&#147;<B>Pure Cycle</B>&#148;), and International
Properties, Inc., a Delaware corporation (&#147;<B>IPI</B>&#148;).
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>RECITALS</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A.&nbsp;Pursuant to the Comprehensive Amendment Agreement No.&nbsp;1, dated as of April&nbsp;11, 1996 (the
&#147;<B>CAA</B>&#148;), between Pure Cycle and certain investors (including IPI), Pure Cycle is obligated to pay
such investors certain proceeds it receives from the sale of &#147;<B>Export Water</B>&#148; (as defined in the
CAA).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">B.&nbsp;IPI is referenced in Section&nbsp;2.1(g), (n), and (s)(iii) of the CAA and is entitled to
receive &#147;Gross Proceeds&#148; (as defined in the CAA) totaling $150,000, $150,000, and $339,966.50,
respectively, under these subsections of the CAA (collectively, the &#147;<B>IPI Gross Proceeds</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">C.&nbsp;Pure Cycle has offered to purchase from IPI all of its rights to receive payments under the
CAA at a discount to the face amount of the IPI Gross Proceeds in consideration of the issuance of
certain shares of the capital stock of Pure Cycle, and IPI has accepted the offer, on and subject
to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In consideration of the mutual promises herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase and Sale of CAA Interest</U>. IPI hereby unconditionally and irrevocably
sells, transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby purchases and accepts
from IPI, all of its right, title and interest in and to the CAA, including without limitation:
(i)&nbsp;the right of IPI to receive monies and other property or assets due and to become due to IPI
pursuant to the CAA (including, without limitation, the IPI Gross Proceeds) and (ii)&nbsp;all rights of
IPI to compel performance and otherwise exercise all remedies thereunder (collectively, the
&#147;<B>Transferred Interest</B>&#148;). Pure Cycle hereby assumes all of the obligations, liabilities,
responsibilities and commitments of IPI under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. In consideration of the sale of the Transferred Interest, Pure
Cycle hereby agrees to issue and deliver 28,889 shares of common stock of Pure Cycle to IPI (the
&#147;<B>PC Shares</B>&#148;). The PC Shares shall bear the legend restricting transfer set forth in Section&nbsp;8
hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon issuance to IPI of the PC Shares, all rights of IPI
relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and IPI agree that this
Agreement constitutes an assignment to Pure Cycle of all of IPI&#146;s rights, title and interest in and
to the CAA as of the date hereof, and that as of the date hereof IPI shall cease to possess any
rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Representations and Warranties of IPI</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. IPI represents that it has all requisite right, power, and authority
to execute, deliver and perform its obligations under this Agreement; this Agreement has been duly
and validly authorized, executed and delivered by IPI; and this Agreement is the valid and binding
obligation of IPI, enforceable against it in accordance with its terms, except as enforceability
may be limited by (i)&nbsp;applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally or (ii)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership</U>. The Transferred Interest represents the entire interest of IPI under
the CAA. IPI owns the Transferred Interest and passes to Pure Cycle good and marketable title to
the Transferred Interest, free and clear of any lien, encumbrance, pledge, option, adverse
interest, charge or assessment of any kind (a &#147;<B>Lien</B>&#148;). IPI represents that it has not taken any
action to sell or otherwise transfer the Transferred Interest, to mortgage, hypothecate or
otherwise encumber the Transferred Interest, or to grant any Lien on the incidents of ownership of
the Transferred Interest, including any right of first offer or other contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. IPI represents that the execution, delivery and performance by it
of this Agreement does not and will not (i)&nbsp;conflict with, violate, result in a breach of or
constitute a default under any agreement, instrument or obligation to which IPI is a party or by
which it is bound; (ii)&nbsp;conflict with or violate any order, judgment, decree, statute, rule or
regulation applicable to IPI; (iii)&nbsp;result in the creation or imposition of any Lien against or
upon the Transferred Interest; or (iv)&nbsp;require any consent, approval or authorization of, or filing
with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representations</U>. IPI understands that the valuation of interests in
the CAA and the common stock of Pure Cycle is uncertain and that such value derives significantly
from future transactions and developments that are largely unknown and unknowable. IPI
acknowledges that the consideration being paid hereunder represents the result of an arms&#146; length
negotiation between Pure Cycle and IPI and represents the fair market value of the Transferred
Interest. IPI has read and understands the public filings made by Pure Cycle with the U.S.
