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<SEC-DOCUMENT>0001104659-07-011375.txt : 20070215
<SEC-HEADER>0001104659-07-011375.hdr.sgml : 20070215
<ACCEPTANCE-DATETIME>20070214184456
ACCESSION NUMBER:		0001104659-07-011375
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20070215
DATE AS OF CHANGE:		20070214

SUBJECT COMPANY:	

	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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-36739
		FILM NUMBER:		07624458

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HARDING MARK W
		CENTRAL INDEX KEY:			0000940763

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		5650 YORK STREET
		CITY:			COMMERCE CITY
		STATE:			CO
		ZIP:			80022
		BUSINESS PHONE:		3032923475

	MAIL ADDRESS:	
		STREET 1:		8451 DELAWARE STREET
		CITY:			THORNTON
		STATE:			CO
		ZIP:			80260
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>a07-4671_1sc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
<html>

<head>







</head>

<body lang="EN-US">

<div>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="17%" valign="top" style="padding:0pt .7pt .7pt .7pt;width:17.48%;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="64%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt .7pt .7pt;width:64.94%;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt .7pt .7pt;width:17.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OMB APPROVAL</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0pt .7pt .7pt .7pt;width:17.48%;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="64%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt .7pt .7pt;width:64.94%;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE<br>
  COMMISSION</font></b></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt .7pt .7pt;width:17.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OMB Number: <br>
  3235-0145</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0pt .7pt .7pt .7pt;width:17.48%;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="64%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt .7pt .7pt;width:64.94%;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt .7pt .7pt;width:17.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expires: February 28, 2009</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0pt .7pt .7pt .7pt;width:17.48%;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="64%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt .7pt .7pt;width:64.94%;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SCHEDULE 13D</font></b></p>
  </td>
  <td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt .7pt .7pt;width:17.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimated average burden hours per response. . 14.5</font></p>
  </td>
 </tr>
</table>

<h4 align="center" style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">Under the Securities Exchange Act of 1934 </font><br>
</font></b><b>(Amendment
No. 3)*</b></h4>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 1.0pt 0pt;">

<p align="center" style="border:none;margin:0pt 0pt .0001pt;padding:0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pure Cycle Corporation</font></p>

</div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name of Issuer)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 1.0pt 0pt;">

<p align="center" style="border:none;margin:0pt 0pt .0001pt;padding:0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock, Par Value 1/3 of $.01</font></p>

</div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Title of Class of
Securities)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 1.0pt 0pt;">

<p align="center" style="border:none;margin:0pt 0pt .0001pt;padding:0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">746228 30 3</font></p>

</div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(CUSIP Number)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 1.0pt 0pt;">

<p align="center" style="border:none;margin:0pt 0pt .0001pt;padding:0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark W. Harding, 8451 Delaware Street, Thornton, CO 80260&#160; (303) 292-3456</font></p>

</div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name, Address and
Telephone Number of Person<br>
Authorized to Receive Notices and Communications)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 1.0pt 0pt;">

<p align="center" style="border:none;margin:0pt 0pt .0001pt;padding:0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;31, 2006</font></p>

</div>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Date of Event which
Requires Filing of this Statement)<br><br></font></p>

<p style="font-size:10.0pt;margin:0pt 36.0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the filing person has
previously filed a statement on Schedule 13G to report the acquisition that is
the subject of this Schedule 13D, and is filing this schedule because of
&#167;&#167;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. </font><font face="Wingdings">o</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:5.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Note</font></b>: Schedules filed in paper format shall
include a signed original and five copies of the schedule, including all exhibits.
See &#167;240.13d-7 for other parties to whom copies are to be sent. </p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:5.0pt 36.0pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">*</font>&#160;The remainder of this cover page shall be
filled out for a reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment containing
information which would alter disclosures provided in a prior cover page. </p>

<p style="margin:0pt 36.0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information required on the remainder of this
cover page shall not be deemed to be &quot;filed&quot; for the purpose of
Section 18 of the Securities Exchange Act of 1934 (&quot;Act&quot;) or
otherwise subject to the liabilities of that section of the Act but shall be
subject to all other provisions of the Act (however, see the Notes).</font></p>

<p style="margin:0pt 36.0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\bskelle\07-4671-1\task1715504\4671-1-ba.htm',USER='bskelle',CD='Feb 14 13:24 2007' -->
<br clear="all" style="page-break-before:always;">


