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<SEC-DOCUMENT>0001104659-07-044067.txt : 20080211
<SEC-HEADER>0001104659-07-044067.hdr.sgml : 20080211

<ACCEPTANCE-DATETIME>20070530160527

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001104659-07-044067

CONFORMED SUBMISSION TYPE:	S-3/A

PUBLIC DOCUMENT COUNT:		2

FILED AS OF DATE:		20070530

DATE AS OF CHANGE:		20070719


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:		S-3/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-142335

		FILM NUMBER:		07887561



	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>
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<TEXT>
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<head>






</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><a name="scotch"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As filed with the Securities and Exchange Commission on May 30, 2007</font></b></a></p> <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p align="right" style="border:none;font-size:10.0pt;margin:0pt 0pt 12.0pt;padding:0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration No</font></b>.&#160; <b>333-142335</b></p> </div>

<p style="margin:0pt 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;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington,
D.C.&#160; 20549</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="margin:0pt 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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendment No. 1</font></b></p>

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

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM S-3</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="margin:0pt 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;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">PURE
CYCLE CORPORATION</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

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

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Delaware</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">84-0705083</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction of incorporation or organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer
  Identification No.)</font></p>
  </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>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="margin:0pt 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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8451 Delaware St.</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Thornton, Colorado 80260</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Telephone: 303-292-3456</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address, including zip code, and telephone number, including area code,
of registrant&#146;s principal executive offices)</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mark Harding</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">President and CFO</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8451 Delaware St.</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Thornton, Colorado 80260</font></b></p>

<p align="center" style="margin:3.0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Telephone: 303-292-3456</font></b></p>

<p align="center" style="margin:3.0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name,
address, including zip code, and telephone number, including area code, of
agent for service)</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With copies to:</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Wanda J. Abel</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Davis Graham &amp; Stubbs LLP</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1550 Seventeenth Street, Suite 500</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Denver, Colorado 80202</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Telephone: (303) 892-9400</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt 9.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">APPROXIMATE
DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC:&#160; As soon as practicable after the effective
date of this registration statement.</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 9.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the only securities being
registered on this Form are being offered pursuant to dividend or interest
reinvestment plans, please check the following box: </font><font face="Wingdings">o</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 9.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any of the securities
being registered on this Form are to be offered on a delayed or continuous
basis pursuant to Rule 415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment
plans, check the following box: </font><font face="Wingdings">x</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 9.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If this Form is filed to
register additional securities for an offering pursuant to Rule 462(b) under
the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering: </font><font face="Wingdings">o</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 9.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If this Form is a
post-effective amendment filed pursuant to Rule 462(c) under the Securities
Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. </font><font face="Wingdings">o</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 9.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If this Form is a
registration statement pursuant to General Instruction I.D. or a post-effective
amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box: </font><font face="Wingdings">o</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 9.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If this Form is a
post-effective amendment to a registration statement filed pursuant to General
Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the
following box. </font><font face="Wingdings">o</font></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The registrant hereby amends this registration statement on
such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this
registration statement shall thereafter become effective in accordance with
Section&nbsp;8(a) of the Securities Act of 1933 or until the registration
statement shall become effective on such date as the Commission, acting
pursuant to said Section&nbsp;8(a), may determine.</font></b></p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><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>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
information in this prospectus is not complete and may be changed.&#160; The selling stockholders may not sell these
securities pursuant to this prospectus until the registration statement filed
with the Securities and Exchange Commission becomes effective.&#160; This prospectus is not an offer to sell these
securities and neither Pure Cycle Corporation nor the selling stockholders are
soliciting offers to buy these securities in any state where the offer or sale
is not permitted.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to
completion, dated May 30, 2007</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROSPECTUS</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$15,000,000 (by Pure Cycle Corporation)</font></b></p>

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

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2,406,697 SHARES (by Selling Stockholders)</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PURE CYCLE CORPORATION</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMMON
STOCK</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt .0001pt;"><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;">This prospectus relates
to (i)&nbsp;the potential offer by Pure Cycle Corporation of shares of common
stock, 1/3 of $.01 par value, with an initial aggregate offering price not to
exceed $15,000,000, and (ii)&nbsp;the resale by the selling stockholders of up
to 2,406,697<b>  </b>shares of common
stock.&#160; See &#147;Selling Stockholders.&#148;&#160; We will not receive any of the proceeds from
the shares of common stock sold by the selling stockholders.</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;">Pure Cycle Corporation&#146;s
common stock is listed on the NASDAQ Capital Market under the symbol &#147;PCYO.&#148;&#160; On May&nbsp;25, 2007, the last reported sales
price of our common stock on the NASDAQ Capital Market was $7.30 per share.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">For a
discussion of certain risks that should be considered by prospective investors,
see &#147;Risk Factors&#148; beginning on page&nbsp;5 of this prospectus.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The common stock offered
by this prospectus may be offered directly or through agents or dealers.&#160; See &#147;Plan of Distribution.&#148;&#160; The names of any underwriters, dealers or
agents will be included in a supplement to this prospectus, along with any
applicable fee, commission or discount arrangement.</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;">This prospectus may not
be used to offer and sell shares of common stock to be newly issued by us
unless accompanied by the applicable prospectus supplement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Neither
the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or determined if this prospectus is
truthful or complete.&#160; Any representation
to the contrary is a criminal offense.</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The date of this
prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;,
2007.</font></p>



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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">TABLE OF CONTENTS</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#AboutThisProspectus_084741"><!-- SET mrlNoTableShading -->ABOUT THIS PROSPECTUS</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ForwardlookingStatements_084746">FORWARD-LOOKING
  STATEMENTS</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ProspectusSummary_084750">PROSPECTUS SUMMARY</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RiskFactors_084755">RISK FACTORS</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#SellingStockholders_084805">SELLING STOCKHOLDERS</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#UseOfProceeds_084810">USE
  OF PROCEEDS</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PlanOfDistribution_084815">PLAN
  OF DISTRIBUTION</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LegalMatters_084820">LEGAL
  MATTERS</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Experts_084822">EXPERTS</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#WhereYouCanFindMoreInformation_084827">WHERE YOU CAN
  FIND MORE INFORMATION</a></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used in this
prospectus, the terms &#147;Pure Cycle,&#148; &#147;we,&#148; &#147;our,&#148; &#147;ours&#148; and &#147;us&#148; refer to Pure
Cycle Corporation.&#160; When we refer to &#147;shares&#148;
throughout this prospectus, we include all rights attaching to our shares of
common stock under any stockholder rights plan then in effect.</font></p>

<h1 align="center" style="font-weight:normal;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;font-weight:bold;">ABOUT
THIS PROSPECTUS<a name="AboutThisProspectus_084741"></a></font></b></h1>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus is part
of a registration statement that we have filed with the Securities and Exchange
Commission (the &#147;SEC&#148;) using a shelf registration process.&#160; Under this shelf registration process, we may
sell shares of our common stock in one or more offerings up to a total dollar
amount of $15,000,000.&#160; Each time we sell
shares with this prospectus, we will provide you with a prospectus supplement
that will contain specific information about the terms of that offering
including, among other things, the number of shares sold and the price.&#160; The prospectus supplement may also add to,
update or change information in this prospectus.&#160; You should read carefully this prospectus,
any prospectus supplement, and the additional information described below.</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;">This prospectus does not
contain all the information provided in the registration statement we filed
with the SEC.&#160; For further information
about us or the securities offered by this prospectus, you should refer to that
registration statement, which you can obtain from the SEC as described below
under the heading &#147;Where You Can Find More Information.&#148;</font></p>

<h1 align="center" style="font-weight:normal;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;font-weight:bold;">FORWARD-LOOKING
STATEMENTS<a name="ForwardlookingStatements_084746"></a></font></b></h1>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus,
including the information incorporated by reference, contains forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995.&nbsp; The use of any statements containing 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
include comments regarding our ability to market and sell our water in new
communities.&#160; These statements reflect
our current views with respect to future events and are subject to certain
risks, uncertainties and assumptions.&nbsp; We cannot assure you that any of
our expectations will be realized.&#160;
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</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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, general economic conditions and other
risks detailed in this prospectus under the heading &#147;Risk Factors&#148; and in our
periodic report filings with the SEC.</font></p>


