<SEC-DOCUMENT>0001193125-12-012010.txt : 20120113
<SEC-HEADER>0001193125-12-012010.hdr.sgml : 20120113
<ACCEPTANCE-DATETIME>20120113163403
ACCESSION NUMBER:		0001193125-12-012010
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20111130
FILED AS OF DATE:		20120113
DATE AS OF CHANGE:		20120113

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:			CO
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08814
		FILM NUMBER:		12527028

	BUSINESS ADDRESS:	
		STREET 1:		500 E 8TH AVE
		CITY:			DENVER
		STATE:			CO
		ZIP:			80203
		BUSINESS PHONE:		3032923456

	MAIL ADDRESS:	
		STREET 1:		500 E 8TH AVE
		CITY:			DENVER
		STATE:			CO
		ZIP:			80203
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>d281734d10q.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML><HEAD>
<TITLE>FORM 10-Q</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>Form 10-Q
</B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Mark One) </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B><U></U></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#254;</FONT><B></B><B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></P></TD></TR></TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>For the quarterly period ended: November&nbsp;30, 2011 </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>or </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Commission file number 0-8814 </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>PURE CYCLE CORPORATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of registrant as specified in its charter) </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Colorado</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>84-0705083</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction of</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>incorporation or organization)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(I.R.S. Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification Number)</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1490 Lafayette Street, Suite 203,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Denver, CO</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>80218</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(303) 292 &#150; 3456 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Registrant&#146;s telephone number, including area code) </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Former name,
former address and former fiscal year, if changed since last report) </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by
check mark whether the registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to
file such reports), and (2)&nbsp;has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files). &nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>


<TR>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Large&nbsp;accelerated&nbsp;filer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accelerated&nbsp;filer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Non-accelerated filer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;(Do not check if a smaller reporting company)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Smaller&nbsp;reporting&nbsp;company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#254;</FONT></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the registrant is a shell company filer (as defined in Rule 12b-2 of the Exchange
Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#254;</FONT> </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Indicate the number of shares outstanding of each of the issuer&#146;s classes of common stock, as of January&nbsp;6, 2011: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:124pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Common stock, 1/3 of $.01 par value</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:36pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>24,037,596</B></FONT></P></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Class)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Number&nbsp;of&nbsp;Shares)</FONT></TD></TR>
</TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">INDEX TO NOVEMBER 30, 2011 FORM 10-Q </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="98%"></TD>
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<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Page</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


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<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PART I &#150; FINANCIAL INFORMATION</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
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<TD HEIGHT="13" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Item&nbsp;1 &#150; Financial Statements (unaudited)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx281734_1">Balance Sheets: November&nbsp;30, 2011 and August&nbsp;31, 2011</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx281734_2">Statements of Operations: For the three months ended November&nbsp;30, 2011 and 2010</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx281734_3">Statements of Cash Flows: For the three months ended November&nbsp;30, 2011 and 2010</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx281734_4">Notes to Financial Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx281734_5">Item&nbsp;
2 &#150; Management&#146;s Discussion and Analysis of Financial Conditionand Results of Operations</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx281734_6">Item&nbsp;3 &#150; Quantitative and Qualitative Disclosures About Market Risk</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx281734_7">Item&nbsp;4 &#150; Controls and Procedures</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A HREF="#tx281734_8">PART II &#150; OTHER INFORMATION</A></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx281734_9">Item&nbsp;1 &#150; Legal Proceedings</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx281734_10">Item&nbsp;6 &#150; Exhibits</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#tx281734_11">Signature Page</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A NAME="tx281734_1"></A>BALANCE SHEETS </FONT></P>
 <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>November&nbsp;30,&nbsp;2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>August&nbsp;31, 2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(unaudited)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ASSETS:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Current assets:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">350,092</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">71,795</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Marketable securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,852,703</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,588,535</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trade accounts receivable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">72,627</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">98,484</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Prepaid expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">157,545</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">242,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Current portion of construction proceeds receivable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64,783</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64,783</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total current assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,497,750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,065,597</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investments in water and water systems, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106,406,747</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106,472,051</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sky Ranch land and improvements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,772,314</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,743,305</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Construction proceeds receivable, less current portion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">283,955</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">292,493</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Note receivable&#151;related party:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rangeview Metropolitan District, including accrued interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">534,874</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">531,873</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,723</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,333</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">115,512,363</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">116,122,652</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LIABILITIES:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Current liabilities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">67,761</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">69,330</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accrued liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">117,377</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">118,649</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deferred revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deferred oil and gas lease payment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">414,480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">414,480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total current liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">655,418</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">658,259</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deferred revenues, less current portion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,320,550</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,334,503</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deferred oil and gas lease payment, less current portion</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">535,370</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">638,990</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Participating Interests in Export Water Supply</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,211,495</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,212,232</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tap Participation Fee payable to HP A&amp;M, net of $54.8 million and $48.2 million discount, respectively</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">65,792,310</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64,988,329</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">69,515,143</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">68,832,313</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Commitments and contingencies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SHAREHOLDERS&#146; EQUITY:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred stock:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Series B&#151;par value $.001 per share, 25&nbsp;million shares authorized; 432,513 shares issued and outstanding (liquidation