<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="6" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">CUSIP No.&nbsp; </font>&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
  <p style="margin:2.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>
  </td>
  <td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Names of Reporting Persons.<br>
  I.R.S. Identification Nos. of above persons (entities only)<br>
  <b>Mark W. Harding</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
  <p style="margin:2.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>
  </td>
  <td width="91%" colspan="4" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the Appropriate Box
  if a Member of a Group (See Instructions)</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="3" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.36%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font face="Wingdings">o</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="3" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.36%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font face="Wingdings">o</font>&nbsp;&nbsp; <b>Not Applicable</b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
  <p style="margin:2.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>
  </td>
  <td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEC Use Only <br><br></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
  <p style="margin:2.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>
  </td>
  <td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Source of Funds (See
  Instructions)<br>
  </font><b>Not Applicable</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
  <p style="margin:2.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>
  </td>
  <td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Check if Disclosure of Legal Proceedings Is
  Required Pursuant to Items 2(d) or 2(e)&nbsp;
  </font>&nbsp;&nbsp;&nbsp;</font><font face="Wingdings">o</font><br>
  <b>Not Applicable</b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
  <p style="margin:2.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></p>
  </td>
  <td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citizenship or Place of Organization<br>
  <b>United States of America</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
  <p style="margin:2.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="12%" colspan="3" rowspan="7" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:12.04%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of<br>
  Shares<br>
  Beneficially<br>
  Owned by<br>
  Each<br>
  Reporting<br>
  Person With</font></p>
  </td>
  <td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></p>
  </td>
  <td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole Voting Power <br>
  <b>864,875</b></font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
  <p style="margin:2.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></p>
  </td>
  <td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Shared Voting Power</font>
  <br>
  <b>0</b></font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
  <p style="margin:2.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></p>
  </td>
  <td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Sole Dispositive Power</font>
  <br>
  <b>864,875</b></font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
  <p style="margin:2.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></p>
  </td>
  <td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Shared Dispositive Power</font>  <br>
  <b>0</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
  <p style="margin:2.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></p>
  </td>
  <td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Aggregate Amount
  Beneficially Owned by Each Reporting Person</font>  <br>
  <b>864,875</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
  <p style="margin:2.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></p>
  </td>
  <td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Check if the Aggregate
  Amount in Row (11) Excludes Certain Shares (See Instructions)</font>&nbsp;&nbsp; </font><font face="Wingdings">o</font><br><br></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
  <p style="margin:2.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font></p>
  </td>
  <td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Percent of Class
  Represented by Amount in Row (11)</font>  <br>
  <b>4.6%</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
  <p style="margin:2.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font></p>
  </td>
  <td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Type of Reporting Person
  (See Instructions)</font><br>
  <b>IN</b></font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="25" style="border:none;"></td>
  <td width="42" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="33" style="border:none;"></td>
  <td width="6" style="border:none;"></td>
  <td width="619" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1.</font></b></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Security and Issuer</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Schedule 13D is filed with respect to shares
  of Common Stock, 1/3 of $.01 par value (&#147;Common Stock&#148;), of Pure Cycle
  Corporation, a Delaware Corporation (the &#147;Company&#148;).&nbsp; The Company&#146;s principal executive offices
  are located at 8451 Delaware Street, Thornton, Colorado 80260.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.</font></b></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Identity and Background</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a), (b) and (c).&nbsp;
  This Schedule 13D is being filed by Mark W. Harding (&#147;Harding&#148;), whose
  business address is 8451 Delaware St., Thornton, CO 80260.&nbsp; The principal occupation of Harding is his
  employment as President, CEO and CFO of the Company.&nbsp; The address of the Company&#146;s executive
  offices is set forth in Item 1 above.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d) and (e).&nbsp;
