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<SEC-DOCUMENT>0001362310-09-004463.txt : 20090720
<SEC-HEADER>0001362310-09-004463.hdr.sgml : 20090719
<ACCEPTANCE-DATETIME>20090327160028
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001362310-09-004463
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20090327

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:		CORRESP

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

	MAIL ADDRESS:	
		STREET 1:		8451 DELAWARE STREET
		CITY:			THORNTON
		STATE:			CO
		ZIP:			80260
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Correspondence</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">




<DIV align="center">
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    <TD>&nbsp;</TD>
    <TD valign="top" align="center">March&nbsp;27, 2009</TD>
    <TD align="right" valign="top"><IMG src="c83170p8317001.jpg"></TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Via EDGAR</U></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Mr.&nbsp;H. Christopher Owings, Assistant Director<BR>
Securities and Exchange Commission<BR>
Division of Corporate Finance<BR>
100 F Street, N.E., Mail Stop 3561<BR>
Washington, D.C. 20549
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="7%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top" align="right">Re:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pure Cycle Corporation<BR>
Form&nbsp;10-K for Fiscal Year Ended August&nbsp;31, 2008<BR>
Filed November&nbsp;14, 2008<BR>
Form&nbsp;10-Q for the Quarterly Period Ended November&nbsp;30, 2008<BR>
Filed January&nbsp;9, 2009<BR>
Definitive Proxy Statement on Schedule&nbsp;14A <BR>
Filed December&nbsp;12, 2008<BR>
File No.&nbsp;0-08814</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dear Mr.&nbsp;Owings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">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 March&nbsp;13,
2009, regarding the Company&#146;s Form 10-K for the fiscal year ended August&nbsp;31, 2008 filed November
14, 2008, the Company&#146;s Form 10-Q for the quarterly period ended November&nbsp;30, 2008 filed on January
9, 2009 and the Company&#146;s definitive Proxy Statement on Schedule&nbsp;14A filed on December&nbsp;12, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We acknowledge that (i)&nbsp;the Company is responsible for the adequacy and accuracy of the disclosure
in the filing; (ii)&nbsp;staff comments or changes to disclosure in response to staff comments do not
foreclose the Commission from taking any action with respect to the filing; and (iii)&nbsp;the Company
may not assert staff comments as a defense in any proceeding initiated by the Commission or any
person under the federal securities laws of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">For your convenience, the Staff&#146;s comments are indicated in bold below, followed by responses on
behalf of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Form&nbsp;10-K for Fiscal Year Ended August&nbsp;31, 2008</B></U><BR>
<U><B>Item&nbsp;1. Business. page 3</B></U>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise to describe what you mean when you say you are ''vertically integrated&#148; and why
this is important to an investor&#146;s understanding of your business. Alternatively, remove the
term from your disclosure.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Company&#146;s response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">To enhance investor&#146;s understanding of the Company&#146;s business activities, the Company proposes to
change its introductory paragraph in our filings, starting with the Form 10-Q for the quarter ended
February&nbsp;28, 2009, to read substantially as follows:
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83170p8317002.jpg">

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>Pure Cycle Corporation is a full service water and wastewater service provider engaged in the
design, construction, operation and maintenance of water and wastewater systems. We have a
vertically integrated business model which provides us with control and efficiency in the
provision of water and wastewater services by owning all components necessary to offer complete
water and wastewater services. Having a vertically integrated system means we own all assets
required to provide water and wastewater services, including the following:</I>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Water rights used to provide domestic and irrigation water to customers;</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Infrastructure required to withdraw, treat, store and deliver domestic water to
customers;</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Infrastructure required to collect, treat, store and reuse wastewater; and</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Infrastructure required to treat and deliver reclaimed water for irrigation use by
customers.</I></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>We provide water and wastewater services utilizing water assets we own, concentrating our
services to customers along the Front Range of the metropolitan Denver area.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,
page 24</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Overview, page 24</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please expand the overview to provide a balanced, executive-level discussion that addresses
the most important matters with which management is concerned. In this regard, you should
discuss the primary manner in which the company earns revenues and generates cash. Also
discuss more fully the water and wastewater services you provide. You indicate that you own
properties with rights to certain amounts of water, but you should expand this disclosure to
specify which properties are currently operational and discuss the specific risks related to
operating each of these properties, such as the requirements to make significant capital
investments to make them operational, to receive change in use permits for certain properties,
the bankruptcy of the Sky Ranch developer and the withdrawal of the Lowry Range developer.
Please discuss the expected timeframe for commencing operations for each of your properties.
See Release No.&nbsp;33-8350.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Company&#146;s response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company includes the &#147;Overview&#148; section as a guide for helping users navigate the MD&#038;A section
of the Form 10-K. Therefore, while the Company proposes to modify the Overview section as
discussed below, the Company believes it appropriate to address much of the Staff&#146;s comments in the
section of the MDA entitled &#147;Our Business&#148; rather than the Overview section. In response to the
Staff&#146;s comments, the Company proposes to add the following paragraph to the Overview section and
change the Our Business section of the MDA to substantially the following beginning with the Form
10-Q for the quarter ended February&nbsp;28, 2009:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><U><I>Overview</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>The following sections focus on the key indicators reviewed by management in evaluating our
financial condition and operating performance, including the following:</I>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Revenue generated from providing water and wastewater services;</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Expenses associated with developing our water assets; and</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Cash available to continue development of our water rights and service agreements.</I></TD>
</TR>