preference of $432,513)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">433</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">433</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common stock:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Par value 1/3 of $.01 per share, 40&nbsp;million shares authorized; 24,037,596 shares outstanding both periods
presented</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">80,130</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">80,130</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additional paid-in capital</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,242,795</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,176,607</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accumulated comprehensive loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(475</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,903</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accumulated deficit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(57,325,663</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(55,963,928</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total shareholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">45,997,220</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">47,290,339</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total liabilities and shareholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">115,512,363</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">116,122,652</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">See Accompanying Notes to Financial Statements </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A NAME="tx281734_2"></A>STATEMENTS OF OPERATIONS </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(unaudited) </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Three&nbsp;months&nbsp;ended&nbsp;November&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Revenues:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Metered water usage</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,561</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36,316</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wastewater treatment fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,047</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,719</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Recognition of deferred revenues:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Special Facility funding</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,377</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,377</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Water tap fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,574</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,574</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">67,559</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">67,986</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Expenses:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Water service operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(19,121</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14,555</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wastewater service operations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,930</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4,810</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depletion and depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(22,127</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(22,131</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total cost of revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(47,178</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(41,496</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gross margin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20,381</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,490</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">General and administrative expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(599,501</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(421,470</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depreciation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(53,472</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(53,073</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(632,592</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(448,053</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other income (expense):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oil and gas lease</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,620</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,787</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,850</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,490</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest imputed on the Tap Participation Fee payable to HP A&amp;M</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(851,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(940,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest expense on Convertible Note&#151;related party</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(91,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,361,735</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,460,813</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss per common share&#151;basic and diluted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.07</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Weighted average common shares outstanding&#151;basic and diluted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24,037,596</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,466,277</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">See Accompanying Notes to Financial Statements </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A NAME="tx281734_3"></A>STATEMENTS OF CASH FLOWS </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(unaudited) </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Three&nbsp;months&nbsp;ended&nbsp;November&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash flows from operating activities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,361,735</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,460,813</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Adjustments to reconcile net loss to net cash used for operating activities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Imputed interest on Tap Participation Fee payable to HP A&amp;M</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">851,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">940,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depreciation, depletion and other non-cash items</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">77,256</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">76,365</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stock-based compensation expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18,769</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,380</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest expensed on Convertible Note&#151;Related Party</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest added to construction proceeds receivable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,161</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,056</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest added to note receivable&#151;related party:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rangeview Metropolitan District</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,001</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,002</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Changes in operating assets and liabilities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trade accounts receivable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25,857</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4,904</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest receivable and prepaid expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">84,455</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">84,406</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accounts payable and accrued liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,841</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,981</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deferred revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(13,953</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(13,950</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deferred income on oil and gas lease</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(103,620</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net cash used by operating activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(432,574</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(265,593</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash flows from investing activities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sales and maturities of marketable securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,164,511</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">767,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investments in water, water systems and land</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(38,975</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,703,933</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Purchase of marketable securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(426,251</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,829,349</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net cash provided (used) by investing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">699,285</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9,766,282</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash flows from financing activities:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Arapahoe County construction proceeds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,699</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,699</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Payments to contingent liability holders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,113</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net proceeds from sale of common stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,426,606</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Issuance of Convertible Note&#151;Related Party</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net cash provided by financing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,586</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,639,005</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net change in cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">278,297</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">607,130</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash and cash equivalents&#151;beginning of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">71,795</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,017</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash and cash equivalents&#151;end of year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">350,092</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">619,147</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">See Accompanying Notes to Financial Statements </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A NAME="tx281734_4"></A>NOTES TO FINANCIAL STATEMENTS </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOVEMBER 30, 2011 </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 1 &#150; PRESENTATION OF INTERIM INFORMATION </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The November&nbsp;30, 2011 balance sheet, the statements of operations for the three months ended November&nbsp;30,