Securities and Exchange Commission (the &#147;<B>SEC</B>&#148;). In addition, IPI has been given the opportunity to
solicit from Pure Cycle all information relevant to valuation of rights under the CAA and regarding
Pure Cycle&#146;s business and operations and has received all the information requested. IPI has made
an investigation of the pertinent facts related to Pure Cycle, the PC Shares, and the likelihood of
payment under the CAA and has reviewed all information regarding Pure Cycle to the extent it deems
necessary in order to be fully informed with respect thereto. IPI is an &#147;accredited investor&#148;
within the meaning of Rule&nbsp;501 under the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;),
and is knowledgeable and experienced in securities, financial and business matters and in
transactions of this nature, and has made its own assessment of the value of the PC Shares and of
its rights under the CAA. IPI is capable of evaluating the merits and risks of this transaction
and is able to bear a complete loss of the investment in the PC Shares. IPI understands that
subsequent events may prove that values of interests in the CAA were higher or lower than the
valuation indicated by the PC Shares paid hereunder.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">-2-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Restricted Stock</U>. IPI represents that it has been advised and understands that
the PC Shares have not been registered under the Securities Act or any state securities laws and
that the PC Shares are being issued in reliance upon exemptions from such registration
requirements. IPI acknowledges that the PC Shares are &#147;restricted securities&#148; as that term is
defined in Rule&nbsp;144 promulgated by the SEC under the Securities Act and may not be sold or
transferred by IPI unless such PC Shares are subsequently registered under that act and applicable
state securities laws or are transferred pursuant to an exemption from such registration
requirements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">5. <U>Representations and Warranties of Pure Cycle</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Pure Cycle has all corporate right, power, and authority to execute,
deliver and perform its obligations under this Agreement. This Agreement has been duly and validly
authorized, executed and delivered by Pure Cycle. This Agreement is the valid and binding
obligation of Pure Cycle, enforceable against Pure Cycle in accordance with its terms, except as
enforceability may be limited by (i)&nbsp;applicable bankruptcy, insolvency, reorganization,
arrangement, moratorium, fraudulent conveyance, redemption, reinstatement, and other laws affecting
the rights or remedies of creditors generally or (ii)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>No Conflicts</U>. The execution, delivery and performance by Pure Cycle of this
Agreement does not and will not (i)&nbsp;conflict with, violate, result in a breach of or constitute a
default under any agreement, instrument or obligation to which Pure Cycle is a party or by which
Pure Cycle is bound; (ii)&nbsp;conflict with or violate any order, judgment, decree, statute, rule or
regulation applicable to Pure Cycle; or (iii)&nbsp;except as required by Form&nbsp;8-K under the Securities
and Exchange Act of 1934, require any consent, approval or authorization of, or filing with, any
governmental agency.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>PC Shares</U>. The PC Shares are duly authorized validly issued, fully paid and
non-assessable.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">6. <U>Release</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>IPI Release</U>. IPI, on behalf of itself and its officers, directors, employees,
affiliates, and agents, hereby fully and forever releases and discharges Pure Cycle and its
officers, directors, agents, employees, affiliates, successors and predecessors from any and all
claims, demands, proceedings, causes of actions, orders, obligations, contracts, agreements, debts,
guarantees, damages, expenses, costs, attorneys&#146; fees and liabilities whatsoever, whether known or
unknown, suspected or unsuspected, both at law and in equity, which IPI now has, has ever had or
may hereafter have against Pure Cycle in connection with, related to or arising out of (i)&nbsp;IPI&#146;s
interest in the CAA, (ii)&nbsp;the financing transactions pursuant to which IPI acquired its interest in
the CAA and (iii)&nbsp;the business, operations, management, financing, or other matters relating to
Pure Cycle, provided that this release shall not apply with respect to any claims arising out of
this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Pure Cycle Release</U>. Pure Cycle, on behalf of itself and its officers, directors,