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

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><U><I>Our Business</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>Pure Cycle is a water and wastewater service provider that designs, constructs, operates and
maintains water and wastewater systems. We currently provide water services to approximately

&nbsp;_____&nbsp;

single-family-equivalent water connections and
&nbsp;_____&nbsp;

single-family-equivalent wastewater
connections located in the southeastern Denver metropolitan area. We plan to utilize our
significant water assets, which are summarized below, to provide residential/commercial water
and wastewater services to other customers located along the Front Range, principally targeting
the &#147;I-70 corridor&#148; which is located east of downtown Denver and south of the Denver
International Airport. This area is predominately undeveloped and is expected to experience
substantial growth over the next 30&nbsp;years. Our ability to increase our customer base is
dependent on new development in our targeted service area and on our ability to enter into
contracts to deliver water and wastewater service with land owners, land developers, home
builders, and municipalities.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>We own nearly 12,000 acre-feet per year of decreed groundwater and surface water rights in the
Denver area and have the exclusive rights to use, through the year 2081, approximately 16,700
acre-feet per year of decreed groundwater and surface water located at the Lowry Range (defined
in
&nbsp;_____&nbsp;

above/below). In addition to these Denver based assets, we also own approximately
60,000 acre-feet per year of Arkansas River water that is currently being used to irrigate
approximately 17,000 acres of land, owned by the Company in southeastern Colorado, and 70,000
acre-feet of conditionally decreed Colorado River water rights on the western slope of Colorado.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>We contract with land owners, land developers, home builders, cities, and municipalities to
design, construct, operate and maintain water and wastewater systems using our balanced water
portfolio consisting of surface water and groundwater supplies, surface water storage, alluvial
aquifer storage, and reclaimed water supplies. We generate cash flows and revenues by (i)
selling taps (connections)&nbsp;to our water and wastewater systems and/or (ii)&nbsp;monthly service fees
and consumption charges from metered deliveries. Tap fee (connection)&nbsp;charges are a one-time fee
typically paid by developers which are used to recoup the cost of the Company&#146;s water rights and
for construction of the various facilities required to withdraw, store, treat and deliver water
to customers and reclaim, store, treat and deliver treated effluent water to satisfy irrigation
demands. Monthly service fees and consumption charges from metered deliveries of water and
flat monthly fees for wastewater are paid by customers; either homeowners, business owners or
consumers of water and wastewater services. Monthly service fees include (i)&nbsp;base monthly fees,
(ii)&nbsp;monthly metered water usage fees (both potable and irrigation uses which are charged at
different rates) and (iii)&nbsp;other service related fees. During the (NAME PERIODS COVERED BY THE
REPORT), we sold
&nbsp;_____&nbsp;

,
&nbsp;_____&nbsp;

and
&nbsp;_____&nbsp;

water taps, respectively, which generated $
&nbsp;_____&nbsp;

, $
&nbsp;_____&nbsp;

and
$
&nbsp;_____&nbsp;

, during (PERIODS COVERED BY REPORT), respectively. During the (NAME PERIODS COVERED BY
THE REPORT), we sold
&nbsp;_____&nbsp;

,
&nbsp;_____&nbsp;

and
&nbsp;_____&nbsp;

wastewater taps, respectively, which generated $
&nbsp;_____&nbsp;