2011 and 2010, and the statements of cash flows for the three months ended November&nbsp;30, 2011 and 2010, respectively, have been prepared by Pure Cycle Corporation (the &#147;Company&#148;) and have not been audited. In the opinion of management,
all adjustments, necessary to present fairly the financial position, results of operations and cash flows at November&nbsp;30, 2011, and for all periods presented have been made appropriately. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles
generally accepted in the United States of America (&#147;GAAP&#148;) have been condensed or omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the
Company&#146;s 2011 Annual Report on Form 10-K (the &#147;2011 Annual Report&#148;) filed with the Securities and Exchange Commission (the &#147;SEC&#148;) on November&nbsp;14, 2011. The results of operations for interim periods presented are not
necessarily indicative of the operating results for the full fiscal year. The August&nbsp;31, 2011 balance sheet was taken directly from the Company&#146;s audited financial statements. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Use of Estimates. </I></B>The preparation of financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Cash and cash equivalents. </I></B>The Company considers all highly liquid
instruments with original maturities of three months or less when acquired, to be cash equivalents. The Company had no cash equivalents at November&nbsp;30, 2011 or August&nbsp;31, 2011. The Company maintains its cash balances at a high quality
financial institution in accounts which are federally insured. At November&nbsp;30, 2011, the Company&#146;s main operating account exceeded federally insured limits by $247,000. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Financial Instruments &#150; Concentration of Credit Risk and Fair Value. </I></B>Financial instruments that potentially subject
the Company to concentrations of credit risk consist primarily of cash equivalents and marketable securities. The Company places its cash with high credit-quality financial institutions. At no time during the three months ended November&nbsp;30,
2011, did the Company&#146;s marketable securities exceed federally insured limits. From time-to-time the Company places its cash in money market instruments, commercial paper obligations, corporate bonds and US government treasury obligations. To
date, the Company has not experienced significant losses on any of these investments. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following methods and assumptions
were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Current
Assets and Liabilities </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The amounts reported on the balance sheets for cash and cash equivalents, trade receivables, and
trade payables approximate their fair values because of the short maturity of these instruments. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The amounts reported on the
balance sheets for marketable securities are the fair values of the instruments as reported by the financial institutions where the funds are held at November&nbsp;30, 2011 and August&nbsp;31, 2011. The Company has accumulated net unrealized losses
totaling $500 and $2,900 as of November&nbsp;30, 2011 and August&nbsp;31, 2011, respectively. These securities include only federally insured certificates of deposit and the unrealized losses are a result of changes in interest rates in the market.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Notes Receivable and Construction Proceeds Receivable </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The amounts reported on the balance sheets for the Company&#146;s notes receivable and construction proceeds receivable approximate their fair values as they bear interest at rates which are comparable to
current market rates. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTES TO FINANCIAL STATEMENTS </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOVEMBER 30, 2011 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Long-term Financial Liabilities </I></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Comprehensive Amendment Agreement No.&nbsp;1 (the &#147;CAA&#148; as defined in Note 4 below) is comprised of a recorded balance and
an off-balance sheet or &#147;contingent&#148; obligation. The amount payable is a fixed amount but is repayable only upon the sale of &#147;Export Water&#148; (defined in Note 4 to the 2011 Annual Report). Because of the uncertainty of the sale of
Export Water, the Company has determined that the contingent portion of the CAA does not have a determinable fair value. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
recorded balance of the &#147;Tap Participation Fee&#148; liability (as described below and in Note 4) is its estimated fair value determined by projecting new home development in the Company&#146;s targeted service area over an estimated
development period. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Tap Participation Fee.</I></B> This note should be read in conjunction with Note 4 below. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the Asset Purchase Agreement (the &#147;Arkansas River Agreement&#148;) dated May&nbsp;10, 2006, the Company is obligated to
pay High Plains A&amp;M, LLC (&#147;HP A&amp;M&#148;) a defined percentage of a defined number of water tap fees the Company receives after the date of the Arkansas River Agreement. The Tap Participation Fee is due and payable once the Company has
sold a water tap and received the consideration due for such water tap. The Company did not sell any water taps during the three months ended November&nbsp;30, 2011 or 2010. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company imputes interest expense on the unpaid Tap Participation Fee using the effective interest method over an estimated period which is utilized in the valuation of the liability. The Company
imputed interest of $851,400 and $940,000 during the three months ended November&nbsp;30, 2011 and 2010, respectively. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">During
the three months ended November&nbsp;30, 2011, the Company allocated $47,400 to the Tap Participation Fee liability and to additional paid in capital (due to HP A&amp;M being deemed a related party). This is the equivalent of 11 water taps. The
allocation was made pursuant to the Arkansas River Agreement and was based on the &#147;Net Revenues&#148; (defined in Note 4 below) earned by HP A&amp;M related to the farm leasing operations which are described in greater detail in Note 4 to the
2011 Annual Report. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">At November&nbsp;30, 2011, there remain 19,458 water taps subject to the Tap Participation Fee. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Revenue Recognition. </I></B>The Company&#146;s revenue recognition policies have not changed since August&nbsp;31, 2011, and are
more fully described in Note 2 to the 2011 Annual Report. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In August 2005, the Company entered into the Water Service
Agreement (the &#147;County Agreement&#148;) with Arapahoe County (the &#147;County&#148;). In fiscal 2006, the Company began recognizing water tap fees as revenue ratably over the estimated service period upon completion of the &#147;Wholesale
Facilities&#148; (defined in the 2011 Annual Report) constructed to provide service to the County. The Company recognized $3,600 of water tap fee revenues during each of the three months ended November&nbsp;30, 2011 and 2010, respectively. The water
tap fees to be recognized over this period are net of the royalty payments to the State of Colorado Board of Land Commissioners (the &#147;Land Board&#148;) and amounts paid to third parties pursuant to the CAA as further described in Note 4 below.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company recognized $10,400 of &#147;Special Facilities&#148; (defined in the 2011 Annual Report) funding as revenue
during each of the three months ended November&nbsp;30, 2011 and 2010, respectively. This is the ratable portion of the Special Facilities funding proceeds received from the County pursuant to the County Agreement as more fully described in Note 4
to the 2011 Annual Report. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of November&nbsp;30, 2011, the Company has deferred recognition of $1.4 million of water tap
and construction fee revenue from the County, which will be recognized as revenue ratably over the estimated useful accounting life of the assets constructed with the construction proceeds as described above. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Royalty and other obligations. </I></B>Revenues from the sale of Export Water are shown net of royalties payable to the Land Board.
Revenues from the sale of water on the &#147;Lowry Range&#148; (described in Note 4 to the 2011 Annual Report) are shown net of the royalties to the Land Board and the amounts retained by the Rangeview Metropolitan District (the
&#147;District&#148;). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTES TO FINANCIAL STATEMENTS </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOVEMBER 30, 2011 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Oil and Gas Lease Payments. </I></B>As further described in Note 2 to the 2011
Annual Report, on March&nbsp;10, 2011, the Company entered into a Paid-Up Oil and Gas Lease (the &#147;O&amp;G Lease&#148;) and a Surface Use and Damage Agreement (the &#147;Surface Use Agreement&#148;) with Anadarko E&amp;P Company, L.P.