employees and agents, hereby fully and forever releases and discharges IPI and its partners,
officers, agents, employees, affiliates, successors and predecessors from any and all claims,
demands, proceedings, causes of actions, orders, obligations, contracts, agreements, debts,
guarantees,
damages, expenses, costs, attorneys&#146; fees and liabilities whatsoever, whether known or
unknown, suspected or unsuspected, both at law and in equity, which Pure Cycle now has, has ever
had or may hereafter have against IPI in connection with, related to or arising out of (i)&nbsp;IPI&#146;s
interest in the CAA and (ii)&nbsp;the financing transactions pursuant to which Pure Cycle entered into
the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt">-3-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of IPI and Pure
Cycle made herein shall survive the delivery of the PC Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Restrictive Legend</U>. The PC Shares issued hereunder shall bear the following (or
substantially equivalent) legend on the face or reverse side thereof:
</DIV>

<DIV align="justify" style="margin-top: 10pt; margin-left:8%; margin-right:8%; font-size: 10pt">&#147;These shares have not been registered under the Securities Act of
1933, as amended, or applicable state securities laws, and may not
be sold, transferred or otherwise disposed of unless the same are
registered or unless an exemption from such registration is
available and Pure Cycle Corporation has received evidence of such
exemption satisfactory to it (which may include, among other things,
an option of counsel satisfactory to the corporation).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.&nbsp;<U>Counterparts</U>. For the convenience of the parties hereto, this Agreement may be
executed in any number of original or facsimile counterparts, each of which, when executed, shall
be deemed to be an original and all of such counterparts together shall be deemed to be one and the
same Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<BR>
<I>&#091;Signature Page Follows&#093;</I>

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">-4-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PURE CYCLE CORPORATION,</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>INTERNATIONAL PROPERTIES, INC.,</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Delaware corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Delaware corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Mark Harding
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: /s/ Jonathan M. Wainwright</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:20px; text-indent:-20px; border-top: 1px solid #000000">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:20px; text-indent:-20px; border-top: 1px solid #000000">&nbsp;
</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark Harding, President
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jonathan M. Wainwright, President</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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<P align="center" style="font-size: 10pt">-5-
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.36
<SEQUENCE>18
<FILENAME>c71577exv10w36.htm
<DESCRIPTION>EXHIBIT 10.36
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;10.36
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASE AND SALE AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">THIS PURCHASE AND SALE AGREEMENT (the &#147;<B>Agreement</B>&#148;) is entered into as of October&nbsp;1, 2007, by
and between Pure Cycle Corporation, a Delaware corporation (&#147;<B>Pure Cycle</B>&#148;), and Fayyaz &#038; Company,
Inc. (&#147;<B>FCI</B>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>RECITALS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A.&nbsp;Pursuant to the Comprehensive Amendment Agreement No.&nbsp;1, dated as of April&nbsp;11, 1996 (the
&#147;<B>CAA</B>&#148;), between Pure Cycle and certain investors (including Asra Corporation (&#147;<B>Asra</B>&#148;)), Pure Cycle
is obligated to pay such investors certain proceeds it receives from the sale of &#147;<B>Export Water</B>&#148; (as
defined in the CAA).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">B.&nbsp;Asra is referenced in Section&nbsp;2.1(g), (n), and (s)(iii) of the CAA and is entitled to
receive &#147;Gross Proceeds&#148; (as defined in the CAA) totaling $150,000, $150,000, and $339,966.50,
respectively, under these subsections of the CAA (collectively, the &#147;<B>Asra Gross Proceeds</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">C.&nbsp;FCI purchased all right, title and interest of Asra in and to the CAA pursuant to an