, $
&nbsp;_____&nbsp;


and $
&nbsp;_____&nbsp;

during (PERIODS COVERED BY REPORT), respectively. We also received $
&nbsp;_____&nbsp;

, $
&nbsp;_____&nbsp;

and
$
&nbsp;_____&nbsp;

from the sale of water and reclaimed water during (PERIODS COVERED BY THE REPORT),
respectively, and we received $
&nbsp;_____&nbsp;

, $
&nbsp;_____&nbsp;

and $
&nbsp;_____&nbsp;

from monthly wastewater service fees
during (PERIODS COVERED BY THE REPORT), respectively. Currently all monthly water and
wastewater fees are generated utilizing our Rangeview Water Supply. See Critical Accounting
Policies below regarding our revenue recognition policies for tap fees and construction fees.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>The water rights we own in the Arkansas River in southeastern Colorado are currently being used
for agricultural purposes on farms that we own, which are being leased to area farmers.
Pursuant to agreements we entered into with High Plains A&#038;M, LLC (&#147;HP A&#038;M&#148;), described in
greater detail in Note
&nbsp;_____&nbsp;

to the accompanying financial statements, the management of these
farm leases is being performed by HP A&#038;M through August&nbsp;31, 2011. After that date, depending on
certain factors described in the accompanying financial statements, HP A&#038;M may extend the
management services agreement, or we may assume management of the farms. Pursuant to the farm
management agreement,</I>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>while HP A&#038;M is managing the leases, HP A&#038;M is responsible for all expenses associated with
maintaining the leases with the exception of the water assessment fees paid to the Fort Lyon
Canal Company (&#147;FLCC&#148;), which are borne by us. The FLCC is the canal that supplies the water to
the farms. As compensation for their farm management responsibilities, HP A&#038;M retains all lease
and other income associated with the farms and the water used thereon.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>Since our Arkansas River water is currently being used for agricultural purposes, in order to
use this water for municipal purposes we must file a change of use application with the Colorado
Water Court. This will likely be a long-term process, which may extend from one to more than
three years, and require a substantial amount of capital for legal and engineering services. If
we successfully change the use of our water rights to include municipal uses, we would then need
to construct a pipeline and other infrastructure to transport the water to the Front Range,
which could cost in excess of $500&nbsp;million. We have not yet filed a change of use application.
However, we are diligently working with local interests to determine the least intrusive method
of transferring water off our farms to serve customers along the Front Range. We are conducting
a rotational crop study program and participating in discussions with area interests including
the Lower Arkansas Valley Super Ditch (&#147;Super Ditch&#148;), which is a group of Arkansas Valley
irrigators that have assembled to study alternatives to traditional &#147;buy and dry&#148; agricultural
to municipal water transfers. See also our Risk Factors for additional information on the risks
associated with a water transfer case and other risks associated with the Arkansas River water.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>Recent Developments:</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><U><I>Lowry Range</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>As described in
&nbsp;_____&nbsp;

above/below, in January&nbsp;2009, Lend Lease Lowry Range LLC
withdrew as the developer for the Development Parcel of the Lowry Range. We continue to work
with the Land Board to develop the Lowry Range water assets for customers located on and off the
Lowry Range using the Lowry Range&#146;s surface and groundwater supplies in conjunction with a water
management program to provide state-of-the-art, environmentally sensitive, sustainable water and
wastewater services, at commercially reasonable rates. During the past twenty years we have
been a dedicated partner with the Land Board in the pursuit of development opportunities at the
Lowry Range and we continue to invest in and expand our capabilities to provide water and
wastewater services to the Lowry Range. Despite Lend Lease&#146;s withdrawal, our agreements with
the District and the Land Board remain intact and we remain the exclusive water service provider
to 24,000 acres of the Lowry Range. The Land Board continues to own the property and has stated
they would like to continue to implement their three part vision for the Lowry Range which
includes development, conservation, and water resource development. We look forward to
continuing to work with the Land Board on these important and valuable assets. See Risk Factors
above for further discussion of the Lowry Range.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><U><I>Sky Ranch</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>As reported in
&nbsp;_____&nbsp;

above/below, in 2007 the developer of Sky Ranch filed for Chapter
11 bankruptcy protection. We have filed claims with the bankruptcy court related to the water
service agreements and groundwater purchase agreement, and the Sky Ranch development is subject
to foreclosure by a bank holding a security interest in the development. Until these matters
are resolved, we will not be able to sell taps or water at Sky Ranch. The timing of the
resolution of these matters is not with our control and is not predictable. For further
information see Risk Factors above.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Critical Accounting Policies, page 24</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you have removed the discussion of critical accounting policies seen in your
previous Forms 10-K and replaced this disclosure with a reference to Note 2 to your financial
statements. As noted in Section&nbsp;V of our Release No.&nbsp;33-8350, the Management&#146;s Discussion and
Analysis should</B></TD>
</TR>