(&#147;Anadarko&#148;) a wholly owned subsidiary of Anadarko Petroleum Company. Pursuant to the O&amp;G Lease, during the year ended August&nbsp;31, 2011, the Company received up-front payments of $1,243,400 from Anadarko for the purpose of
exploring for, developing, producing and marketing oil and gas on approximately 634 acres of mineral estate owned by the Company at its Sky Ranch property (described in Note 4 to the 2011 Annual Report). The Company began recognizing the up-front
payments from Anadarko as income on a straight-line basis over three years (the initial term of the O&amp;G Lease) on March&nbsp;10, 2011. During the three months ended November&nbsp;30, 2011 and 2010, the Company recognized $103,600 and $0 of
income related to the up-front payments received pursuant to the O&amp;G Lease, respectively. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of November&nbsp;30, 2011,
the Company has deferred recognition of $949,900 of income related to the O&amp;G Lease, which will be recognized into income ratably through February 2014. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Water and Wastewater Systems and Depletion and Depreciation of Water Assets. </I></B>Costs to construct water and wastewater systems that meet the Company&#146;s capitalization criteria are
capitalized as incurred, including interest. The costs are depreciated on a straight-line basis over the estimated useful lives of the water and wastewater systems, up to thirty years. The Company capitalizes design and construction costs related to
construction activities and it capitalizes certain legal, engineering and permitting costs relating to the adjudication and improvement of its water assets. The Company depletes its water assets that are being utilized on the basis of units produced
divided by the total volume of water adjudicated in the water decrees. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Share-based Compensation. </I></B>The Company
maintains a stock option plan for the benefit of its employees and directors. The Company records share-based compensation costs as expense over the applicable vesting period of the stock award using the straight-line method. The compensation costs
to be expensed are measured at the grant date based on the fair value of the award. The Company has adopted the alternative transition method for calculating the tax effects of share-based compensation which allowed for a simplified method of
calculating the tax effects of employee share-based compensation. Because the Company has a full valuation allowance on its deferred tax assets, at this time, the granting and exercise of stock options has no impact on the income tax provisions.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company recognized $18,800 and $21,400 of share-based compensation expense during the three months ended
November&nbsp;30, 2011 and 2010, respectively. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><B><I>Income taxes. </I></B><I></I>The Company uses a
&#147;more-likely-than-not&#148; threshold for the recognition and de-recognition of tax positions, including any potential interest and penalties relating to tax positions taken by the Company. The Company does not have any significant unrecognized
tax benefits as of November&nbsp;30, 2011. <I> </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company files income tax returns with the Internal Revenue Service and
the State of Colorado. The tax years that remain subject to examination are fiscal 2009 through fiscal 2011. The Company does not believe there will be any material changes in its unrecognized tax positions over the next twelve months. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax
expense. At November&nbsp;30, 2011, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three months ended November&nbsp;30, 2011 and 2010.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Loss per Common Share</I></B><B>. </B>Loss per common share is computed by dividing net loss by the weighted average
number of shares outstanding during each period. Common stock options and warrants aggregating 275,100 and 262,600, common share equivalents as of November&nbsp;30, 2011 and 2010, respectively, and 1.9&nbsp;million shares underlying the Convertible
Note &#150; Related Party (defined in Note 4 to the 2011 Annual Report), prior to conversion on January&nbsp;11, 2011, have been excluded from the calculation of loss per common share as their effect is anti-dilutive. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTES TO FINANCIAL STATEMENTS </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOVEMBER 30, 2011 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comprehensive Loss. </I></B>In addition to net loss, comprehensive loss includes
the unrecognized changes in the fair value of marketable securities that are classified as available-for-sale as noted in the following table: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Three Months Ended:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>November&nbsp;30,&nbsp;2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>November&nbsp;30,&nbsp;2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,361,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,460,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unrealized gain (loss) on marketable securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Comprehensive loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,359,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,463,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Recently Issued Accounting Pronouncements. </I></B>The Company continually assesses any new
accounting pronouncements to determine their applicability. Where it is determined that a new accounting pronouncement affects the Company&#146;s financial reporting, the Company undertakes a study to determine the consequence of the change to its
financial statements and assures that there are proper controls in place to ascertain that the Company&#146;s financials properly reflect the change. A variety of proposed or otherwise potential accounting standards are currently under study by
standard-setting organizations and various regulatory agencies. Because of the tentative and preliminary nature of these proposed standards, the Company has not determined whether implementation of such proposed standards would be material to the
Company&#146;s financial statements. New pronouncements assessed by the Company recently are discussed below: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In June 2011,
the Financial Accounting Standards Board (&#147;FASB&#148;) issued Accounting Standards Update (&#147;ASU&#148;) No.&nbsp;2011-05, <I>Comprehensive Income (Topic 220) &#150; Presentation of Comprehensive Income </I>(&#147;ASU 2011-05&#148;). ASU
2011-05 requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. ASU 2011-05 is effective for fiscal
years, and interim periods within those years, beginning after December&nbsp;15, 2011 (September 1, 2012 for the Company). The Company is assessing the impact of ASU 2011-05 but it does not expect the adoption of ASU 2011-05 to have a material
impact on its financial statements. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Reclassifications. </I></B>Certain amounts in the November&nbsp;30, 2010 financial
statements have been reclassified to conform to the current presentation.<B><I> </I></B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 2 &#150; FAIR VALUE MEASUREMENTS </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has three levels of inputs, both observable and unobservable, with use of the lowest
possible level of input to determine fair value. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Level 1 &#151; Valuations for assets and liabilities traded in active
exchange markets, such as the New York Stock Exchange. The Company had none of these instruments at November&nbsp;30, 2011. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Level 2 &#151; Valuations for assets and liabilities obtained from readily available pricing sources via independent providers for market
transactions involving similar assets or liabilities. The Company had one Level 2 asset at November&nbsp;30, 2011, its marketable securities. The value of the Company&#146;s marketable securities is based on observable market data obtained from the
financial institutions at which the marketable securities are held. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Level 3 &#151; Valuations for assets and liabilities that
are derived from other valuation methodologies, including discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections
in determining the fair value assigned to such assets or liabilities. The Company had one Level 3 liability at November&nbsp;30, 2011, the Tap Participation Fee liability, which is described in greater detail in Note 4 below. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company maintains policies and procedures to value instruments using the best and most relevant data available. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTES TO FINANCIAL STATEMENTS </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOVEMBER 30, 2011 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table provides information on the assets and liabilities measured at fair