agreement between FCI and Asra dated July&nbsp;1, 2001.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">D.&nbsp;Pure Cycle has offered to purchase from FCI all of its rights to receive payments under the
CAA at a discount to the face amount of the Asra Gross Proceeds in consideration of the issuance of
certain shares of the capital stock of Pure Cycle, and FCI has accepted the offer, on and subject
to the terms set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In consideration of the mutual promises herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase and Sale of CAA Interest</U>. FCI hereby unconditionally and irrevocably
sells, transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby purchases and accepts
from FCI, all of its right, title and interest in and to the CAA, including without limitation:
(i)&nbsp;the right of FCI to receive monies and other property or assets due and to become due to FCI
pursuant to the CAA (including, without limitation, the Asra Gross Proceeds) and (ii)&nbsp;all rights of
FCI to compel performance and otherwise exercise all remedies thereunder (collectively, the
&#147;<B>Transferred Interest</B>&#148;). Pure Cycle hereby assumes all of the obligations, liabilities,
responsibilities and commitments of FCI under the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Purchase Price</U>. In consideration of the sale of the Transferred Interest, Pure
Cycle hereby agrees to issue and deliver 28,889 shares of common stock of Pure Cycle to FCI (the
&#147;<B>PC Shares</B>&#148;). The PC Shares shall bear the legend restricting transfer set forth in Section&nbsp;8
hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Purchase</U>. Upon issuance to FCI of the PC Shares, all rights of FCI
relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and FCI agree that this
Agreement constitutes an assignment to Pure Cycle of all of FCI&#146;s rights, title and interest in and
to the CAA as of the date hereof, and that as of the date hereof FCI shall cease to possess any
rights with respect to the CAA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Representations and Warranties of FCI</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. FCI represents that it has all requisite right, power, and authority
to execute, deliver and perform its obligations under this Agreement; this Agreement has been duly
and validly authorized, executed and delivered by FCI; and this Agreement is the valid and binding
obligation of FCI, enforceable against it in accordance with its terms, except as enforceability
may be limited by (i)&nbsp;applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally or (ii)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Ownership</U>. FCI represents that it owns all right, title and interest of Asra
Corporation in and to the CAA free and clear of any lien, encumbrance, pledge, option, adverse
interest, charge or assessment of any kind (a &#147;<B>Lien</B>&#148;). The Transferred Interest represents the
entire interest of FCI and Asra under the CAA. FCI owns the Transferred Interest and passes to
Pure Cycle good and marketable title to the Transferred Interest, free and clear of any Lien. FCI
represents that it has not taken any action to sell or otherwise transfer the Transferred Interest,
to mortgage, hypothecate or otherwise encumber the Transferred Interest, or to grant any Lien on
the incidents of ownership of the Transferred Interest, including any right of first offer or other
contractual obligation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>No Conflicts</U>. FCI represents that the execution, delivery and performance by it
of this Agreement does not and will not (i)&nbsp;conflict with, violate, result in a breach of or
constitute a default under any agreement, instrument or obligation to which FCI is a party or by
which it is bound; (ii)&nbsp;conflict with or violate any order, judgment, decree, statute, rule or
regulation applicable to FCI; (iii)&nbsp;result in the creation or imposition of any Lien against or
upon the Transferred Interest; or (iv)&nbsp;require any consent, approval or authorization of, or filing
with, any governmental authority or any other third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Investment Representations</U>. FCI understands that the valuation of interests in
the CAA and the common stock of Pure Cycle is uncertain and that such value derives significantly
from future transactions and developments that are largely unknown and unknowable. FCI
acknowledges that the consideration being paid hereunder represents the result of an arms&#146; length
negotiation between Pure Cycle and FCI and represents the fair market value of the Transferred
Interest. FCI has read and understands the public filings made by Pure Cycle with the U.S.