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


</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><B>supplement, not duplicate the description of accounting policies that are already disclosed in
the notes to the financial statements. The disclosure should provide greater insight into the
quality and variability of information regarding financial condition and operating performance.
While accounting policy notes in the financial statements generally describe the method used to
apply an accounting principle, the discussion in Management&#146;s Discussion and Analysis should
present a company&#146;s analysis of the uncertainties involved in applying a principle at a given
time or the variability that is reasonably likely to result from its application over time.
Therefore, in future filings, please:</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Revise your critical accounting policies to specifically identify your accounting
estimates or assumptions where the nature of the estimates or assumptions is material due
to the levels of subjectivity and judgment necessary to account for highly uncertain
matters or the susceptibility of such matters to change, and where the impact of those
estimates and assumptions on financial condition or operating performance is material.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Focus your disclosure on the assumptions and uncertainties that underlie your critical
accounting estimates, including such factors as how you arrived at the estimate(s), how
accurate the estimate/assumption has been in the past, how much the estimate/assumption has
changed in the past, and whether the estimate/assumption is reasonably likely to change in
the future.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Disclose each critical accounting policy&#146;s sensitivity to change, based on other
outcomes that are reasonably likely to occur. The impact of such reasonably likely changes
should be quantified if it would have a material effect on your financial statements.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Company&#146;s response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company will update its critical accounting policies beginning with the Form 10-Q for the
quarter ended February&nbsp;28, 2009. The Company proposes to include the following disclosures:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America (&#147;GAAP&#148;) requires management to make estimates and
assumptions about future events that affect the amounts reported in the financial statements and
accompanying notes. Future events and their effects cannot be determined with absolute
certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual
results inevitably will differ from those estimates, and such differences may be material to the
financial statements.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>The most significant accounting estimates inherent in the preparation of our financial
statements include estimates associated with the timing of revenue recognition, the impairment
analysis of our water rights, management&#146;s valuation of the Tap Participation Fee, and
stock-based compensation. Below is a summary of these critical accounting policies.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>Revenue Recognition</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>Our revenues consist mainly of tap fees and monthly service fees. In accordance with applicable
GAAP, as detailed in our 2008 Annual Report on </I><I>Form 10-K</I><I>, proceeds from tap sales are deferred
upon receipt and recognized in income based on whether we own or do not own the facilities
constructed with the proceeds. Tap fees derived from agreements for which we construct
infrastructure the customer will own are recognized in accordance with Statement of Position 81-1 &#147;Accounting for Performance of
Construction-Type and Certain Production-Type Contracts&#148; (&#147;SOP 81-1&#148;), whereby we recognize tap
fees as revenue and costs of construction based on the percentage-of-completion method. The
percentage-of-completion method requires management to estimate the percent of work that is
completed</I>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>on a particular project, which could change materially throughout the duration of the
construction period and result in significant fluctuations in revenue recognized during the
reporting periods throughout the construction process. During the periods covered by this
report, we recognized $
&nbsp;_____&nbsp;

, $
&nbsp;_____&nbsp;

and $
&nbsp;_____&nbsp;