value on a recurring basis as of November&nbsp;30, 2011: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fair Value Measurement Using:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Cost / Other</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Quoted&nbsp;Prices<BR>in Active<BR>Markets for<BR>Identical<BR>Assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Significant<BR>Other<BR>Observable<BR>Inputs</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Significant<BR>Unobservable<BR>Inputs</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Accumulated<BR>Unrealized<BR>Gains and</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fair Value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Level 1)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Level 2)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Level 3)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Losses)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Marketable securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,852,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,853,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,852,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tap Participation Fee liability</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">65,792,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">65,792,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">65,792,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Level 2 Asset &#150; Marketable Securities. </I></B>The Company&#146;s marketable securities are
the Company&#146;s only financial asset measured on a recurring basis. The fair value of the marketable securities is based on the values reported by the financial institutions where the funds are held. These securities include only federally
insured certificates of deposit. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Level 3 Liability &#150; Tap Participation Fee. </I></B>The Company&#146;s Tap
Participation Fee liability is the Company&#146;s only financial liability measured on a non-recurring basis. As further described in Note 4, the Tap Participation Fee liability is valued by projecting new home development in the Company&#146;s
targeted service area over an estimated development period. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table presents the changes in the Tap Participation Fee for the
three months ended November&nbsp;30, 2011: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Fair Value Measurement using Significant Unobservable<BR>Inputs (Level 3)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Gross&nbsp;Estimated</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Tap&nbsp;
Participation<BR>Fee Liability</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Tap<BR>Participation<BR>Fee Reported<BR>Liability</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Discount - to<BR>be imputed as<BR>interest<BR>expense in<BR>future periods</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance at August&nbsp;31, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">113,147,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">64,988,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">48,159,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total gains and losses (realized and unrealized):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Imputed interest recorded as &#147;Other Expense&#148;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">851,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(851,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Increase in estimated value (to be realized in future periods)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,468,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,468,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Purchases, sales, issuances, payments, and settlements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(47,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">47,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Transfers in and/or out of Level 3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance at November&nbsp;30, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">120,615,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">65,792,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">54,823,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 3 &#150; INVESTMENTS IN WATER, WATER SYSTEMS, LAND AND IMPROVEMENTS </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s water rights and current water and wastewater service agreements are more fully described in Note 4
to the 2011 Annual Report. There have been no significant changes to the Company&#146;s water rights or water and wastewater service agreements during the three months ended November&nbsp;30, 2011. </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTES TO FINANCIAL STATEMENTS </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOVEMBER 30, 2011 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s water, water systems, land and improvements consist of the following
costs and accumulated depreciation and depletion at November&nbsp;30, 2011 and August&nbsp;31, 2011: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>November&nbsp;30, 2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>August&nbsp;31, 2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Costs</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Accumulated<BR>Depreciation<BR>and Depletion</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Costs</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Accumulated<BR>Depreciation<BR>and Depletion</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Arkansas River Valley assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81,318,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,187,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81,318,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,144,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rangeview water supply</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,305,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,299,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Paradise water supply</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,544,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,540,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sky Ranch water rights and other costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,915,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(29,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,915,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(21,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairgrounds water and water system</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,899,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(468,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,899,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(446,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rangeview water system</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">167,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(63,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">167,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(62,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Water supply&#151;other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(13,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Totals</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">108,176,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,769,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">108,167,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,695,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net investments in water and water systems</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106,406,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106,472,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sky Ranch land and improvements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,772,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,743,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total net investments in water, water systems, land and improvements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">110,179,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">110,215,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Capitalized terms in this section not defined herein are defined in Note 4 to the 2011 Annual Report. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Depletion and Depreciation. </I></B>The Company recorded $100 of depletion charges during each of the three month periods ended
November&nbsp;30, 2011 and 2010, respectively. This related entirely to the Rangeview Water Supply. No depletion is taken against the Arkansas River water, Paradise Water Supply or Sky Ranch Water Supply because the water located at these locations
are not yet being utilized for their intended purpose as of November&nbsp;30, 2011. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company recorded $75,500 and $75,100
of depreciation expense during the three months ended November&nbsp;30, 2011 and 2010, respectively. </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>NOTE 4 &#150; LONG-TERM OBLIGATIONS AND OPERATING LEASE<B> </B></FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">At November&nbsp;30, 2011 and August&nbsp;31, 2011, the Company had no debt obligations with contractual maturity dates. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Participating Interest in Export Water supply and the Tap Participation Fee payable to HP A&amp;M are obligations of the Company that