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<h1 align="center" style="font-weight:normal;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;font-weight:bold;">PROSPECTUS
SUMMARY<a name="ProspectusSummary_084750"></a></font></b></h1>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pure Cycle Corporation is
an investor owned water and wastewater service provider engaged in the design,
construction, operation and maintenance of water and wastewater systems. We
incorporated in 1976 in the State of Delaware. Our theory is that water is a
precious commodity that is often undervalued and therefore used inefficiently.
We primarily operate in the Denver, Colorado metropolitan area and have assets
located in the Denver area, in southeastern Colorado in the Arkansas River, and
on the western slope of Colorado. Our business practices are centered on
efficient and environmentally responsible water management programs to ensure
we have water to meet the long-term needs of our customers. Utilizing our water
assets, we withdraw, treat, store and deliver water to our customers. We then
collect wastewater from our customers which is treated and reused through dual
distribution systems. A dual distribution system is one in which domestic water
demands and irrigation water demands are provided through separate independent
infrastructure. Our dual distribution systems promote efficient water resource
management and reduce the amount of water that is &#147;wasted&#148; by traditional water
systems which enable us to maximize the use of our valuable water supplies and
allow us the ability to provide long-term water solutions on a regional basis.</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;">Our water assets are
comprised of the following annual entitlements:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>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; (ii) approximately 17,500
acres of real property; and (iii) certain contract rights, tangible personal
property, mineral rights, and other water interests associated with the real
property;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>We own approximately 11,650 acre-feet
of water located at the Lowry Range Property located in Arapahoe County,
Colorado, which we can &#147;Export&#148; from the Lowry Range Property 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;);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>We have the exclusive rights to use,
through 2081, approximately 17,620 acre-feet of water located at the Lowry
Range Property. This water is required to be used specifically on the Lowry
Range Property (collectively we refer to the 17,620 acre-feet of water
designated for use on the Lowry Range Property and the 11,650 acre-feet of
Export Water as our &#147;Rangeview Water Supply&#148;);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>We own, subject to receipt of a water
rights deed, approximately 350 acre-feet of groundwater pursuant to an
Agreement for Water Service with Arapahoe County, which will be added to our
overall Denver metropolitan water supply portfolio;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>We own approximately 89 acre-feet of
water located beneath Sky Ranch, which is a property located north of our Lowry
Range property along I-70 in Colorado, 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; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>We own conditional water rights in
western Colorado that entitle us to build a 70,000 acre-foot reservoir to store
tributary water on the Colorado River; a right-of-way permit from the U.S.
Bureau of Land Management for property at the dam and reservoir site; and four
tributary water wells with a theoretical capacity to produce approximately
56,000 acre-feet of water annually (collectively known as the &#147;Paradise Water
Supply&#148;).</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;">The Denver metropolitan region
continues to experience growth and with the limited availability of new water
supplies, many metropolitan planning agencies are requiring property developers
to demonstrate adequate water availability prior to any consideration for
zoning requests for property development.&nbsp; We believe we are well
positioned to market and sell our water and wastewater services to
municipalities, developers and homebuilders seeking to develop new communities
both within the Lowry Range Property as well as in other areas in the growing
Denver metropolitan region.</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;">Our corporate offices are
located at 8451 Delaware St., Thornton, Colorado 80260.&#160; Our telephone number is (303) 292-3456.&#160; Our web site is
http://www.purecyclewater.com. The information on our website does not constitute
part of this prospectus.</font></p>


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<h1 align="center" style="font-weight:normal;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;font-weight:bold;">RISK
FACTORS<a name="RiskFactors_084755"></a></font></b></h1>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Our
business, operations, and financial condition are subject to significant
risks.&#160; We urge you to consider the
following risk factors in addition to the other information contained in, or
incorporated by reference into, this prospectus or any prospectus
supplement.&#160; If any of the following
risks actually occur, our business, financial condition, results of operations
or cash flows could be materially adversely affected.&#160; In any such case, the trading price of our
common stock could decline, and you could lose all, or a part, of your
investment.</font></b></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">We
are dependent on the development of Sky Ranch, the Lowry Range Property and
other areas near our Rangeview Water Supply that are potential markets for our
Export Water.</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We expect that our
principal source of future revenue will be from long term contracts with the
State of Colorado Board of Land Commissioners (the &#147;Land Board&#148;), which expire
in 2081 and entitle us to provide water service to approximately 24,000 of the
27,000 acres of the Lowry Range Property. In addition to the Lowry Range, we
have water service agreements with a new master planned community situated on
approximately 900 acres along Interstate 70 known as Sky Ranch,.&#160; The timing and amount of these revenues will
depend significantly on the development of these areas. The Lowry Range
Property is owned by the Land Board, which is in the early stages of
considering various development alternatives, including proposals for open
space, but no timetable exists for development. As a component of the Sky Ranch
Agreements, we are dependent on the development of the property prior to us
receiving revenues for water service, which development is under the control of
the developer. We are not able to determine the timing of water sales or the
timing of development. 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 Property 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
Property or Sky Ranch is delayed, we may incur additional short or long-term
debt obligations or seek to sell additional equity to generate operating
capital until demand arises for our water assets. If the Land Board determines
to limit the use of significant portions of the Lowry Range Property for open
space, it may limit our ability to fully develop our Rangeview Water Supply.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 such as the Lowry
Range Property and Sky Ranch which are close to our Rangeview Water Supply and
are potential markets for our Export Water. 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.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">We
are likely to be involved in on-going negotiation with the Land Board to
clarify our rights and obligations under contracts as they relate to specific
transactions we enter into or to deal with additional opportunities, and we may
be subject to adverse determinations if are required to arbitrate these
matters.</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our rights and obligation
to our Rangeview Water Supply derive principally from an Amended and Restated
Lease (the &#147;Lease&#148;) between the Land Board and the Rangeview Metropolitan
District (the &#147;District&#148;) entered into in 1996 prior to any development of the
Lowry Range or of areas outside the Lowry Range that utilize our Export
Water.&#160; The terms of this agreement did
not fully anticipate the specific circumstances of the development that have
arisen and may not clearly delineate rights and</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">responsibilities for the
forms of transactions that may arise in the future as we enter into and
negotiate agreements for sale of water.&#160;
We anticipate that we will engage 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.&#160; Certain of these provisions may be
material and a determination, by an arbitrator or otherwise, of positions that
are not favorable to us could have a material adverse effect on our financial
results.&#160; In addition, we discuss
periodically with the State Land Board opportunities for water utilization that
were not available at the time of the Lease, which opportunities could be
incorporated into the Lease.&#160; We cannot
assure you that we will pursue additional opportunities or that such activities
will be successful.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">In
order to utilize the Arkansas River water acquired in fiscal 2006, we have to
apply for a change of use with the Colorado water court and this may take
several years to complete.</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.&#160; We expect to face opposition to any
consumptive use calculations of the historic agricultural uses of this water.&#160; 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.&#160; Any such conditions will likely increase the
cost of transferring the water rights.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Valuation
of the &#147;Tap Participation Fees payable to HP A&amp;M&#148; contains estimates and
management assumptions.&#160; The actual
results could differ significantly from those estimates</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We estimated the fair
value of the &#147;Tap Participation Fees payable to HP A&amp;M&#148; using available
historic market information and estimated future market information.&#160; We believe the estimates we used reasonably
reflect the fair value of the Tap Participation Fees as of August&nbsp;31,
2006.&#160; Estimates involve matters of
uncertainty and judgment and interpreting relevant market data is inherently
subjective in nature.&#160; 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.&#160; The actual results
could differ materially from our estimates and result in significantly higher
Tap Participation Fees being paid to HP A&amp;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 Fees.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">In
the event of default by HP A&amp;M on promissory notes secured by deeds of
trust on our properties, we would be required to cure the defaults or lose the
properties.</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As described in our
Annual Report on Form&nbsp;10-K, as amended on Form&nbsp;10-K/A-1,
for the year ended August&nbsp;31, 2006, certain of the properties we acquired
from HP A&amp;M are subject to promissory notes secured by deeds of trust on
the properties we own.&#160; Because the
likelihood of HP A&amp;M defaulting on the notes is deemed remote, these
promissory notes are not reflected on our balance sheet.&#160; However, if HP A&amp;M defaults on the
promissory notes, we would be required to cure the notes, which have a balance
of approximately $14.6 million at August&nbsp;31, 2006, or lose the properties
which are collateralizing the promissory notes.</font></p>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Our
net losses may continue and we may not have sufficient liquidity to pursue our
business objectives.</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have experienced
significant net losses and could continue to incur net losses. For the years
ended August&nbsp;31, 2006, 2005 and 2004, we had net losses of approximately
$793,000, $1,051,000 and $1,976,000, respectively, on revenues of approximately
$271,700, $234,700 and $205,000, in the respective periods. Our cash flows from
operations have been insufficient to fund our operations in the past, and we
have been required to raise debt and equity capital to remain in operation.
Since 1998, we have raised approximately $10.1 million through the issuance of
approximately 2.5 million shares 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 flow from operations and other capital resources are insufficient 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.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The
rates we are allowed to charge customers are limited by the District&#146;s contract
with the Land Board and our contract with the District and may be insufficient
to cover our costs of construction and operation.</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The prices we can charge
for our water and wastewater services are subject to pricing regulations set in
the District&#146;s contract with the Land Board and our contract with the District.
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 necessarily be recoverable under our operations and maintenance
contracts, creating additional differences from the costs of our rate-based districts.
Increased customer demand can 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 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.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">We
only have three employees and may not be able to manage the increasing demands
of our expanding operations.</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We expect our activities
relating to the Lowry Range and/or the Sky Ranch Agreements to significantly
expand our business, and we are actively pursuing additional development
opportunities in areas near Sky Ranch, as well as opportunities near our
recently acquired Arkansas River water. 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. 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</font></p>