Securities and Exchange Commission (the &#147;<B>SEC</B>&#148;). In addition, FCI has been given the opportunity to
solicit from Pure Cycle all information relevant to valuation of rights under the CAA and regarding
Pure Cycle&#146;s business and operations and has received all the information requested. FCI has made
an investigation of the pertinent facts related to Pure Cycle, the PC Shares, and the likelihood of
payment under the CAA and has reviewed all information regarding Pure Cycle to the extent it deems
necessary in order to be fully informed with respect thereto. FCI is an &#147;accredited investor&#148;
within the meaning of Rule&nbsp;501 under the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;),
and is knowledgeable and experienced in securities, financial and business matters and in
transactions of this nature, and has made its own assessment of the value of the PC Shares and of
its rights under the CAA. FCI is capable of evaluating the merits and risks of this transaction
and is able to bear a complete loss of the investment in the PC Shares. FCI understands that
subsequent events may prove that values of interests in the CAA were higher or lower than the
valuation indicated by the PC Shares paid hereunder.
</DIV>
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<P align="center" style="font-size: 10pt">-2-
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Restricted Stock</U>. FCI represents that it has been advised and understands that
the PC Shares have not been registered under the Securities Act or any state securities laws and
that the PC Shares are being issued in reliance upon exemptions from such registration
requirements. FCI acknowledges that the PC Shares are &#147;restricted securities&#148; as that term is
defined in Rule&nbsp;144 promulgated by the SEC under the Securities Act and may not be sold or
transferred by FCI unless such PC Shares are subsequently registered under that act and applicable
state securities laws or are transferred pursuant to an exemption from such registration
requirements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">5. <U>Representations and Warranties of Pure Cycle</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. Pure Cycle has all corporate right, power, and authority to execute,
deliver and perform its obligations under this Agreement. This Agreement has been duly and validly
authorized, executed and delivered by Pure Cycle. This Agreement is the valid and binding
obligation of Pure Cycle, enforceable against Pure Cycle in accordance with its terms, except as
enforceability may be limited by (i)&nbsp;applicable bankruptcy, insolvency, reorganization,
arrangement, moratorium, fraudulent conveyance, redemption, reinstatement, and other laws affecting
the rights or remedies of creditors generally or (ii)&nbsp;general principles of equity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>No Conflicts</U>. The execution, delivery and performance by Pure Cycle of this
Agreement does not and will not (i)&nbsp;conflict with, violate, result in a breach of or constitute a
default under any agreement, instrument or obligation to which Pure Cycle is a party or by which
Pure Cycle is bound; (ii)&nbsp;conflict with or violate any order, judgment, decree, statute, rule or
regulation applicable to Pure Cycle; or (iii)&nbsp;except as required by Form&nbsp;8-K under the Securities
and Exchange Act of 1934, require any consent, approval or authorization of, or filing with, any
governmental agency.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>PC Shares</U>. The PC Shares are duly authorized validly issued, fully paid and
non-assessable.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">6. <U>Release</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>FCI Release</U>. FCI, on behalf of itself and its officers, directors, employees,
affiliates, and agents, hereby fully and forever releases and discharges Pure Cycle and its
officers, directors, agents, employees, affiliates, successors and predecessors from any and all
claims, demands, proceedings, causes of actions, orders, obligations, contracts, agreements, debts,
guarantees, damages, expenses, costs, attorneys&#146; fees and liabilities whatsoever, whether known or
unknown, suspected or unsuspected, both at law and in equity, which FCI now has, has ever had or
may hereafter have against Pure Cycle in connection with, related to or arising out of (i)&nbsp;FCI&#146;s
interest in the CAA, (ii)&nbsp;the financing transactions pursuant to which FCI acquired its interest in
the CAA and (iii)&nbsp;the business, operations, management, financing, or other matters relating to
Pure Cycle, provided that this release shall not apply with respect to any claims arising out of
this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Pure Cycle Release</U>. Pure Cycle, on behalf of itself and its officers, directors,
employees and agents, hereby fully and forever releases and discharges FCI and its partners,
officers, agents, employees, affiliates, successors and predecessors from any and all claims,
demands, proceedings, causes of actions, orders, obligations, contracts, agreements, debts,
guarantees, damages, expenses, costs, attorneys&#146; fees and liabilities whatsoever, whether known or
unknown, suspected or unsuspected, both at law and in equity, which Pure Cycle now has, has ever
had or may
hereafter have against FCI in connection with, related to or arising out of (i)&nbsp;FCI&#146;s interest
in the CAA and (ii)&nbsp;the financing transactions pursuant to which Pure Cycle entered into the CAA.