have no scheduled maturity dates. Therefore, these liabilities are not disclosed in tabular format but they are described below. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Participating Interests in Export Water Supply </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company acquired its Rangeview Water Supply through various amended agreements entered into in the early 1990&#146;s. The acquisition was consummated with the signing of the CAA in 1996. Upon entering
into the CAA, the Company recorded an initial liability of $11.1 million, which represented the cash the Company received from the participating interest holders which was used to purchase the Company&#146;s Export Water (described in greater detail
in Note 4 to the financial statements contained in the Company&#146;s 2011 Annual Report on Form 10-K). The Company agreed to remit a total of $31.8 million of proceeds received from the sale of Export Water to the participating interest holders in
return for their initial $11.1 million investments. The obligation for the $11.1 million was recorded as debt, and the remaining $20.7 million contingent liability is not reflected on the Company&#146;s balance sheet because the obligation to pay
this is contingent on the sale of Export Water, the amounts and timing of which are not reasonably determinable. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The CAA
obligation is non-interest bearing, and if the Export Water is not sold, the parties to the CAA have no recourse against the Company. If the Company does not sell the Export Water, the holders of the Series B Preferred Stock are also not entitled to
payment of any dividend and have no contractual recourse against the Company. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTES TO FINANCIAL STATEMENTS </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOVEMBER 30, 2011 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As the proceeds from the sale of Export Water are received and the amounts are remitted
to the external CAA holders, the Company allocates a ratable percentage of this payment to the principal portion (the <I>Participating</I> <I>Interests in Export Water Supply </I>liability account) with the balance of the payment being charged to
the contingent obligation portion. Because the original recorded liability, which was $11.1 million, was 35% of the original total liability of $31.8 million, 35% of each payment remitted to the CAA holders is allocated to the recorded liability
account. The remaining portion of each payment, or 65%, is allocated to the contingent obligation, which is recorded on a net revenue basis. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In fiscal years 2007 and 2008, in order to reduce the long term impact of the CAA, the Company repurchased various portions of the CAA obligations in priority. The Company did not make any CAA
acquisitions during the three months ended November&nbsp;30, 2011 and 2010. As a result of the acquisitions, and due to the sale of Export Water, as detailed in the table below, the remaining potential third party obligation at November&nbsp;30,
2011 is $3.5 million: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Export&nbsp;Water<BR>Proceeds<BR>Received</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Initial Export<BR>Water&nbsp;Proceeds<BR>to Pure Cycle</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total Potential<BR>Third party<BR>Obligation</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Paticipating<BR>Interests<BR>Liability</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Contingency</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Original balances</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">218,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,807,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,090,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20,717,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Activity from inception until August&nbsp;31, 2011:</I></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acquisitions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28,077,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(28,077,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9,790,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(18,287,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Option payments&#151;Sky Ranch and The Hills at Sky Ranch</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">110,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(42,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(68,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(23,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(44,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Arapahoe County tap fees *</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">533,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(373,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(159,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(55,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(104,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Export Water sale payments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(59,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(25,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(8,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(16,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance at August&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">728,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,821,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,476,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,212,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,264,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Fiscal 2012 activity:</I></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Export Water sale payments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Balance at November&nbsp;30, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">735,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,816,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,474,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,211,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,262,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Arapahoe County tap fees are less $34,522 in royalties paid to the Land Board. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The CAA includes contractually established priorities which call for payments to CAA holders in order of their priority. This means the
first three payees receive their full payment before the next priority level receives any payment and so on until full repayment. The Company will receive $5.1 million of the first priority payout (the remaining entire first priority payout totals
$7.3 million as of November&nbsp;30, 2011). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Arkansas River Agreement Obligations </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The Tap Participation Fee </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The $65.8 million Tap Participation Fee liability at November&nbsp;30, 2011, represents the estimated discounted fair value of the Company&#146;s obligation to pay HP A&amp;M 20% of the Company&#146;s
gross proceeds, or the equivalent thereof, from the sale of the next 19,458 water taps sold by the Company. Initially the obligation was to pay 10% of the Company&#146;s gross proceeds, or the equivalent thereof, from the sale of 40,000 water taps
sold after the date of the Arkansas River Agreement. The 40,000 water taps was reduced to 19,458 water taps as a result of (i)&nbsp;Arkansas River Valley land which was sold in 2006 and 2009, (ii)&nbsp;the sale of unutilized water rights owned by
the Company in the Arkansas River Valley in 2007, (iii)&nbsp;a 50% reduction in water taps subject to the Tap Participation Fee when HP A&amp;M elected to increase the percentage from 10% to 20%, also described further below, and (iv)&nbsp;the
allocation of 24.6% of the estimated Net Revenues received by HP A&amp;M related to the management of the farm leasing operations which is described in greater detail below. Pursuant to the Arkansas River Agreement, following the fifth anniversary
(September 1, 2011) of the Arkansas River Agreement, HP A&amp;M elected to increase the Tap Participation Fee percentage from 10% to 20% and take a corresponding 50% reduction in the number of taps subject to the Tap Participation Fee. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">12 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTES TO FINANCIAL STATEMENTS </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOVEMBER 30, 2011 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The fair value of the Tap Participation Fee liability is an estimate prepared by
management of the Company. The fair value of the liability is based on discounted estimated cash flows subject to the Tap Participation Fee calculated by projecting future annual water tap sales for the number of taps subject to the Tap
Participation Fee at the date of valuation. Future cash flows from water tap sales are estimated by utilizing the following historical information where available: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">New homes constructed in the area known as the 11-county &#147;Front Range&#148; from the 1980&#146;s through the valuation date. The Company
utilized data for this length of time to provide development information over many economic cycles because the Company anticipates development in its targeted service area to encompass many economic cycles over the development period.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">New home construction patterns for large master planned housing developments along the Front Range. The Company utilized this information because