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

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Our
business is subject to governmental regulation and permitting requirements. We
may be adversely affected by any future decision by the Colorado Public
Utilities Commission to regulate us as a public utility and to impose
regulation.</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Colorado Public
Utilities Commission (&#147;CPUC&#148;) regulates investor-owned water companies that
hold themselves out to the public as serving, or ready to serve, all of the
public in a service area. 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.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although we act as a
service provider under contracts with quasi-municipal metropolitan districts
that are exempt by statute from regulation by the CPUC, the CPUC could decide
to regulate us as a public utility. If this were to occur, we might incur
significant expense challenging the CPUC&#146;s assertion of authority, 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.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">There
are many obstacles to our ability to sell our Paradise Water Supply.</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We currently earn no
revenues from our Paradise Water Supply, which as of August&nbsp;31, 2006 has a
recorded cost of approximately $5.5 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, due to the strict regulatory requirements for constructing an
on-channel reservoir, completing the conditional storage right at its decreed
location could be difficult. As a result, we cannot assure you that we will
ever be able to make use of this asset or sell the water profitably.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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, a water court must determine that
we continue to diligently pursue the development of the water rights, either by
us or by some 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 million charge against earnings. The State
Engineers office began its latest review of our conditional water rights in
fiscal 2005. At this time we are unable to estimate when the review will be
complete or the outcome of this review.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Conflicts
of interest may arise relating to the operation of the District.</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our officers, employees
and a significant stockholder constitute a majority of the directors of the
District, and Pure Cycle, along with our officers, employees, significant
stockholder 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, 2006, total
principal and interest owed to us by the District</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">was approximately
$452,200. 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
Property and will hold title to the retail water distribution system at the Sky
Ranch development. 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.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">We
are required to maintain stringent water quality standards and are subject to
regulatory and environmental risks.</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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. In contrast with other
providers in Colorado, we are combining the water delivery and wastewater
treatment processes, which may introduce technical treatment issues that make
compliance with water quality standards more difficult. We cannot assure you
that we will be able in the future 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. For example, in February 2002,
the U.S. Environmental Protection Agency lowered the arsenic standard in
drinking water from 50 parts per billion to 10 parts per billion. Future
changes in regulations governing the supply of drinking water and treatment of
wastewater may have a material adverse impact on our financial results.</font></p>

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

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Our
contracts for the construction of water and wastewater projects may expose us
to certain completion and performance risks.</font></b></h2>

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

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


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

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

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

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

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Weaknesses
in the Company&#146;s internal controls and procedures could have a material adverse
effect on the Company.</font></b></h2>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management is responsible
for establishing and maintaining adequate internal control over financial
reporting. 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 in accordance with
U.S.&nbsp;generally accepted accounting principles (&#147;GAAP&#148;). In making its
assessment of internal control over financial reporting as of August&nbsp;31, 2006,
management used the criteria described in &#147;Internal
Control&nbsp;&#151;&nbsp;Integrated Framework&#148; issued by the Committee of Sponsoring
Organizations of the Treadway Commission. A material weakness is a control
deficiency, or combination of control deficiencies, that results in a more than
remote likelihood a material misstatement of the annual or interim financial
statements will not be prevented or detected.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management determined
that a&nbsp;material weaknesses in our internal control over financial
reporting existed as of August&nbsp;31, 2006. See Item&nbsp;9A&nbsp;&#151;&nbsp;Controls
and Procedures&nbsp;&#151;&nbsp;of our Annual Report on Form&nbsp;10-K/A for
the year ended August&nbsp;31, 2006, for a description of this material
weakness.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The material weakness
identified resulted in an adverse opinion by our independent registered public
accounting firm on the effectiveness of our internal control over financial
reporting.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are developing a
remediation plan and intend to implement remediation measures during fiscal
2007, designed to remediate the material weakness in our internal controls by
August&nbsp;31, 2007.&#160; We cannot</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">assure you as to when the
remediation plan will be fully implemented, nor can we assure you that
additional material weaknesses will not be identified by our management or
independent accountants in the future. In addition, even after the remedial
measures are fully implemented, our internal controls may not prevent all
potential error and fraud, because any control system, no matter how well
designed, can only provide reasonable and not absolute assurance that the
objectives of the control system will be achieved.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SELLING STOCKHOLDERS<a name="SellingStockholders_084805"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The common stock
registered on behalf of the selling stockholders in the registration statement
of which this prospectus is a part consists of the following:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>750,000
shares of common stock that have been issued to High Plains A&amp;M, LLC (&#147;HP
A&amp;M&#148;) pursuant to the Asset Purchase Agreement dated May&nbsp;10, 2006 by
and between us and HP A&amp;M (the &#147;Arkansas River Agreement&#148;) representing a
portion of the purchase price of our Arkansas River water rights and related
real property.&#160; In connection with the
Arkansas River Agreement, we entered into a Registration Rights Agreement dated
August&nbsp;31, 2006 granting HP A&amp;M the right to include up to 750,000
shares in a registration statement we file, subject to certain conditions.&#160; The 750,000 shares owned by HP A&amp;M are
being registered hereunder pursuant to the terms of that Registration Rights
Agreement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>242,169
shares of common stock that have been issued to Inco Securities Corporation (&#147;Inco&#148;)
pursuant to the Purchase and Sale Agreement dated August 28, 2006 by and
between us and Inco in exchange for (1)&nbsp;Inco&#146;s rights to receive
$4,698,001 pursuant to the Comprehensive Amendment Agreement No.&nbsp;1, dated
as of April&nbsp;11, 1996 (the &#147;CAA&#148;), between us and certain investors
(including Inco), and (2)&nbsp;the return to us of two Amended Term Notes, due
in August 2007, for cancellation.&#160; The
Amended Term Notes had principal balances totaling $424,500 and accrued unpaid
interest totaling $471,476.&#160; The 242,169
shares owned by Inco are being registered hereunder pursuant to the terms of
the Purchase and Sale Agreement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>1,414,528
shares of common stock sold by the issuer to the remaining selling stockholders
at fair market value pursuant to stock purchase agreements entered into between
1991 and 1996 and pursuant to the exercise of warrants in 2004, which warrants
were issued in connection with loans made to us by the selling stockholders.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table sets
forth certain information regarding the beneficial ownership of shares of our
common stock, as of April&nbsp;17, 2007, by the selling stockholders.&#160; The information in the table below is based
upon information provided to us by the selling stockholders.&#160; The selling stockholders may sell all, some or
none of their shares in this offering. See &#147;Plan of Distribution.&#148; Unless
otherwise noted, the person identified possesses sole voting and investment
power with respect to the offered shares.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">11</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.34%;">
  <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="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <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="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <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:8.0pt;">Number of <br>
  Shares<br>
  Beneficially</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <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="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <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:8.0pt;">Number of <br>
  Shares that </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <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="27%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:27.06%;">
  <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:8.0pt;">Ownership After Offering(2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <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>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.34%;">
  <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>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <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="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <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:8.0pt;">Owned (1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <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="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <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:8.0pt;">May Be Sold</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <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="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <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:8.0pt;">Number Shares</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <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="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <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:8.0pt;">Percent</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <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>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.34%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Apex Investment Fund&nbsp;II, L.P.(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">677,239</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">677,239</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.34%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Environmental Private Equity Fund&nbsp;II Liquidating Trust(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">309,371</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">309,371</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.34%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Environmental Venture Fund Liquidating Trust(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">241,362</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">241,362</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.34%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">High Plains A&amp;M, LLC(4)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,000,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">750,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,250,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.2</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.34%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inco Securities Corporation(5)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">242,169</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">242,169</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.34%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Productivity Fund&nbsp;II Liquidating Trust(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">186,556</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">186,556</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="39%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.34%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,656,697</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,406,697</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,250,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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 style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The shares of common
stock considered beneficially owned by the selling stockholders are indicated.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Assumes the sale of all
of the shares offered by the selling stockholder pursuant to this prospectus
and the sale of no shares by us.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The persons who have or
share investment and voting control of the shares owned by Apex Investment
Fund&nbsp;II, L.P. (&#147;Apex&#148;), after looking through one or more intermediate
partnerships are George Middlemas; Paul&nbsp;J. Renze; Stellar Investment Co.,
an S corporation 100% owned by James&nbsp;A. Johnson; and First Analysis
Corporation, a Delaware corporation (&#147;FAC&#148;).&#160;
FAC is controlled by its majority stockholder and President,
F.&nbsp;Oliver Nicklin, Jr.</p>