of tap fee revenues pursuant to SOP 81-1.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>Tap fees derived from agreements for which we own the infrastructure are recognized in
accordance with Staff Accounting Bulletin No.&nbsp;104 &#147;Revenue Recognition&#148; (&#147;SAB 104&#148;), whereby the
up-front fees are recognized as revenue ratably over the estimated service life. Although the
cash will be received up-front, and most construction will be completed within one year of
receipt of the proceeds, revenue recognition may occur over 30&nbsp;years or more. Management is
required to estimate the service life and currently the service life of the tap fees is based on
the estimated useful life of the assets constructed with the tap fees. The &#147;useful life&#148; of the
asset is based on management&#146;s estimation of an accounting based useful life and may not have
any correlation to the actual life of the asset or the actual service life of the tap. This is
deemed a reasonable recognition life of the revenues because the depreciation of the assets
constructed generating those revenues will be matched with the revenues.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>Impairment of Water Assets and Other Long-Lived Assets</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>In accordance with Statement of Financial Accounting Standard No.&nbsp;144, &#147;Accounting for the
Impairment or Disposal of Long-Lived Assets&#148; (&#147;SFAS 144&#148;), we review our long-lived assets for
impairment at least annually or whenever management believes events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. We measure recoverability
of assets to be held and used by a comparison of the carrying amount of an asset to estimated
future undiscounted net cash flows we expect to be generated by the eventual use of the asset.
If such assets are considered to be impaired and therefore the costs of the assets deemed to be
unrecoverable, the impairment to be recognized would be the amount by which the carrying amount
of the assets exceeds the estimated fair value of the assets.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>We report assets to be disposed of at the lower of the carrying amount or fair value less costs
to sell.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><U><I>Our Front Range and Arkansas River Water Rights</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>We determine the undiscounted cash flows for our Denver based assets and the Arkansas River
Valley assets by estimating tap sales to potential new developments in our service area and
along the Front Range, using estimated future tap fees less estimated costs to provide water
services, over an estimated development period. Actual new home development in our service
area and the Front Range, actual future tap fees, and actual future operating costs, inevitably
will vary from our estimates which could have a material impact on our financial statements as
well as our results of operations. We last performed an impairment analysis as of August&nbsp;31,
2008, and determined that our Rangeview and Arkansas River water assets were not impaired and
their costs were deemed recoverable in accordance with SFAS 144. Our impairment analysis is
based on development occurring within areas that we have service agreements (e.g. Sky Ranch and
the Lowry Range) as well as surrounding areas including the Front Range, and the I-70 corridor.
Although the withdrawal of the Lowry Range developer, the Sky Ranch bankruptcy filing, and
accounting for changes in the housing market throughout the Front Range have delayed our
estimated tap sale projections, they do not alter our water ownership structure nor service
obligation to these properties. We anticipate updating our impairment analysis as of August
31, 2009 unless other events or circumstances warrant an update prior to that planned update.</I>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><U><I>Our Paradise Water Rights</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>Every six years the Paradise Water Supply is subject to a Finding of Reasonable Diligence review
by the water court and the State Engineer. For a favorable finding, the water court must
determine that we continue to diligently pursue the development of the water rights. 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. The most recent
diligence review was started in our fiscal 2005 and was completed in 2008, but not without
objectors and not without us having to agree to certain stipulations to remove the objections.
In order to continue to maintain the Paradise water right, over the next six years we must (i)
select an alternative reservoir site; (ii)&nbsp;file an application in Water Court to change the
place of storage; (iii)&nbsp;identify specific end users and place(s) of use of the water; and (iv)
identify specific source(s) of the water rights for use. We fully intend to meet the
stipulations by the date of the next diligence review.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>For our Paradise Water Supply, we determined the undiscounted cash flows by estimating the
proceeds we could derive from the leasing of the water rights to commercial, industrial, and
agricultural users along the western slope of Colorado, and based on the impairment analysis we
completed pursuant to SFAS 144 as of August&nbsp;31, 2008, we believe the Paradise Water Supply is
not impaired and the costs are deemed recoverable. We anticipate updating our impairment
analysis as of August&nbsp;31, 2009 unless other events or circumstances warrant an update prior to
that planned update.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>Tap Participation Fee</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>On August&nbsp;31, 2006, we acquired 60,000 acre-feet of Arkansas River water along with
approximately 17,000 acres of real property and other associated rights from HP A&#038;M. Along with
common stock issued to HP A&#038;M, we agreed to pay HP A&#038;M 10% (this may increase to 20% under
circumstances described in Note
&nbsp;_____&nbsp;

to the accompanying financial statements) of our tap fees
on the sale of the next 40,000 water taps, of which
&nbsp;_____&nbsp;

water taps remain to be paid as of
(DATE OF REPORT). The Tap Participation Fee is payable when we sell water taps and receive
funds from such water tap sales or other dispositions of property purchased in the HP A&#038;M
acquisition. The Tap Participation Fee liability is valued by estimating new home development
in the Company&#146;s service area over an estimated development period. This was done by utilizing
third party historical and projected housing and population growth data for the Denver
metropolitan area applied to an estimated development pattern supported by historical
development patterns of certain master planned communities in the Denver metropolitan area.
This development pattern was then applied to estimated future water tap fees determined by
using historical water tap fee trends. Based on updated new home activity in the Denver
metropolitan area, we updated the estimated discounted cash flow analysis at
&nbsp;_____&nbsp;