these developments are deemed comparable to projects anticipated to be constructed in the Company&#146;s targeted service area (i.e. these master planned communities were located in predominately undeveloped areas on the outskirts of the Front
Range). </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Population growth rates for Colorado and the Front Range. Population growth rates were utilized to predict anticipated growth along the Front Range
which was used to predict an estimated number of new homes necessary to house the increased population. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Consumer Price Index since the 1980&#146;s which was utilized to project estimated future water tap fees. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net Revenues from the farm leasing operations in 2010 obtained from HP A&amp;M. This was used to project annual farm leasing operations through
September 2014 which is the date through which the management agreement was extended as described below. The Company is permitted to allocate 24.6% of the Net Revenues against the Tap Participation Fee through September 2014.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Utilizing this historical information, the Company projected an estimated new home development pattern in
its targeted service area sufficient to cover the sale of 19,458 water taps. The estimated proceeds of selling 19,458 water taps resulted in estimated payments to HP A&amp;M over the life of the projected development period of $120.6 million, which
is an increase of $7.5 million from the previous valuation completed in fiscal 2009. The estimated payments to HP A&amp;M are then discounted to the current valuation date and the difference between the amount reflected on the Company&#146;s balance
sheet at the valuation date and the total estimated payments is imputed as interest expense over the estimated development time using the effective interest method. The implied interest rate for the valuation completed during this fiscal quarter was
5.3% which was a 1.0% decrease from the prior valuation completed in fiscal 2009. As a result of the change in the net realizable value and the interest rate, the amount of interest the Company imputed during the three months ended November&nbsp;30,
2011, decreased $147,800 compared to the interest the Company would have imputed in accordance with the valuation completed in fiscal 2009. This equates to $.01 per basic and diluted share. This will result in a decrease in the imputed interest of
$620,900 for the fiscal year ending August&nbsp;31, 2012, which is $.03 per basic and diluted share. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The $65.8 million
balance at November&nbsp;30, 2011, includes $21.1 million of interest which has been imputed since the acquisition date, recorded using the effective interest method. Payment of the Tap Participation Fee may be accelerated in the event of a merger,
reorganization, sale of substantially all assets, or similar transactions and in the event of bankruptcy and insolvency events. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Actual new home development in the Company&#146;s service area and actual future tap fees inevitably will vary significantly from the
Company&#146;s estimates which could have a material impact on the Company&#146;s financial statements. An important component in the Company&#146;s estimate of the value of the Tap Participation Fee, 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 market based and the continued increase in tap fees reflects, among other things, the increasing costs to acquire and develop new water supplies. Tap
fees thus are partially indicative of the increasing value of the Company&#146;s water assets. The Company continues to assess the value of the Tap Participation Fee liability and updates its valuation analysis 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. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTES TO FINANCIAL STATEMENTS </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOVEMBER 30, 2011 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Extension of the farm management agreement </I></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 17,500 acres acquired by the Company pursuant to the Arkansas River Agreement are being leased to area farmers. Those leases are
managed by HP A&amp;M and HP A&amp;M retains all income generated by the farm leasing operations; however, during the extended term, all Net Revenue is to be applied to repayment of the outstanding promissory notes owed by HP A&amp;M which are
secured by deeds of trust on the farm properties owned by the Company. The initial term of the management agreement with HP A&amp;M expired on August&nbsp;31, 2011. Because certain events in the Arkansas River Agreement did not occur prior to
August&nbsp;31, 2011, the management agreement remains in effect until 60 days after HP A&amp;M repays all remaining farm debt (described below) owed by HP A&amp;M or September&nbsp;23, 2014, whichever comes first. During the extended term of the
management agreement, the Company is permitted to allocate a defined percentage of the Net Revenues (defined as all lease and related income received from the farms less employee expenses, direct expenses for managing the leases and a reasonable
overhead allocation) paid to HP A&amp;M against the Tap Participation Fee. The calculation for determining the percentage is the total consideration paid to HP A&amp;M pursuant to the Arkansas River Agreement (which is any Tap Participation Fee
payments made to HP A&amp;M plus the value, based on the average closing price of the Company&#146;s stock over the six month period ended August&nbsp;31, 2011, of the common stock granted to HP A&amp;M) divided by $50.0 million. This calculation
resulted in a 24.6% allocation rate. Effective September&nbsp;1, 2011, the Company began applying this rate to the Net Revenues received by HP A&amp;M related to their management of the Company&#146;s farm leases. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Promissory Notes Payable by HP A&amp;M </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Certain of the properties the Company acquired from HP A&amp;M are subject to outstanding promissory notes payable to third parties with principal and accrued interest totaling $10.0 million and $10.0
million at November&nbsp;30, 2011 and August&nbsp;31, 2011, respectively. In addition, HP A&amp;M has balloon payments totaling $5.5 million due within twelve months of November&nbsp;30, 2011. These promissory notes are secured by deeds of trust on
the properties. The Company did not assume any of these promissory notes and is not responsible for making any of the required payments under these notes. This responsibility remains solely with HP A&amp;M. In the event of default by HP A&amp;M, at
the Company&#146;s sole discretion, the Company may make payments pursuant to any or all of the notes and cure any or all of the defaults. If the Company does not cure the defaults, it will lose the properties securing the defaulted notes. If HP
A&amp;M defaults on the promissory notes, the Company can foreclose on a defined amount of stock issued to HP A&amp;M and reduce the Tap Participation Fee by two times the amount of notes defaulted on by HP A&amp;M. The probability of HP A&amp;M
defaulting on the notes is deemed remote. As far as the Company is aware, as of November&nbsp;30, 2011, HP A&amp;M has not defaulted on any of the promissory notes. If HP A&amp;M were to default on all of the notes, the Company would lose 60 of the
80 (approximately 75%) real property interests it acquired and a comparable percentage of the water rights the Company acquired, which are associated with those properties, unless the Company cured the notes in default. The Company currently does
not have enough funds to cure all of the notes. If that were to occur, the Company would need to seek additional financing or selectively choose the properties it would want to retain. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Because the outstanding notes are collateralized by the Company&#146;s properties and Arkansas River water, HP A&amp;M is deemed to be a
Variable Interest Entity (&#147;VIE&#148;) per GAAP. However, because the Company will not absorb any of HP A&amp;M&#146;s expected losses or receive any of HP A&amp;M&#146;s expected gains, the Company is not deemed the &#147;Primary
Beneficiary&#148; of HP A&amp;M and therefore is not required to consolidate HP A&amp;M. HP A&amp;M became a VIE to the Company on August&nbsp;30, 2006 when the Company acquired the Arkansas River water rights and properties subject to the
outstanding promissory notes. HP A&amp;M is a holding company that acquires water rights and related properties for investment and sale purposes. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Operating Lease </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Effective December&nbsp;29, 2010, the Company entered
into an operating lease for 1,200 square feet of office space. The lease has a three year term with payments of $1,500 per month. </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 5 &#150; SHAREHOLDERS&#146; EQUITY </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company maintains the 2004 Incentive Plan (the &#147;Equity Plan&#148;), which was approved by shareholders in April 2004.