<p style="margin:0pt 0pt .0001pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The persons who have or
share investment and voting control of the shares owned by Environmental
Private Equity Fund II Liquidating Trust (&#147;EPFund&#148;) after looking through one
or more intermediate partnerships are FAC (controlled by F. Oliver Nicklin,
Jr.), Bret&nbsp;R. Maxwell, and Mark&nbsp;T. Koulogeorge.</font></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAC (controlled by F.
Oliver Nicklin, Jr.) has investment and voting control of the shares owned by
Environmental Venture Fund Liquidating Trust (&#147;EVFund&#148;).</font></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The persons who have or
share investment and voting control of the shares owned by The Productivity
Fund II Liquidating Trust (&#147;PFund II&#148;) after looking through one or more
intermediate partnerships are FAC (controlled by F. Oliver Nicklin, Jr.) and
Bret&nbsp;R. Maxwell.</font></p>

<p style="margin:0pt 0pt .0001pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We understand that each
of the persons named above as an officer, director, partner or other affiliate
of Apex, EPFund, EVFund, and PFund II disclaims beneficial ownership of the
shares of common stock described herein.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The persons who have or
share investment and voting control of the shares owned by HP A&amp;M are
Mark&nbsp;D. Campbell, H. Hunter White and M. Walker Baus.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Inco is a Delaware
corporation and an indirect wholly-owned subsidiary of CVRD Inco Limited, a
corporation organized under the laws of Canada.&#160;
CVRD Inco Limited is a wholly-owned subsidiary of Companhia Vale do Rio Doce
(&#147;CVRD&#148;), a corporation organized under the laws of Brazil. CVRD shares are
traded on the Sao Paulo Stock Exchange, the New York Stock Exchange and the
Madrid Stock Exchange-Latibex.&#160; CVRD has
ultimate investment and voting control of the shares owned by Inco.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as described
below, none of the selling stockholders has, or has had within the last three
years, any position, office or material relationship with us.</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;">As a result of the
Arkansas River Agreement, HP A&amp;M owns 16.3% of our common stock.&#160; The members and managers of HP A&amp;M,
namely Mark&nbsp;D. Campbell, H. Hunter White and M. Walker Baus, are also
deemed indirectly to own 16.3% of our common stock.&#160; In addition, Mr.&nbsp;Campbell was appointed
to our board of directors on August&nbsp;31, 2006 pursuant to the terms of the
Arkansas River Agreement.&#160; As of the date
of this filing, HP A&amp;M (and indirectly its members) is entitled to receive
10% of our tap fees received on the sale of the next 38,965 water taps.&#160; HP A&amp;M is also entitled to the lease
income from the real property we purchased pursuant to that agreement until
August&nbsp;31, 2011.&#160; As of
February&nbsp;28, 2007, we have estimated the value of the Tap Participation
Fees payable to HP A&amp;M at approximately</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">12</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:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$47.1&nbsp;million (which
includes imputed interest of approximately $2.3&nbsp;million) based on a
discounted cash flow valuation analysis.&#160;
HP A&amp;M and its members had no affiliation with us prior to the
closing of the Arkansas River Agreement.</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;">Apex is controlled by
several general partners including George Middlemas, a Pure Cycle director.</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;">EPFund was a party to a
voting agreement, which obligated Margaret Hansson and Fletcher Byrom (both
retired directors), TPC Ventures, LLC (as transferee of shares owned by former
director Thomas Clark), Apex, EVFund, and PFund&nbsp;II to vote all of their shares
of common stock in favor of a director candidate designated by EPFund.&#160; The EPFund director candidate was George
Middlemas.&#160; The voting agreement is no
longer in effect.</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;">Each of the selling
stockholders or their affiliates, other than HP A&amp;M, have at various dates
prior to 1996 made an investment in Pure Cycle which resulted in the selling
stockholder being entitled to a contingent return on such selling stockholder&#146;s
investment from the proceeds of the sale of Export Water pursuant to our
CAA.&#160; Inco sold all such rights to us as
of August&nbsp;28, 2006.</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">Use of Proceeds<a name="UseOfProceeds_084810"></a></font></b></p>