.. Actual
new home development in our service area and actual future tap fees inevitably will vary
significantly from our estimates which could have a material impact on our financial statements
as well as our results of operations. An important component in the Company&#146;s impairment
analysis, which is based on historical trends, is that the Company reasonably expects water tap
fees to continue to increase in the coming years. Tap fees are a market based pricing metric
which in part demonstrates the increasing costs to acquire new water supplies, thus a market
metric which in part demonstrates the increasing value of the Company&#146;s water assets. We
continue to assess the value of the Tap Participation Fee liability whenever events or
circumstances indicate the assumptions used to estimate the value of the liability have changed
materially. The difference between the net present value and the estimated realizable value
will be imputed as interest expense using the effective interest method over the estimated
development period utilized in the valuation of the Tap Participation Fee.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>Obligations Payable by HP A&#038;M</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>Certain of the properties we acquired pursuant to the Arkansas River Agreement are subject to
outstanding promissory notes with principal and accrued interest totaling approximately $
&nbsp;_____&nbsp;


million at (DATE OF REPORT). These notes are secured by deeds of trust on the properties. We
did not assume any of these promissory notes and are not responsible for making any of the
required payments under these notes. This responsibility remains solely with HP A&#038;M. However,
in the event of default by HP A&#038;M,</I>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>we may make payments on any or all of the notes and cure any
or all defaults. If we do not cure the defaults, we will lose the properties securing the
defaulted notes. If HP A&#038;M defaults on the promissory notes, we can foreclose on a defined
amount of Pure Cycle stock issued to HP A&#038;M being held in escrow and reduce the Tap
Participation Fee by two times the amount of notes defaulted on by HP A&#038;M. Although the
likelihood of HP A&#038;M defaulting on the notes is deemed remote, which is the primary reason these
notes are not reflected on our balance sheet, we continue to monitor the status of the notes for
any indications of default. We are not aware of any defaults by HP A&#038;M as of (DATE OF REPORT).</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>Stock based compensation</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 2%"><I>We recognize stock-based compensation expense pursuant to Statement of Financial Accounting
Standard No.&nbsp;123 (revised 2004), &#147;Share Based Payment&#148; (&#147;SFAS 123(R)&#148;). SFAS 123(R) requires
companies to estimate the fair value of share-based payment awards on the date of grant using an
option-pricing model and to expense the fair value over the vesting period of the grant. The
fair value of share-based payments requires management to estimate/calculate various inputs such
as the volatility of the underlying stock, the expected dividend rate, the estimated forfeiture
rate and an estimated life of each option. These assumptions are based on historical trends and
estimated future actions of option holders and may not be indicative of actual events which may
have a material impact on our financial statements.</I>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Based on your current disclosures, and given your history of operating losses and cash used
by operating activities, it is unclear to us how you determined that your investments in water
and water systems assets were not impaired at August&nbsp;31, 2008. To assist us in understanding
this matter, please respond to the following comments, separately addressing each water asset
group seen in Note 3 to your financial statements in your response:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please tell us when you last performed an impairment test under SFAS 144. If you did
not perform an impairment test in either fiscal 2008 or thus far in fiscal 2009, please
provide us with a detailed explanation of how you determined such testing was not required
based on the guidance in paragraph 8 of SFAS 144. In this regard, we assume that your
history of operating and cash flow losses, along with recent negative developments such as
the Sky Ranch developer&#146;s bankruptcy filing and the withdrawal of the Lowry Range
developer, would indicate that regular impairment testing was needed to support any
assumption of recoverability of your water assets.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please provide us with copies of your fiscal 2008 and 2009 impairment tests for your
water assets. Your response should include a narrative explanation of the significant
assumptions used in your analysis and why you believe your assumptions are reasonable,
including any assumptions of additional development of land or creation of new customers
beyond what currently exists and the expected timing of these future events. In this
regard, we read in Note 3 that that Arkansas River water, Paradise water supply and Sky
Ranch water supply assets have not yet been placed into service. You should also
specifically address the impact of the Sky Ranch developer&#146;s bankruptcy filing and the
withdrawal of the Lowry Range developer, if any, on your analysis.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please explain to us whether and how you have changed the assumptions used in your
impairment tests during the periods covered by your </B><B>Form 10-K</B><B> and thus far in fiscal 2009.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please ensure that you address the recoverability of your water assets in your critical
accounting policies, including explaining the significant assumptions underlying your
expectation of recoverability and the sensitivity of such assumptions to change. Given that
your water assets comprised 94% of your total assets at August&nbsp;31, 2008, we believe it is
vital that you clearly explain to your investors the uncertainties and assumptions
associated with the recoverability of these assets.</B></TD>
</TR>