</DIV>
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<P align="center" style="font-size: 10pt">-3-
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Survival</U>. Each of the covenants, representations and warranties of FCI and Pure
Cycle made herein shall survive the delivery of the PC Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Restrictive Legend</U>. The PC Shares issued hereunder shall bear the following (or
substantially equivalent) legend on the face or reverse side thereof:
</DIV>

<DIV align="justify" style="margin-top: 10pt; margin-left:8%; margin-right:8%; font-size: 10pt">&#147;These shares have not been registered under the Securities Act of
1933, as amended, or applicable state securities laws, and may not
be sold, transferred or otherwise disposed of unless the same are
registered or unless an exemption from such registration is
available and Pure Cycle Corporation has received evidence of such
exemption satisfactory to it (which may include, among other things,
an option of counsel satisfactory to the corporation).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Indemnity</U>. FCI agrees that it and its successors and assigns shall indemnify and
hold harmless Pure Cycle and its representatives, successors and assigns from and against any and
all liabilities, losses, damages, judgments, costs, charges, attorneys&#146; fees, and other expenses of
every nature and character that they may incur or suffer arising out of any claim, action, or suit,
whether groundless or otherwise, asserted by Asra or an alleged assignee or successor thereto
related to Asra&#146;s interest in the CAA.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Entire Agreement; Amendments; Waivers</U>. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Binding Effect</U>. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.&nbsp;<U>Headings and Exhibits</U>. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.&nbsp;<U>Counterparts</U>. For the convenience of the parties hereto, this Agreement may be
executed in any number of original or facsimile counterparts, each of which, when executed, shall
be deemed to be an original and all of such counterparts together shall be deemed to be one and the
same Agreement.
</DIV>
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<P align="center" style="font-size: 10pt">-4-
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><I>&#091;Signature Page Follows&#093;</I>

</DIV>
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<P align="center" style="font-size: 10pt">-5-
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PURE CYCLE CORPORATION,</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>FAYYAZ &#038; COMPANY, INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Delaware corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Mark Harding
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: /s/ Naeem M. Fayyaz</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:20px; text-indent:-0px; border-top: 1px solid #000000">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:20px; text-indent:-0px; border-top: 1px solid #000000">&nbsp;
</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:20px; text-indent:-0px">Mark Harding, President
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:20px; text-indent:-0px">Naeem M. Fayyaz, President</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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<P align="center" style="font-size: 10pt">-6-
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-14
<SEQUENCE>19
<FILENAME>c71577exv14.htm
<DESCRIPTION>EXHIBIT 14
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">
<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Exhibit 14</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>PURE CYCLE CORPORATION</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>CODE OF BUSINESS CONDUCT AND ETHICS</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">As amended August&nbsp;2, 2007

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">* * * * *

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pure Cycle Corporation (the &#147;Company&#148;) is adopting this Code of Business Conduct and Ethics
(the &#147;Code&#148;) to formalize the Company&#146;s continuing expectations regarding ethical conduct. This
Code applies to the directors, officers and employees of the Company and each of its subsidiaries.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Code is intended to satisfy the requirements of Section&nbsp;406 of the Sarbanes-Oxley Act of
2002 regarding the adoption of a code of ethics for senior officers and the Nasdaq Stock Market
listing standards regarding the adoption of a code of conduct for directors, officers and
employees.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Honest and Ethical Conduct</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company is committed to conducting its business in accordance with the highest ethical
principles. Each director, officer and employee is expected to conduct his or her affairs with
uncompromising honesty and integrity. Specifically, each director, officer and employee must:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Adhere to a high standard of honesty and integrity and not seek
competitive advantage through unlawful or unethical business practices.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Become familiar with, and conduct the Company&#146;s business in
compliance with, applicable governmental laws, rules, and regulations.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Treat all customers and suppliers honestly.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Promote equal opportunity for all employees while providing a
work environment free of any form of discrimination.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Safeguard and properly use the Company&#146;s proprietary
information assets and other resources.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Maintain confidentiality of nonpublic information and not act
on such information for personal gain.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Maintain the skills necessary and relevant to serve the
Company&#146;s needs.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Achieve responsible use of and control over all assets and resources employed
by or entrusted to each such person.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Promptly report to the Audit Committee any violation of this Code.</DIV></TD>
</TR>


</TABLE>
</DIV>
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<P align="center" style="font-size: 10pt">
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Conflicts of Interest</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Each director, officer and employee has an obligation to act in the best interests of the
Company and is expected to avoid engaging in activities that create an actual or apparent conflict
between their personal interests and the interests of the Company. A conflict of interest may
arise when a director, officer or employee takes an action or has a personal interest that may
adversely influence his or her objectivity or the exercise of sound, ethical business judgment.