<p style="margin:0pt 0pt .0001pt;"><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;">Unless a prospectus
supplement indicates otherwise, the net proceeds we receive from the sale of
the offered shares will be used to pay outstanding indebtedness, for water
system expenditures, and for working capital and other general corporate
purposes, including acquisitions.</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;">We will not receive any
of the proceeds from the sale of the offered shares by the selling
stockholders.</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PLAN OF
DISTRIBUTION<a name="PlanOfDistribution_084815"></a></font></b></p>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We and the selling
stockholders and their successors (which includes their pledgees, donees,
partnership distributees and other transferees receiving the offered shares in
non-sale transfers) may sell the offered shares directly to purchasers or
through underwriters, broker-dealers or agents.&#160;
Underwriters, broker-dealers or agents may receive compensation in the
form of discounts, concessions or commissions from us, the selling stockholders
or the purchasers.</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;">The offered shares may be
sold in one or more transactions:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160; at fixed prices;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160; at prevailing market prices at the time of
sale;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160; at varying prices determined at the time
of sale; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160; at negotiated prices.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These sales may be
effected in transactions, which may involve crosses or block transactions, in
the following manner:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160; on any national securities exchange or
quotation service on which our common stock may be listed or quoted at the time
of sale;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160; in the over-the-counter market;</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">13</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160; in transactions other than on these
exchanges or services or in the over-the-counter market;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160; through the writing and exercise of
options and warrants, whether these options and warrants are listed on an
option or warrant exchange or otherwise; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160; through the settlement of short sales.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, any
securities covered by this prospectus that qualify for sale pursuant to Rule
144 or Rule&nbsp;144A under the Securities Act may be sold under Rule 144 or
Rule 144A rather than pursuant to this prospectus.</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;">We and/or the selling
stockholders may enter into hedging transactions with broker-dealers or other
financial institutions, which may in turn engage in short sales of the offered
shares and deliver these shares to close out short positions or loan or pledge
the underlying shares to broker-dealers that in turn may sell these shares.</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;">The selling stockholders
may also sell shares of common stock short and deliver shares of common stock
covered by this prospectus to close out short positions, provided that the
short sale is made after the registration statement is declared effective.</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;">The selling stockholders
may pledge or grant a security interest in some or all of the shares of common
stock owned by it and, if it defaults in the performance of its secured
obligations, the pledgees or secured parties may offer and sell the shares of
common stock from time to time pursuant to this prospectus.&#160; The selling stockholders also may transfer or
donate the shares of common stock in other circumstances, in which case the
transferees, donees or other successors in interest will be the selling
beneficial owners for purposes of this prospectus.</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;">The aggregate proceeds to
us or the selling stockholders, as applicable, from the sale of the offered
shares will be the purchase price of the shares less any discounts and
commissions.&#160; We will not receive any of
the proceeds from the sale of the offered shares by the selling stockholders.</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;">The shares will be sold
only through registered or licensed brokers or dealers if required under
applicable state securities laws.&#160; In
addition, in certain states, the shares may not be sold unless they have been
registered or qualified for sale in the applicable state or an exemption from
the registration or qualification requirement is available and is complied
with.</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;">The selling stockholders
and any underwriters, broker-dealers or agents that participate in the sale of
the offered shares may be deemed to be &#147;underwriters&#148; within the meaning of
Section 2(11) of the Securities Act of 1933 (the &#147;Securities Act&#148;).&#160; Any commissions paid, or discounts or
concessions allowed, to any broker-dealer in connection with any distribution
of the offered shares may be deemed to be underwriting discounts and
commissions under the Securities Act.&#160; At
the time a particular offering of the shares is made, a prospectus supplement,
if required, will be distributed which will set forth the aggregate number of
shares of common stock being offered and the terms of the offering, including
the name or names of any broker-dealers or agents, any discounts, commissions
and other terms constituting compensation from us or the selling stockholders
and any discounts or commissions allowed or paid to broker-dealers.</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;">Underwriters and agents
may be entitled to indemnification by us or the selling stockholders against
some civil liabilities, including liabilities under the Securities Act, or to
contributions with respect to payments which the underwriters or agents may be
required to make relating to these liabilities.&#160;
Underwriters and agents may be customers of, engage in transactions
with, or perform services for, us or the selling stockholders in the ordinary
course of business.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">14</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="2" face="Times New Roman" style="font-size:10.0pt;">Each selling stockholder
has represented to us that at the time of receipt of its shares and at the time
of filing the registration statement with the SEC, such selling stockholder had
no agreements or understandings, directly or indirectly, with any person to
distribute the shares.</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;">There can be no assurance
that we or the selling stockholders will sell any or all of the shares of
common stock registered pursuant to the registration statement of which this
prospectus is a part.</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;">If the selling
stockholders use this prospectus for any sale of the common stock, they will be
subject to the prospectus delivery requirements of the Securities Act, and they
will be responsible for complying with applicable provisions of the Securities
Act and the Securities and Exchange Act of 1934 (the &#147;Exchange Act&#148;) and the
rules and regulations promulgated thereunder, including Regulation&nbsp;M.</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;">The selling stockholders
will pay all underwriting discounts and selling commissions, if any, associated
with the sale of their shares.&#160; We will
pay all of the other expenses related to the registration, offering, and sale
of shares on behalf of all of the selling stockholders, other than HP A&amp;M.&#160; With respect to the shares registered on
behalf of HP A&amp;M, we and HP A&amp;M have agreed to bear all expenses
incurred pursuant to this registration statement (excluding attorneys&#146; fees and
disbursements) on a pro rata basis based on the number of shares offered by
each party in the registration.&#160; For
purposes of computing HP A&amp;M&#146;s pro rata portion, all shares registered on
behalf of the other selling stockholders are deemed shares offered by us.&#160; Each of HP A&amp;M and us is responsible for
our own attorneys&#146; fees and disbursements.&#160;
We have also agreed to indemnify Inco and HP A&amp;M against some
specified liabilities, including some that may arise under the Securities Act.</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;">We have agreed to keep
the registration statement, of which this prospectus is a part, effective for
Inco until the earlier of (i)&nbsp;the second anniversary of the effective date
of the registration statement or (ii)&nbsp;the date on which all of the shares
owned by Inco have been sold or otherwise transferred.&#160; We have agreed to keep the registration
statement, of which this prospectus is a part, effective for HP A&amp;M until
the earlier of (i)&nbsp;the date as of which the shares owned by HP A&amp;M may
be transferred under Rule&nbsp;144(k) of the Securities Act or (ii)&nbsp;all of
the shares registered hereunder for HP A&amp;M have been sold or otherwise transferred
(except transfers to certain permitted assignees under the Registration Rights
Agreement).&#160; We intend to keep this
prospectus effective until we have fulfilled our obligations to the selling
stockholders or we have sold all the shares of common stock registered on our
behalf hereunder, whichever is later.</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LEGAL
MATTERS<a name="LegalMatters_084820"></a></font></b></p>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The validity of the
securities offered by this prospectus will be passed upon by Davis Graham &amp;
Stubbs LLP, Denver, Colorado.</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXPERTS<a name="Experts_084822"></a></font></b></p>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our audited financial
statements as of August&nbsp;31, 2006 and 2005 and for the years ended
August&nbsp;31, 2006 and 2005 and management&#146;s report on the effectiveness of
internal control over financial reporting included in our Annual Report on Form
10-K, as amended on Form&nbsp;10-K/A-1, incorporated by reference
herein (which reports (1)&nbsp;express an unqualified opinion on the financial
statements and include an explanatory paragraph referring to the restatement of
our 2006 financial statements and change in accounting for stock-based
compensation expense in 2006, (2)&nbsp;express an unqualified opinion on
management&#146;s assessment regarding the effectiveness of internal control over
financial reporting, and (3)&nbsp;express an adverse opinion on the
effectiveness of internal control over financial reporting), have been audited
by Anton Collins Mitchell LLP, an independent registered public accounting
firm, to the extent and for the period set forth in its reports, and are
incorporated herein in reliance upon such reports given upon the authority of
that firm as experts in accounting and auditing.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">15</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="2" face="Times New Roman" style="font-size:10.0pt;">The statements of
operations, stockholders&#146; equity and comprehensive loss, and cash flows of Pure
Cycle Corporation for the year ended August&nbsp;31, 2004, have been
incorporated by reference herein in reliance upon the report of KPMG LLP,
independent registered public accounting firm, incorporated by reference
herein, and upon the authority of said firm as experts in accounting and
auditing.</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHERE YOU
CAN FIND MORE INFORMATION<a name="WhereYouCanFindMoreInformation_084827"></a></font></b></p>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We file annual, quarterly
and special reports, proxy statements and other information with the SEC.&#160; You may read and copy any of these documents
at the SEC&#146;s public reference room at 100 F Street N.E., Room 1580, Washington,
D.C. 20549.&#160; Please call the SEC at
1-800-SEC-0330 for further information on the public reference room.&#160; Our SEC filings are also available to the
public at the SEC&#146;s website at http://www.sec.gov.</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;">The
SEC allows us to &#147;incorporate by reference&#148; the information we file with the
SEC, which means that we can disclose important information to you by referring
you to those documents.&#160; The information
incorporated by reference is considered part of this prospectus, and
information that we file later with the SEC will automatically update and
supersede, as applicable, the information in this prospectus.</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;">The
following documents, which were previously filed with the SEC pursuant to the
Exchange Act, are hereby incorporated by reference:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160; our Annual Report on Form 10-K, as amended
on Form&nbsp;10-K/A-1, for the year ended August&nbsp;31, 2006;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160; our
Quarterly Report on Form&nbsp;10-Q, as amended on Form 10-Q/A-1, for the
quarter ended November&nbsp;30, 2006;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160; our
Quarterly Report on Form 10-Q, for the quarter ended February 28, 2007; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160; our
Current Reports on Form 8-K filed on the following dates:</p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September 1, 2006 (2 reports)<br>
November 21, 2006<br>
December 18, 2006<br>
January 16, 2007</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&#160;&#160;&#160;&#160;&#160; the
description of our common stock contained in our Registration Statement
on form SB-2 (SEC File No. 333-114568) filed with the SEC on April 19, 2004.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All
reports and other documents filed by us pursuant to Sections&nbsp;13(a), 13(c),
14 or 15(d) of the Exchange Act subsequent to the date of the filing of the
initial registration statement of which this prospectus is a part and prior to
the effectiveness of the registration statement shall be deemed to be
incorporated by reference into this prospectus and shall be a part hereof from
the date of filing of such reports and documents.&#160; In addition, all reports and other documents
filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act
subsequent to the date of this prospectus and prior to the termination of this
offering shall be deemed to be incorporated by reference into this prospectus
and shall be a part hereof from the date of filing of such reports and
documents.</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;">Any
statement contained in a document incorporated or deemed to be incorporated by
reference in this prospectus shall be deemed modified, superseded or replaced
for purposes of this prospectus to the extent that a statement contained in
this prospectus, or in any subsequently filed document that also is</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">16</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:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">deemed
to be incorporated by reference in this prospectus, modifies, supersedes or
replaces such statement.&#160; Any statement
so modified, superseded or replaced shall not be deemed, except as so modified,
superseded or replaced, to constitute a part of this prospectus.&#160; Subject to the foregoing, all information
appearing in this prospectus is qualified in its entirety by the information
appearing in the documents incorporated by reference.</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;">Statements
contained in this prospectus as to the contents of any contract or other
document are not necessarily complete, and in each instance we refer you to the
copy of the contract or document filed as an exhibit to the registration
statement or the documents incorporated by reference in this prospectus, each such
statement being qualified in all respects by such reference.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may receive a copy of any of these filings, at no cost,
by writing, calling, or emailing Pure Cycle Corporation at 8451 Delaware St.,
Thornton, Colorado 80260, telephone: 303-292-3456, email:
info@purecyclewater.com,</font><b>  </b>and directed to the attention of Mark Harding,
our President and CFO.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">17</font></p>
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<div>