  Harding has not, during the last five years, been (i) convicted in a
  criminal proceeding (excluding traffic violations or similar misdemeanors) or
  (ii) a&nbsp; party to a civil proceeding of
  a judicial or administrative body of a competent jurisdiction as a result of
  which he was or is subject to a judgment, decree or final order enjoining
  future violations of or prohibiting activities subject to, federal or state
  securities laws or finding any violation with respect to such laws.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp; Harding
  is a citizen of the United States of America.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3.</font></b></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Source and Amount of Funds or Other Consideration</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4.</font></b></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Purpose of Transaction</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to a Voting Agreement dated
  August&nbsp;31, 2006, a copy of which is filed herewith (the &#147;Voting
  Agreement&#148;), Harding has agreed to vote his shares of Common Stock in favor
  of electing a representative designated by High Plains A&amp;M, LLC, a
  Colorado limited liability company (&#147;HP A&amp;M&#148;), to the Company&#146;s Board of
  Directors.&nbsp; HP A&amp;M owns 3,000,000
  shares of Common Stock, or approximately 16.3% of the outstanding Common
  Stock.&nbsp; Mark&nbsp;D. Campbell was
  elected to the Company&#146;s board of directors on August&nbsp;31, 2006, as the
  representative designated by HP A&amp;M.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as described herein, Harding has no present
  plans or proposals that relate to or would result in any transaction of the
  kind described in paragraphs (a) through (j) of Item 4.&nbsp; In the future, however, Harding reserves
  the right to adopt such plans or proposals, subject to applicable regulatory
  requirements, if any.<br><br></font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt 4.0pt 19.45pt;text-indent:-19.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.</font></b></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Interest in Securities of the Issuer</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt 4.0pt 19.45pt;text-indent:-19.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp;&nbsp; Harding owns 350,712 shares of Common Stock and currently
  exercisable options to purchase 514,163 shares of Common Stock at $1.80 per
  share, which represents 4.6% of the outstanding and issued Common Stock of
  the Company.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although
  Harding is a party to the Voting Agreement described in Item&nbsp;4, Harding
  disclaims the existence of a &#147;group&#148; within the meaning of
  Section&nbsp;13(d)(3) of the Securities Exchange Act of 1934.</font></p>
  <p style="margin:4.0pt 0pt 4.0pt 19.45pt;text-indent:-19.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp;&nbsp; Harding has sole power to dispose of 864,875 shares of Common
  Stock.&nbsp; Subject to the terms and
  conditions of the Voting Agreement, Harding has the sole power to vote
  350,712 shares of Common Stock, and if currently exercisable options were
  exercised, Harding would have the sole power to vote 864,875 shares of Common
  Stock.</font></p>
  <p style="margin:4.0pt 0pt 4.0pt 19.45pt;text-indent:-19.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp;&nbsp; None.</font></p>
  <p style="margin:4.0pt 0pt 4.0pt 19.45pt;text-indent:-19.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp;&nbsp; None.</font></p>
  <p style="margin:4.0pt 0pt 4.0pt 19.45pt;text-indent:-19.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;&nbsp;&nbsp; On August&nbsp;31, 2006, Harding ceased to be the beneficial
  owner of more than five percent (5%) of the Common Stock of the Company when
  the Company issued 3,000,000 shares of Common Stock in connection with an
  asset acquisition.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt 4.0pt 19.45pt;text-indent:-19.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6.</font></b></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Contracts, Arrangements, Understandings or Relationships
  with Respect to Securities of the Issuer</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Harding
  has the right to purchase 514,163 shares of Common Stock at $1.80 per share
  pursuant to currently exercisable option agreements with the Company.</font></p>
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Item&nbsp;4 above for a description of the
  Voting Agreement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.9%;">
  <p style="margin:4.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.</font></b></p>
  </td>
  <td width="91%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
  <p style="margin:4.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Material to Be Filed as Exhibits</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="80" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:60.0pt;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlHTMLTableCenter --><!-- SET mrlNoTableShading -->Exhibit No.</p>
  </td>
  <td width="30" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:22.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="455" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:341.4pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="80" valign="top" style="padding:0pt .7pt 0pt 0pt;width:60.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="455" valign="top" style="padding:0pt .7pt 0pt 0pt;width:341.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="80" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:60.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="30" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="455" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:341.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting Agreement, dated August&nbsp;31, 2006.</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Signature</font></i></h3>