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


</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Company&#146;s response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As disclosed in our filings, the Company tests its water assets for impairment in accordance with
SFAS 144 at least annually or whenever events or circumstances indicate impairment exists. The
Company&#146;s latest impairment analysis was performed as of August&nbsp;31, 2008.
Because the analysis was prepared as an internal memo to support management&#146;s
conclusions for its auditors, it is not in an appropriate format for public disclosure.
Additionally, the analysis contains revenue projections and strategic business planning
information.  Therefore, we respectfully request permission to provide this information
supplementally to the Staff in a paper filing and that such information be returned to
the Company upon completion of the Staff&#146;s review pursuant to rule 12b-4 of the
Securities Exchange Act of 1934.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s water service agreements at the Lowry Range and Sky Ranch are tied to the properties
and not to specific developers. The developer&#146;s withdrawal from a development agreement between it
and the State Land Board has no impact on our lease agreement with the State Land Board to provide
water service to the Lowry Range, nor does it change the fact that the Company has exclusive rights
to use approximately 30,000 acre-feet of water derived from the Lowry Range to service customers
both on and off the Lowry Range. Our water service agreements with the State Land Board remain in
effect and we remain ready to provide water and wastewater services to customers on the Lowry
Range.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Similar to the Lowry Range, our service agreements with the Sky Ranch property are recorded
interests which run with the property. There is a risk that our agreements may not be upheld,
notwithstanding the fact that they are recorded against the property. However, this risk is
mitigated by the fact that water is a valuable and limited resource in the region, property owners
must demonstrate they have binding commitments which secure water service to their property prior
to being considered for a change in land use. Additionally the Sky Ranch bankruptcy has no impact
on the Company&#146;s water ownership or ability to supply water to the property. The Company has the
capacity to service approximately 180,000 connections using its Front Range water assets and the
Arkansas River water. Sky Ranch is a proposed 4,800 unit development which represents less than 3%
of our overall water portfolio service capacity. Accordingly, we do not consider events at Sky
Ranch to be material events warranting an impairment update. Further, the $100,000 of water
purchased from Sky Ranch, although located beneath the property, can be used by the Company
elsewhere if Sky Ranch is not developed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As you will see in the Company&#146;s response to the Staff&#146;s question 3 above, the Company proposes to
enhance its impairment disclosures to address these items more effectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In addition, the Colorado housing market has continued to show signs of weakness much like other
major metropolitan markets in the US. Our forecasts in August&nbsp;31, 2008 factored this into our
impairment analysis and our updated Tap Participation Fee analysis. The result of the weakening
housing market had the effect of delaying proposed tap sales which, relative to the value of the
water rights, had a minimal impact on the overall valuation of the TPF and had no impact on the
impairment analysis. In addition, in conducting its impairment analysis, the Company has
reasonably assumed, based on historical trends, that water tap fees will continue to increase over
the coming years. Tap fees are a market based pricing metric which in part demonstrates the
increasing costs to acquire new water supplies, thus a market metric which in part demonstrates the
increasing value of the Company&#146;s water assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Results of Operations, page 25</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your presentation of general and administrative expenses less SFAS l23R expenses on
page 26. As this is a non-GAAP measure, please revise to comply with </B><B>Item 10(e)</B><B> of Regulation
S-K and the related guidance in our Frequently Asked Questions Regarding the Use of Non-GAAP
Financial Measures, available on our website at </B><U><B>www.sec.gov/divisions/corpfin/faqs/nongaapfaq.htm</B></U><B>.
Please show us what your revisions will look like. Please also apply this comment to your Forms 10-Q and 8-K, as applicable.</B></TD>
</TR>