<div style="border:none;border-top:double windowtext 1.5pt;padding:1.0pt 0pt 0pt 0pt;">

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

</div>

<p style="margin:0pt 0pt .0001pt;"><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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">You
should rely only on the information incorporated by reference or provided in
this prospectus or any supplement to this prospectus.&#160; We and the selling stockholders have not
authorized anyone to provide you with different information.&#160; Neither we nor the selling stockholders are
making an offer to sell these securities in any jurisdiction where the offer or
sale is not permitted or to any person to whom an offer or sale is not
permitted.&#160; You should not assume that
the information in this prospectus is accurate as of any date other than the
date on the front of this prospectus.</font></b></p>

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

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

<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="margin:0pt 0pt .0001pt;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<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>

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

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

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

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

<div style="border:none;border-bottom:double windowtext 1.5pt;padding:0pt 0pt 1.0pt 0pt;">

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

</div>



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

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<div>


<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">PART II<br>
INFORMATION NOT REQUIRED IN PROSPECTUS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ITEM 14.&#160; OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.</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;">The following table sets
forth various expenses in connection with the sale and distribution of the
securities being registered, other than the underwriting discounts and
commissions. All amounts shown are estimates except the SEC&#146;s registration fee.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;margin-left:40.0pt;">
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="474" valign="top" style="padding:0pt .7pt 0pt 0pt;width:355.85pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><!-- SET mrlHTMLTableLeft -->SEC Registration Fee</p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,031.27</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.85pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="474" valign="top" style="padding:0pt .7pt 0pt 0pt;width:355.85pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal Fees and
  Expenses</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000.00</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="474" valign="top" style="padding:0pt .7pt 0pt 0pt;width:355.85pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accountants Fees
  and Expenses</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000.00</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="474" valign="top" style="padding:0pt .7pt 0pt 0pt;width:355.85pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Miscellaneous</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">500.00</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:5.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="474" valign="top" style="padding:0pt .7pt 0pt 0pt;width:355.85pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36,531.27</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 2.25pt 0pt;width:5.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</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 style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* Estimated.</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;">The selling stockholders
have paid none of the expenses related to this offering.</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;">ITEM 15.&#160; INDEMNIFICATION OF DIRECTORS AND OFFICERS.</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;">Pure Cycle Corporation is
incorporated in the State of Delaware.&#160;
Section 145(a) of the General Corporation Law of the State of Delaware
(the &#147;DGCL&#148;) provides that a Delaware corporation may indemnify any person who
was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the
corporation) by reason of the fact that he is or was a director, officer,
employee or agent of the corporation or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation or
enterprise, against expenses, judgments, fines and amounts paid in settlement
actually and reasonably incurred by him in connection with such action, suit or
proceeding if he acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the corporation, and, with
respect to any criminal action or proceeding, he had no cause to believe his
conduct was unlawful.</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;">Section 145(b) of the
DGCL provides that a Delaware corporation may indemnify any person who was or
is a party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the corporation to procure a
judgment in its favor by reason of the fact that such person acted in any of
the capacities set forth above, against expenses actually and reasonably
incurred by such person in connection with the defense or settlement of such
action or suit if such person acted under similar standards, except that no
indemnification may be made in respect of any claim, issue or matter as to
which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the court in which such action or suit was
brought shall determine that despite the adjudication of liability, such person
is fairly and reasonably entitled to be indemnified for such expenses which the
court shall deem proper.</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;">Section 145 of the DGCL
further provides that to the extent a director or officer of a corporation has
been successful in the defense of any action, suit or proceeding referred to in
subsections (a) and (b) or in the defense of any claim, issue, or matter
therein, he shall be indemnified against expenses (including attorneys&#146; fees)
actually and reasonably incurred by him in connection therewith; that
indemnification provided for by Section 145 shall not be deemed exclusive of
any other rights to which the indemnified party may be entitled; and that the
corporation may purchase and maintain insurance on behalf of a director or
officer of the corporation against any liability asserted against him or
incurred by</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-</font><font face="Times New Roman">1</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">him in any such capacity
or arising out of his status as such whether or not the corporation would have
the power to indemnify him against such liabilities under such Section 145.</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;">Section 102(b)(7) of the
DGCL provides that a corporation in its original certificate of incorporation
or an amendment thereto validly approved by stockholders may eliminate or limit
personal liability of members of its board of directors or governing body for
breach of a director&#146;s fiduciary duty.&#160;
However, no such provision may eliminate or limit the liability of a
director for breaching his duty of loyalty, failing to act in good faith,
engaging in intentional misconduct or knowingly violating a law, paying a
dividend or approving a stock repurchase which was illegal, or obtaining an
improper personal benefit. A provision of this type has no effect on the
availability of equitable remedies, such as injunction or rescission, for
breach of fiduciary duty.&#160; Pure Cycle&#146;s
Certificate of Incorporation contains such a provision.</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;">The Certificate of
Incorporation and Bylaws of Pure Cycle generally allow indemnification of
officers and directors to the fullest extent allowed by law.&#160; Pure Cycle currently intends to indemnify its
officers and directors to the fullest extent permitted by the Certificate of
Incorporation, Bylaws and Delaware Law.</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;">We maintain insurance
policies under which our directors and officers are insured, within the limits
and subject to the limitations of the policies, against expenses in connection
with the defense of actions, suits or proceedings, and certain liabilities that
might be imposed as a result of such actions, suits or proceedings, to which
they are parties by reason of being or having been a director or officer of
Pure Cycle.</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;">ITEM
16.&#160; EXHIBITS.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;margin-left:20.0pt;">
 <tr style="page-break-inside:avoid;">
  <td width="53" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.0pt;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->Exhibit<br>
  No.</p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <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="576" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:432.25pt;">
  <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:8.0pt;"><br> Description of Exhibit</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:40.0pt;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <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:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="576" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:432.25pt;">
  <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:8.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.25pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Specimen Stock Certificate &#150; Incorporated by
  reference to Registration Statement No.&nbsp;2-62483</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:40.0pt;">
  <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>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:432.25pt;">
  <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="53" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.25pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Davis Graham &amp; Stubbs LLP*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:40.0pt;">
  <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>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:432.25pt;">
  <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="53" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.25pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchase and Sale Agreement between Pure Cycle
  Corporation and Inco Securities Corporation dated August 28, 2006 &#150;
  Incorporated by reference to Form&nbsp;8-K filed September&nbsp;1, 2006</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:40.0pt;">
  <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>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:432.25pt;">
  <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="53" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.25pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration Rights Agreement between Pure Cycle
  Corporation and High Plains A&amp;M, LLC dated August&nbsp;31, 2006 &#150;
  Incorporated by reference to Form&nbsp;8-K filed May&nbsp;16, 2006</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:40.0pt;">
  <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>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:432.25pt;">
  <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="53" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.25pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Davis Graham &amp; Stubbs LLP (included
  in Exhibit&nbsp;5.1)*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:40.0pt;">
  <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>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:432.25pt;">
  <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="53" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.25pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Anton Collins Mitchell LLP*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:40.0pt;">
  <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>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:432.25pt;">
  <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="53" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.3</font></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.25pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of KPMG LLP*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:40.0pt;">
  <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>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:432.25pt;">
  <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="53" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.25pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power of Attorney*</font></p>
  </td>
 </tr>
</table>