The following situations are examples of conflict of interest situations:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(a)&nbsp;Owning or holding a substantial financial interest in a company which has
material business dealings with the Company or which engages in any significant
field of activity engaged in by the Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(b)&nbsp;Acting as a director or officer for any business enterprise with which the
Company has a competitive or significant business relationship, unless so requested
or approved by the Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(c)&nbsp;Accepting gifts, payments, or services of significant value from those seeking
to do business with the Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(d)&nbsp;Knowingly competing with the Company in the purchase or sale of property or
diverting from the Company a business opportunity in which the Company has or is
likely to have an interest.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(e)&nbsp;Placing of Company business with a firm owned or controlled by a Company
employee, officer or director without the prior specific approval of the Board.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">It is the Company&#146;s policy that actual or apparent conflicts of interest are to be avoided if
possible and must be fully disclosed to the full board of directors. Any material transaction or
relationship involving a potential conflict of interest must be approved in advance by the board.
In addition, each &#147;related party transaction&#148; of the Company must be reviewed and approved by the
Audit Committee. For these purposes, a &#147;related party transaction&#148; shall be defined as set forth
in the Audit Committee Charter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Disclosure</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company&#146;s public filings, including its filings with the SEC, must be full, fair,
accurate, timely, and understandable. Depending on his or her position with the Company, any
director, officer or employee may be called upon from time to time to provide information necessary
to achieve this objective. The Company expects each director, officer and employee to take this
responsibility very seriously and to provide full, fair, and accurate information upon request in a
timely and understandable manner.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Each director, officer and employee must promptly bring to the attention of the Company&#146;s
Audit Committee any material information of which that individual has become
aware that affects the disclosures made by the Company in its public filings or otherwise, and to
otherwise assist the Audit Committee in fulfilling its responsibilities.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt">-2-
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, each director, officer and employee must promptly bring to the attention of the
Audit Committee any information that the individual may have concerning (a)&nbsp;deficiencies in the
design or operation of the Company&#146;s internal controls which could materially affect the Company&#146;s
ability to record, process, summarize, and report financial data or (b)&nbsp;any fraud, whether or not
material, that involves any officer, or that involves an employee who has a significant role in the
Company&#146;s financial reporting, disclosures, or internal controls.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Compliance with Laws</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company has always required that all of its employees conduct the Company&#146;s operations in
accordance with all applicable governmental laws, rules and regulations. Each director, officer
and employee has the obligation to understand those laws, rules and regulations that apply to them
in the performance of their jobs and to take such steps as are necessary to ensure that the
Company&#146;s operations with which they are involved are conducted in conformity with those laws. The
failure of a director, officer or employee to strictly adhere to the letter and the spirit of the
law could result in both personal and corporate criminal liability.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Reporting and Accountability</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Each director, officer and employee is personally accountable for his or her adherence to is
Code. Any violation of the Code must be promptly reported to the Audit Committee. The chairman of
the Audit Committee may be reached as follows:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 10pt">Audit Committee Chairperson<BR>
c/o Pure Cycle Corporation<BR>
8451 Delaware Street<BR>
Thornton, Colorado 80260<BR>
email: auditchair@purecyclewater.com
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Upon receiving a report alleging a violation of the Code, the Audit Committee, or its
designee, shall investigate the alleged violation of this Code. In the event the Audit Committee
determines that a violation has occurred, the Audit Committee shall make a recommendation to the
board of directors of the action to be taken. The board of directors shall make the final
determination of the action to be taken, provided that any board member alleged of violating this
Code shall not be entitled to vote on such action. Such action may include, if appropriate,
termination of employment and reporting of violations to applicable government authorities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Waiver</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Any waiver of this Code for executive officer or directors may be made only by the board of
directors. Such waivers must be disclosed to stockholders to the extent required by applicable
law.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">-3-
</DIV>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>20
<FILENAME>c71577exv23w1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">EXHIBIT 23.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Consent of Independent Registered Public Accounting Firm
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We consent to the incorporation by reference in the Registration Statements on Form&nbsp;S-3 (No.