<p style="margin-left:0pt;margin-right:0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set forth in this
statement is true, complete and correct. </font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
  February&nbsp;14, 2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
  /s/ Mark W. Harding</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="margin-left:0pt;margin-right:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
  Mark W. Harding</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name/Title</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<body lang="EN-US">

<div>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman">&nbsp;</font></h2>

<h2 align="right" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 1</font></b></h2>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">VOTING AGREEMENT<a name="VotingAgreement_132535"></a></font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS VOTING AGREEMENT is entered into this 31</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font>&#160;day of
August, 2006 by and between Mark&nbsp;W. Harding (&#147;Harding&#148;) and High Plains
A&amp;M, LLC, a Colorado limited liability company (&#147;High Plains&#148;), and with
respect to <u>Section 2</u> only, Pure Cycle Corporation, a Delaware
corporation (&#147;Pure Cycle&#148;).</p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RECITALS</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pure
Cycle entered into an Asset Purchase Agreement dated as of May 10, 2006 (the &#147;Purchase
Agreement&#148;), pursuant to which Pure Cycle agreed to purchase certain water
interests in the Arkansas River and its tributaries represented by real
property interests and shares of stock in the Fort Lyon Canal Company and other
Assets as defined in Section 2.1 of the Purchase Agreement.&#160; All capitalized terms used herein but not
otherwise defined shall have the meanings given to such terms in the Purchase
Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
execution of a voting agreement by Harding with respect to the election of a
member of Pure Cycle&#146;s board of directors (the &#147;Board of Directors&#148;) is a
condition to the Purchase Agreement.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AGREEMENT</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration of the forgoing, the mutual
covenants, and agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Election of Directors</font></u><font size="2" style="font-size:10.0pt;">.&#160; From and after the date hereof, at each
annual meeting of Pure Cycle&#146;s stockholders, at each special meeting of Pure
Cycle&#146;s stockholders called for the purpose of the election of directors of
Pure Cycle, and at any other time at which stockholders of Pure Cycle will have
the right to or will vote for or consent in writing to the election of
directors of Pure Cycle, then and in each event, Harding hereby covenants and
agrees to vote all shares of capital stock of Pure Cycle now or hereafter owned
(directly, beneficially or otherwise) or controlled by him and otherwise use
his reasonable efforts as a stockholder or director (if he serves as such) of
Pure Cycle in favor of causing and maintaining the election to the Board of
Directors of one representative of High Plains (the &#147;High Plains&#146; director&#148;)
designated pursuant to the Purchase Agreement.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit</font></u><font size="2" style="font-size:10.0pt;">.&#160; High Plains shall have the right, exercisable
from time to time upon reasonable notice, to audit Harding&#146;s performance
hereunder by review of voting records, proxies and other documents and
materials related to Harding&#146;s voting of shares of capital stock of Pure
Cycle.&#160; Pure Cycle and Harding agree to
cooperate reasonably and in good faith in connection with any reasonable
request made by High Plains hereunder.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Duration of Agreement</font></u><font size="2" style="font-size:10.0pt;">.&#160; The rights and obligations of Harding under
this Agreement shall terminate on the earlier of (a)&nbsp;August&nbsp;31, 2011,
(b)&nbsp;the annual meeting of Pure Cycle&#146;s stockholders held following the
fiscal year ended August&nbsp;31, 2010, (c)&nbsp;the date on which Pure</font></p>