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

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;margin-left:20.0pt;">
 <tr style="page-break-inside:avoid;">
  <td width="53" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.0pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->*</p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="576" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.25pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed as an exhibit to our registration statement on
  Form S-3 as filed on April 24, 2007, Registration No. 333-142355 and
  incorporated herein by reference.</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>

<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;">ITEM
17.&#160; UNDERTAKINGS.</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;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We hereby undertake:</font></p>


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

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<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration
statement:</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;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To include any prospectus required
by Section 10(a)(3) of the Securities Act of 1933 (Securities Act);</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;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To reflect in the prospectus any
facts or events arising after the effective date of this registration statement
(or the most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in
the registration statement.&#160;
Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148;
table in the effective registration statement; and</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;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To include any material information
with respect to the plan of distribution not previously disclosed in this
registration statement or any material change to such information in this
registration statement;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided</font></i>,
<i>however</i>, that paragraphs
(a)(1)(i), (a)(1)(ii) and (a)(1)(iii) above do not apply if the information
required to be included in a post-effective amendment by those paragraphs is
contained in reports filed with or furnished to the SEC by the registrant
pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference into this registration statement, or is
contained in a form of prospectus filed pursuant to Rule 424(b) that is a part
of this registration statement.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; That, for the purpose of determining
any liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial <i>bona fide </i>offering
thereof.</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;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To remove from registration by means
of a post-effective amendment any of the securities being registered that
remain unsold at the termination of the offering.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(</font>4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; That, for the
purpose of determining liability under the Securities Act to any purchaser:</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;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each prospectus filed by the
registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the
registration statement as of the date the filed prospectus was deemed part of
and included in the registration statement; and</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;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each prospectus required to be filed
pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration
statement in reliance on Rule 430B relating to an offering made pursuant to
Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by section 10(a) of the Securities Act of 1933 shall be deemed to be
part of and included in the registration statement as of the earlier of the
date such form of prospectus is first used after effectiveness or the date of
the first contract of sale of securities in the offering described in the
prospectus. As provided in Rule 430B, for liability purposes of the issuer and
any person that is at that date an underwriter, such date shall be deemed to be
a new effective date of the registration statement relating to the securities
in the registration statement to which that prospectus relates, and the
offering of such securities at that time shall be deemed to be the initial <i>bona fide</i> offering thereof. Provided,
however, that no statement made in a registration statement or prospectus that
is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus
that is part of the registration</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-</font><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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">statement will, as to a
purchaser with a time of contract of sale prior to such effective date,
supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such
document immediately prior to such effective date.</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;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the Securities
Act, each filing of the registrant&#146;s annual report pursuant to Section 13(a) or
15(d) of the Exchange Act (and, where applicable, each filing of an employee
benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act)
that is incorporated by reference in this Registration Statement shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial <i>bona fide</i> offering
thereof.</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;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion
of the SEC such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable.&#160; In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-</font><font face="Times New Roman">4</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SIGNATURES</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Act, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing
a registration statement on Form S-3 and has duly caused this amendment to the
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Denver, State of Colorado, on May 30, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.56%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PURE CYCLE CORPORATION</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0%;">
  <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="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:38.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Mark W. Harding</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark W. Harding</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief Financial Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt 180.0pt;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;">Pursuant to the
requirements of the Securities Act, this registration statement has been signed
by the following persons in the capacities and on the dates indicated.</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading -->Signature</p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <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="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <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:8.0pt;">Title</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <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="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <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:8.0pt;">Date</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <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:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <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:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="44%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <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:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <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:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <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:8.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ Mark W.
  Harding</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief Financial Officer</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 30, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark W. Harding</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and Director (Principal Executive and<br>
  Financial and Accounting Officer)</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <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="32%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ Harrison
  H. Augur*</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman of the Board</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 30, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Harrison H. Augur</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <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="32%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ Mark D.
  Campbell*</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 30, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark D. Campbell</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <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="32%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ Richard
  L. Guido*</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 30, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Richard L. Guido</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <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="32%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ Peter C.
  Howell*</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 30, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter C. Howell</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <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="32%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ George M.
  Middlemas*</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 30, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">George M. Middlemas</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="32%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <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="32%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.76%;">
  <div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <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="4%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;*By:</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:28.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Mark W. Harding</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:28.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark W. Harding, Attorney-in-Fact</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:18.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="37" style="border:none;"></td>
  <td width="209" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="332" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="138" style="border:none;"></td>
 </tr>
</table>

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


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

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
INDEX</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit<br>
  No.</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <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="89%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <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:8.0pt;">Description of Exhibit</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <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;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <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:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="89%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <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:8.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Specimen Stock Certificate &#150; Incorporated by
  reference to Registration Statement No.&nbsp;2-62483</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <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>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <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="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Davis Graham &amp; Stubbs LLP*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <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>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <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="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchase and Sale Agreement between Pure Cycle
  Corporation and Inco Securities Corporation dated August 28, 2006&nbsp;-
  Incorporated by reference to Form 8-K filed September 1, 2006</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <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>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <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="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration Rights Agreement between Pure Cycle
  Corporation and High Plains A&amp;M, LLC dated August&nbsp;31, 2006 &#151;
  Incorporated by reference to Form&nbsp;8-K filed May&nbsp;16, 2006</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <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>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <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="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Davis Graham &amp; Stubbs LLP (included
  in Exhibit&nbsp;5.1)*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <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>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <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="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Anton Collins Mitchell LLP*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <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>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <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="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.3</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of KPMG LLP*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <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>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <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="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power of Attorney*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <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>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <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="100%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.72%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:89.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed as an exhibit to our registration statement on
  Form S-3 as filed on April 24, 2007, Registration No. 333-142335 and
  incorporated herein by reference.</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>



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<p align="center" style="margin:0pt 0pt 24.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;[DGS Letterhead]</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 30, 2007</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-decoration:underline;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Via EDGAR and Federal
Express</font></u></b></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr. H. Christopher Owings</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporate Finance</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, N.E.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington,
D.C.&#160; 20549</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="33" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableCenter --><!-- SET mrlNoTableShading -->Re:</p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="550" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pure Cycle Corporation</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="550" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration Statement on Form S-3</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="550" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed April 24, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="550" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File No. 333-142335</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="550" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form 10-K for Fiscal Year Ended August 31, 2006</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="550" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File November 21, 2006, amended April 16, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="550" valign="top" style="padding:0pt .7pt 0pt 0pt;width:412.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File No. 0-08814</font></p>
  </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>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr. Owings:</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set
forth below are the responses of Pure Cycle Corporation (the &#147;Company&#148;) to the
comments of the Staff of the Division of Corporate Finance, which were
delivered in your letter dated May 21, 2007, regarding the Company&#146;s Form S-3
filed on April 24, 2007 and the Company&#146;s Form 10-K for the fiscal year ended
August 31, 2006 filed November 21, 2006, amended on April 16, 2007.&#160; In connection herewith, the Company has
filed, by EDGAR, Amendment No.&nbsp;1 to the Registration Statement on Form
S-3.&#160; To expedite your review, we have
enclosed three copies of the amendment to the Registration Statement marked to
reflect the changes made.&#160; With respect
to your comments to the Company&#146;s Form 10-K for the fiscal year ended August
31, 2006, we have included proposed revisions to the 10-K in this letter.&#160; If such proposed revisions satisfactorily
address your comments, the Company will file an amendment to its Form 10-K
incorporating the proposed revisions.&#160; We
have also enclosed three copies of item 9A of the Form 10-K marked to show the
proposed changes for your convenience.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
your convenience, the Staff&#146;s comments are indicated in bold below, followed by
responses on behalf of the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form S-3:</font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Selling Stockholders, page 11</font></u></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 27.0pt;text-indent:-27.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#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></b><b>Please expand the table to
include the natural persons with the power to vote or to dispose of the
securities offered for resale by the entities that are listed as selling
security holders.</b></p>