333-142335) and Form&nbsp;S-8 (No.&nbsp;333-115240) of Pure Cycle Corporation of our report dated November&nbsp;12,
2007 (which expresses an unqualified opinion), which appears on page 37 of this annual report on
Form 10-K for the year ended August&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">/s/ GHP HORWATH, P.C.<BR>
<BR>
Denver, Colorado<BR>
November&nbsp;12, 2007

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">74
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>21
<FILENAME>c71577exv23w2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">EXHIBIT 23.2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Consent of Independent Registered Public Accounting Firm
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Board of Directors<BR>
Pure Cycle Corporation:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We hereby consent to the incorporation by reference in the registration statements on Form&nbsp;S-3 (No.
333-142335) and on Form&nbsp;S-8 (No.&nbsp;333-114568) of our report on
the financial statements of Pure Cycle Corporation dated November&nbsp;10, 2006, except for the effect
of the restatement discussed in Note 1 to the financial statements included within the Form 10-K/A
filed by the Company on April&nbsp;16, 2007, which is dated
April&nbsp;10, 2007. This report appears in the
August&nbsp;31, 2007 annual report on Form 10-K of Pure Cycle Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">/s/ Anton Collins Mitchell LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Anton Collins Mitchell LLP<BR>
November&nbsp;12, 2007

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">75
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>22
<FILENAME>c71577exv31w1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">EXHIBIT 31.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATIONS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">I, Mark W. Harding, certify that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">I have reviewed the Annual Report on Form 10-K of Pure Cycle Corporation;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">I am responsible for establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules&nbsp;13a-15(f) and 15d-15(f)) for the registrant and
have:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under my supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to me by
others within those entities, particularly during the period in which this annual report is
being prepared;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under my supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principals;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and
presented in this report my conclusion about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such
evaluation; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Disclosed in this report any change in the registrant&#146;s internal control over financial
reporting that occurred during the registrant&#146;s most recent fiscal quarter (the
registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant&#146;s internal control
over financial reporting; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">I have disclosed, based on my most recent evaluation of internal control over financial
reporting, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of
directors (or persons performing the equivalent functions):</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrant&#146;s ability to record, process, summarize and report financial information;
and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal control over financial reporting.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Dated: November&nbsp;14, 2007
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">
/s/ Mark W. Harding
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Mark W. Harding&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left" nowrap>Principal Executive Officer and

Principal Financial Officer&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>23
<FILENAME>c71577exv32w1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.5in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">EXHIBIT 32.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In connection with the Annual Report of Pure Cycle Corporation (the &#147;Company&#148;), on Form 10-K for
the year ending August&nbsp;31, 2007 as filed with the Securities and Exchange Commission on the date
hereof (the &#147;Report&#148;), the undersigned certifies, pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant
to &#167; 906 of the Sarbanes-Oxley Act of 2002, that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The information contained in the Report fairly presents, in all material respects, the
financial condition and result of operations of the Company.</DIV></TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Mark W. Harding
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Mark W. Harding&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
   <TD colspan="4" align="left">Principal Executive Officer and Principal Financial Officer&nbsp;<BR>
November 14, 2007&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>24
<FILENAME>c71577c7157703.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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