</TABLE>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Company&#146;s response
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company will remove the table which presents this non-GAAP measure beginning with our Form 10-Q
for the period ended February&nbsp;28, 2009.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your tabular presentation of non-GAAP net loss and non-GAAP net loss per share and
the related narrative disclosure on page 28. Please tell us, and explain to your readers in
more detail, how management uses this measure. Specifically, please clarify whether
management uses this measure to evaluate liquidity or performance.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If this is a liquidity measure, explain to us in detail how this complies with Item
1</B><B>0(e)</B><B> of Regulation&nbsp;S-K. In this regard, your reference to excluding items that do not
require the use of current assets implies that this is a liquidity measure; however, the
items you are excluding do not appear allowable under Item&nbsp;</B><B>10(e)(ii)</B><B>(A) of Regulation&nbsp;S-K.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If this is a performance measure, please explain in better detail the context in which
management uses this measure and why you think it is useful to exclude items that do not
require the use of current assets when measuring performance. Your current disclosure
implies that the measure is used to analyze financial results and allocate resources, but
this disclosure should be revised to be more specific.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Additionally, given your statement that you are excluding items that do not require the use of
current assets, please better explain why you have not excluded all items that do not require the
use of current assets. For example, most of the items classified as non-operating in your statement
of operations do not require the use of current assets, and depreciation and depletion do not
require the use of current assets. Your current explanation of what you are excluding and why may
be confusing to your readers. Please also apply this comment to your Forms 10-Q and 8-K, as
applicable.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Company&#146;s Response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company will remove the non-GAAP presentation beginning with our Form 10-Q for the period ended
February&nbsp;28, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Item&nbsp;9A. Controls and Procedures. page 61</B></U><BR>
<U><B>Evaluation of Disclosure Controls and Procedures, page 61</B></U>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise this section to state the conclusions of your principal executive and principal
financial officer regarding the effectiveness of your disclosure controls and procedures as of
the end of the period covered by the report. See Item&nbsp;307 of Regulation&nbsp;S-K. Similarly, we
note that your principal executive and principal financial officer have not made a conclusion
as to the effectiveness of your disclosure controls and procedures in your </B><B>Form 10-Q</B><B> for the
quarter ended November&nbsp;30, 2008. Please revise.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Company&#146;s response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company is proposing to change its disclosure regarding the effectiveness of its disclosure
controls and procedures beginning with the February&nbsp;28, 2009 Form 10-Q, to the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>We maintain disclosure controls and procedures that are designed to ensure that information
required to be disclosed in our reports filed or submitted to the SEC under the Securities
Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the
time periods</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>
specified by the Commission&#146;s rules and forms, and that information is
accumulated and communicated to management, including the principal executive and financial
officer as appropriate, to allow timely decision regarding required disclosures. The
President and Chief Financial Officer evaluated the effectiveness of disclosure controls and
procedures as of (DATE OF REPORT), pursuant to Rule&nbsp;13a-</I><I>15(b)</I><I> under the Exchange Act. Based
on that evaluation, the President and Chief Financial Officer concluded that, as of the end
of the period covered by this report, the Company&#146;s disclosure controls and procedures were
effective. A system of controls, no matter how well designed and operated, cannot provide
absolute assurance that the objectives of the system of controls are met, and no evaluation
of controls can provide absolute assurance that all control issues and instances of fraud,
if any, within a company have been detected.</I>
</DIV>


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

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




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Definitive Proxy Statement on Schedule&nbsp;14A</B></U><BR>
<U><B>Compensation of the Company&#146;s President, page 10</B></U>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your president is eligible for an annual incentive bonus and long-term stock
incentives. Please revise to discuss how the company determines the amount of each element of
compensation. If the company uses a formula to determine the amounts, please disclose this.
See </B><B>Item 402(b)</B><B> of Regulation&nbsp;S-K.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Company&#146;s response
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company does not currently use a formula to determine the amount of each element of
compensation for the President. The compensation mix for the President is done at the discretion
of the Compensation Committee. To clarify this, the Company proposes adding the following lead-in
paragraph to the Company&#146;s compensation disclosure in its 2010 Proxy Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>The compensation package for the Company&#146;s President may be comprised of a base salary,
incentive bonus and long-term stock incentives. The Compensation Committee does not utilize
a specific formula as the basis for determining the President&#146;s compensation package.
Instead, the elements of the President&#146;s compensation package are at the discretion of the
Compensation Committee.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If you have any comments or questions regarding this letter, please call the undersigned at
303-292-3456.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Mark W. Harding
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Mark W. Harding&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">cc: Wanda J. Abel, Davis, Graham &#038; Stubbs, LLP<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael F. Filkoski, GHP Horwath P.C.

</DIV>


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

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




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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