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<p style="margin:0pt 0pt 12.0pt 27.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">If more
than one holder is listed as beneficial owner for the same securities, include
explanatory text or footnotes. See Interpretation 4S of the Regulation S-K
portion of the March 1999 supplement to the CF telephone interpretation manual.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
disclosure has been amended to include information regarding the natural
persons or, where applicable, the public company controlling voting and
investment power with respect to the shares being registered on behalf of the
selling stockholders in accordance with Interpretation 4S of Regulation S-K
portion of the March 1999 CF telephone interpretation manual.&#160; To prevent the table from becoming unduly
complex, this information has been included in footnotes.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Where You Can Find More Information, Page 15</font></u></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 27.0pt;text-indent:-27.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#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></b><b>Please specifically
incorporate by reference all other reports filed pursuant to Section 13(a) or
15(d) of the Exchange Act since the end of your fiscal year. We note you have
not specifically incorporated by reference the Forms 8-K filed on September 1,
2006 and December 18, 2006. See Item 12(a)(2) of Form S-3.</b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
disclosure has been amended to include the additional Exchange Act reports to
be incorporated by reference into the Registration Statement &#151; namely, five
Forms&nbsp;8-K.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 5.1</font></u></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 27.0pt;text-indent:-27.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#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></b><b>The legal opinion provided
to you by counsel expresses its opinion only as to &#147;the General Corporation Law
of the State of Delaware.&#148; Please have counsel confirm to us or revise the
legality opinion to state that the opinion&#146;s reference and limitation to the
Delaware General Corporation Law includes the statutory provision and also all
applicable provisions of the Delaware Constitution and the reported judicial
cases interpreting those laws currently in effect.</b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
hereby confirm that the reference to &#147;the General Corporation Law of the State
of Delaware&#148; in our legal opinion, which is included as an exhibit to the
Registration Statement, includes the applicable provisions of the Delaware
Constitution and the reported judicial decisions interpreting those laws
currently in effect.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amended Form 10-K for the fiscal year ended August 31, 2006</font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9A. Controls and Procedures, page 66</font></u></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Management&#146;s Report on Internal Control Over Financial
Reporting, page 66</font></u></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 27.0pt;text-indent:-27.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#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></b><b>We note that management
assessed the effectiveness of the Company&#146;s internal control over financial
reporting as of August 31, 2006 and that management concluded that the company
has inadequate controls over the process for the identification and
implementation of the proper accounting for certain transactions which resulted
in</b></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 27.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">material
audit adjustments. You indicate that as a result of this deficiency, there were
misstatement in the company&#146;s financial statement that were not corrected prior
to the original issuance of the fiscal 2006 financial statements, which
required a restatement of the fiscal 2006 financial statements. Please revise
your Form 10-K to describe more specifically the material weakness and its
impact on financial reporting and your controls and procedures. See Item 308
(a)(3) of Regulation S-K.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
disclosure in Item 9A(b) is proposed to be revised in an amendment to the
Company&#146;s Form 10-K to more specifically describe the material weakness and its
impact on financial reporting and controls and procedures, as set forth below:</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Management&#146;s
Report on Internal Control Over Financial Reporting</i></font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
management of the Company is responsible for establishing and maintaining
adequate internal control over financial reporting. The Securities and Exchange
Act of 1934 defines internal control over financial reporting in Rule 13a-15(f)
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:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pertain
to the maintenance of records that in reasonable detail accurately and fairly
reflect the transactions and dispositions of the assets of the Company;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>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</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>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.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company&#146;s management assessed the effectiveness of the Company&#146;s internal
control over financial reporting as of August 31, 2006. In making this
assessment, the Company&#146;s management used the criteria set forth by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO) in<i> Internal Control-Integrated Framework</i>.</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based
upon its assessment, management concluded that, as of August 31, 2006, the
Company has inadequate controls over the process for the identification and
implementation of the proper accounting for&nbsp;certain transactions which resulted
in material errors not corrected prior to the issuance of the original Form
10-K. The correction of these errors resulted in the Company amending its
original Form 10-K to restate its balance sheet and statement of stockholders&#146;
equity to (the correction of the following errors are described in greater
detail in the Explanatory Note on page 3 as well as NOTE 1 &#150; ORGANIZATION AND&#173;
RESTATEMENT in the accompanying financial statements):</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Remove the liability <i>Contingent obligations payable upon default by HP
A&amp;M</i> and the contra-equity account <i>Receivable from HP A&amp;M in event of default</i>. As described
in the Explanatory Note, certain of the real properties the Company acquired
pursuant to the Arkansas River Agreement are subject to promissory notes which
are secured by deeds of trust on the properties. Based on consultations the
Company had with the Staff of the Commission, it was determined that due to the
likelihood of HP A&amp;M defaulting on the promissory notes being remote and
therefore the likelihood of the Company losing the properties and water rights
subject to the promissory notes being remote, this did not require recognition
of a liability pursuant to Statement of Financial Accounting Standard (&#147;SFAS&#148;)
No. 5 <i>Accounting for Contingencies</i>.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Restate the liability <i>Tap Participation Fees payable to HP A&amp;M</i>
and adjust the values assigned to the assets acquired from HP A&amp;M
accordingly. As a result of the consultations the Company had with the Staff of
the Commission, it was determined that the Company should not have accounted
for the Tap Participation Fees as contingent consideration pursuant to SFAS No.
141 <i>Business Combinations</i>, nor
should the Company have valued the liability using a residual value method as
described in the Explanatory Note. Instead, the Company should have valued the
Tap Participation Fees using a discounted cash flow method and then allocated
the total value of the consideration paid to the acquired assets. As a result
of this, the Company completed a discounted cash flow model and reduced the
value of the <i>Tap Participation Fees payable
to HP A&amp;M</i> and the assets acquired from HP A&amp;M accordingly.</font></p>

<p style="background:white;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A
material weakness represents a significant deficiency (as defined in the Public
Company Accounting Oversight Board&#146;s Auditing Standard No.&nbsp;2), or a
combination of significant deficiencies, that results in more than a remote
likelihood that a material misstatement of the annual or interim financial
statements will not be prevented or detected on a timely basis.</font></p>

<p style="background:white;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because
the Company&#146;s controls over the process for the identification and
implementation of the proper accounting for&nbsp;certain transactions resulted
in the aforementioned errors, management concluded that the Company did not
maintain effective internal control over financial reporting as of August 31,
2006, which constitutes a material weakness. As a result of the material
weakness, the Company restated its originally filed Form 10-K.</font></p>

<p style="background:white;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anton
Collins Mitchell LLP, the Company&#146;s independent registered public accounting
firm, who has audited the Company&#146;s financial statements included herein, has
issued an attestation report on</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="background:white;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">management&#146;s
assessment of the effectiveness of the Company&#146;s internal control over
financial reporting at August 31, 2006 which report is included herein.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Changes in Internal Controls, page 67</font></u></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 27.0pt;text-indent:-27.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#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></b><b>We note that you state there
have been no significant changes in your internal controls. Please revise to
clarify whether there has been any change in your internal control over
financial reporting during the last fiscal quarter that has materially
affected, or is reasonably likely to affect, your internal control over
financial reporting. Refer to Item 308(c) of Regulation S-K.</b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company&#146;s disclosure in Item 9A(c) is proposed to be revised in an amendment to
Form 10-K to clarify that there were no changes in the Company&#146;s internal
control over financial reporting during the last fiscal quarter of 2006 that
materially affected, or were reasonably likely to affect, its internal control
over financial reporting.&#160; The proposed
revised disclosure is set forth below</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Changes
in Internal Controls.</i></font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There
were no changes in the Company&#146;s internal control over financial reporting
during the last fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the Company&#146;s internal control over financial
reporting.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
respectfully request that the Staff indicate as soon as possible whether the
proposed revisions to the Company&#146;s Form 10-K are acceptable, in which case it
will file an amendment to its Form 10-K, and whether there will be any further
comments.&#160; Any comments or questions
regarding this letter&#160; should be directed
to the undersigned at 303-892-7314.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.32%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->Very truly yours,</p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.32%;">
  <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:30.96%;">
  <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="10%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Wanda J. Abel</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:15.32%;">
  <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:30.96%;">
  <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="10%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wanda J. Abel</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:15.32%;">
  <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:10.0pt;">for</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;text-transform:uppercase;">Davis Graham </font>&amp; <font style="text-transform:uppercase;">Stubbs llp</font></font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enclosure</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.28%;">
  <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="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark W. Harding, Pure Cycle Corporation</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gregory Anton, Anton Collins Mitchell LLP</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ted Harms, KPMG, LLP</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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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>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">5</font></p>
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