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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cycle fully discharges its obligations to pay the Tap
Participation Fee under the Purchase Agreement, or (d)&nbsp;the date on which
Harding no longer owns (directly, beneficially or otherwise) or controls any
shares of capital stock of Pure Cycle.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ownership, Etc</font></u><font size="2" style="font-size:10.0pt;">.&#160; Harding represents and warrants to High
Plains that (a) Harding now owns all shares of his capital stock of Pure Cycle
free and clear of liens or encumbrances, and has not, prior to or on the date
of this Agreement, executed or delivered any proxy or entered into any other
voting agreement or similar arrangement other than one which has expired or
terminated prior to the date hereof, and (b) Harding has full power and
capacity to execute, deliver and perform this Agreement, which has been duly
executed and delivered by, and evidences the valid and binding obligation of,
Harding enforceable in accordance with its terms.&#160; Harding agrees that, except as contemplated
by the terms of this Agreement, Harding shall not, with the prior written
consent of High Plains, (i) grant any proxies or powers of attorney in respect
of Harding&#146;s shares of capital stock of Pure Cycle, deposit any such shares
into a voting trust or enter into a voting agreement with respect to any of
such shares; or (ii) take any action that would have the effect of preventing,
impeding, interfering with or adversely affecting Harding&#146;s ability to perform
his obligations under this Agreement; provided, however, that nothing herein
shall preclude Harding from selling or otherwise transferring or disposing of
any shares of capital stock of Pure Cycle now or hereafter owned by Harding.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interpretation; Governing Law</font></u><font size="2" style="font-size:10.0pt;">.&#160; This Agreement shall be
construed as though prepared by all parties hereto and shall be construed
without regard to any presumption or other rule requiring construction against
the party causing an agreement to be drafted.&#160;
This Agreement shall be construed and governed by the laws of the State
of Colorado (without giving effect to its principles of conflicts of
laws).&#160; Any action or proceeding seeking
to enforce any provision of, or based on any right arising out of, this
Agreement must be brought against the applicable party in the courts of the
State of Colorado located in the City of Denver, Colorado, or, if it has or can
obtain jurisdiction, in the United States District Court for such state, and
each party hereby consents to the jurisdiction of such courts (and of the
appropriate appellate courts) in any such action or proceeding and waives any objection
to venue laid therein.&#160; Process in any
action or proceeding referred to in this Section may be served on any party
anywhere in the world, whether within or without the State of Colorado, and may
also be served upon any party in the manner provided for giving notices to it
or him in Section&nbsp;9 below.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Specific Performance</font></u><font size="2" style="font-size:10.0pt;">.&#160; Each party acknowledges and agrees that the
other party would be damaged irreparably in the event any provision of this
Agreement is not performed in accordance with its specific terms or otherwise
is breached, so that such party shall be entitled to injunctive relief to
prevent breaches of this Agreement and to enforce specifically this Agreement
and the terms and provisions hereof in addition to any other remedy to which
such party may be entitled at law or in equity.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Binding Effect and Assignment</font></u><font size="2" style="font-size:10.0pt;">.&#160; This Agreement shall be binding
upon the parties hereto and their respective heirs, legal representatives,
successors and assigns.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Counterparts</font></u><font size="2" style="font-size:10.0pt;">.&#160; This Agreement may be executed in one or more
counterparts, in original or by facsimile, any of which shall be deemed to be
an original and all of which taken together shall constitute one and the same
instrument.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices</font></u><font size="2" style="font-size:10.0pt;">.&#160; All notices and other communications under
this Agreement shall be in writing and shall be given by hand delivery, or
first-class mail, certified or registered with return receipt requested, or by
commercial overnight courier and shall be deemed to have been duly given upon
hand delivery, delivery by commercial overnight courier to the address
specified below, or three days after deposit in the U.S. mail as provided
above, addressed to such party at the address set forth on the signature pages
hereto.&#160; Any party may change its address
by notifying the other parties of such change in writing in the manner
described herein.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cross-Default.</font></u><font size="2" style="font-size:10.0pt;">&#160; At any time when High Plains is in material
default of any obligation under the Purchase Agreement, the Property Management
Agreement or the Seller Pledge Agreement, or when the High Plains&#146; director is
in material default under a Nonsolicitation Agreement, in either case which
remains uncured thirty (30) days after receiving written notice thereof from
Pure Cycle, then the obligations of Harding under this Agreement shall be
suspended until such default is cured to Pure Cycle&#146;s reasonable satisfaction.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Entire Agreement; Modifications</font></u><font size="2" style="font-size:10.0pt;">.&#160; This Agreement represents the
entire understanding between the parties hereto with respect to the subject
matter hereof and supersedes any and all prior understandings, agreements,
plans and negotiations, whether written or oral, with respect to the subject
matter hereof.&#160; All modifications to this
Agreement must be in writing and signed by the party against whom enforcement
of such modification is sought.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the parties hereto have
caused this Voting Agreement to be executed as of the date first above written.</font></p>

<p style="margin:0pt 0pt 12.0pt 216.0pt;page-break-after:avoid;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Mark W. Harding&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>

<p style="margin:0pt 0pt 12.0pt 216.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark W. Harding</font></p>

<p style="margin:0pt 0pt .0001pt 216.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pure
Cycle Corporation</font></p>

<p style="margin:0pt 0pt .0001pt 216.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8451
Delaware Street</font></p>

<p style="margin:0pt 0pt .0001pt 216.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thornton,
Colorado&#160; 80260</font></p>

<p style="margin:0pt 0pt 12.0pt 216.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn:&#160; Mark W. Harding</font></p>

<p style="margin:0pt 0pt 12.0pt 216.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HIGH PLAINS A&amp;M, LLC</font></p>

<p style="margin:0pt 0pt .0001pt 216.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:<u> /s/ Mark D. Campbell&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></p>

<p style="margin:0pt 0pt 12.0pt 216.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark D. Campbell, Manager</font></p>

<p style="margin:0pt 0pt .0001pt 216.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address:&#160;&#160;&#160;&#160;&#160;&#160;&#160; High Plains
A&amp;M, LLC</font></p>

<p style="margin:0pt 0pt .0001pt 270.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">333 W. Hampden Avenue</font></p>

<p style="margin:0pt 0pt .0001pt 270.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite 810</font></p>

<p style="margin:0pt 0pt 12.0pt 270.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Englewood, Colorado&#160; 80110</font></p>

<p style="margin:0pt 0pt 12.0pt 216.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to <u>Section 2</u>
only:</font></p>

<p style="margin:0pt 0pt 12.0pt 216.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PURE CYCLE CORPORATION</font></p>

<p style="margin:0pt 0pt .0001pt 216.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:<u> /s/ Mark W. Harding&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></p>

<p style="margin:0pt 0pt 12.0pt 216.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark W. Harding, President</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p>
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