Executives, eligible employees, consultants and non-employee directors are eligible to receive options and stock grants pursuant to the Equity Plan. Pursuant to the Equity Plan, options to purchase shares of stock and
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTES TO FINANCIAL STATEMENTS </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOVEMBER 30, 2011 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
restricted stock awards can be granted with exercise prices, vesting conditions and other performance criteria determined by the Compensation Committee of the Board. The Company initially
reserved 1.6&nbsp;million shares of common stock for issuance under the Equity Plan. At November&nbsp;30, 2011, the Company had 1,290,800 common shares that can be granted to eligible participants pursuant to the Equity Plan. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table summarizes the stock option activity for the Equity Plan for the three months ended November&nbsp;30, 2011:
</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of<BR>Options</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Weighted-<BR>Average<BR>Exercise&nbsp;Price</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Weighted-<BR>Average<BR>Remaining<BR>Contractual<BR>Term</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Approximate<BR>Aggregate<BR>Instrinsic<BR>Value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oustanding at beginning of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">280,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exercised</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Forfeited or expired</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Outstanding at November&nbsp;30, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">275,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Options exercisable at November&nbsp;30, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">243,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Intrinisic value less than $0 </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The following table summarizes the activity and value of non-vested options as of and for the three months ended November&nbsp;30, 2011: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of<BR>Options</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Weighted-<BR>Average&nbsp;Grant<BR>Date Fair<BR>Value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Non-vested options oustanding at beginning of period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">49,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.86</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vested</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(12,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Forfeited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Options not vested at November 30, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">All non-vested options are expected to vest. The total fair value of options vested during the three
months ended November&nbsp;30, 2011 and 2010 was $38,900 and $31,200, respectively. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stock-based compensation expense for the
three months ended November&nbsp;30, 2011 and 2010, was $18,800 and $21,400, respectively. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">At November&nbsp;30, 2011, the
Company has unrecognized expenses relating to non-vested options that are expected to vest totaling $58,100, which have a weighted average life of 1.5 years. The Company has not recorded any excess tax benefits to additional paid in capital.
</FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 6 &#150; RELATED PARTY TRANSACTIONS </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In 1995, the Company extended a loan to the District, a related party. The loan provided for borrowings of up to
$250,000, is unsecured, bears interest based on the prevailing prime rate plus 2% (5.25% at November&nbsp;30, 2011) and matures on December&nbsp;31, 2012. The $534,900 balance of the note receivable at November&nbsp;30, 2011 includes borrowings of
$229,300 and accrued interest of $305,600. The $531,900 balance of the note receivable at August&nbsp;31, 2011 includes borrowings of $229,300 and accrued interest of $302,600. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">15 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTES TO FINANCIAL STATEMENTS </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOVEMBER 30, 2011 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">HP A&amp;M paid the Company $10,500 during each of the three months in the periods ended
November&nbsp;30, 2011 and 2010, respectively. This is to reimburse the Company for 50% of the salary and expenses of a Company employee that performs various farm management duties which are for the benefit of HP A&amp;M since HP A&amp;M manages
the farm leases as described in Note 4 above. </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 7 &#150; SIGNIFICANT CUSTOMER </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company sells wholesale water and wastewater services to the District pursuant to the Rangeview Water Agreements
(defined in Note 4 to the 2011 Annual Report). Sales to the District accounted for 71% and 74% of the Company&#146;s total revenues for the three months ended November&nbsp;30, 2011 and 2010, respectively. The District had one significant customer,
the Ridgeview Youth Services Center. Pursuant to the Rangeview Water Agreements the Company is providing water and wastewater services to this customer on behalf of the District. The District&#146;s significant customer accounted for 68% and 71% of
the Company&#146;s total revenues for the three months ended November&nbsp;30, 2011 and 2010, respectively. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company had
accounts receivable from the District which accounted for 81% and 87% of the Company&#146;s trade receivables balances at November&nbsp;30, 2011 and August&nbsp;31, 2011, respectively. Accounts receivable from the District&#146;s largest customer
accounted for 73% and 74% of the Company&#146;s trade receivables as of November&nbsp;30, 2011 and August&nbsp;31, 2011, respectively. </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 8 &#150; ACCRUED LIABILITIES </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">At November&nbsp;30, 2011, the Company had accrued liabilities of $117,400, of which $91,300 was for estimated
property taxes and $26,100 was for professional fees. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">At August&nbsp;31, 2011, the Company had accrued liabilities of
$118,600, of which $62,400 was for estimated property taxes on the Sky Ranch property, $49,500 was for professional fees, and the remaining $6,700 was related to operating payables. </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 9 &#150; SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES </FONT></P>
 <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Three Months Ended:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>November&nbsp;30,&nbsp;2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>November&nbsp;30,&nbsp;2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Increase in estimated Tap Participation Fee liability and related discount</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,468,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 10 &#150; SUBSEQUENT EVENT </FONT></P>
 <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As disclosed in a Form 8-K filed on December&nbsp;19, 2011, on that date, the Company and the District filed a lawsuit
against the State of Colorado by and through the Land Board. The complaint was filed with the District Court, City and County of Denver, Colorado. The Company and the District are claiming that the Land Board breached, and will breach, agreements
entered into by the Land Board with the Company and the District in connection with a 1996 settlement agreement. Those agreements include the Amended and Restated Water Lease, dated as of April&nbsp;4, 1996, between the Land Board and the District
and the Service Agreement of the same date between the Company and the District. As initially reported in a Current Report on Form 8-K filed by the Company on November&nbsp;29, 2011, the Land Board issued a Request for Proposal that included a draft
lease agreement related to oil and gas rights at the Land Board&#146;s Lowry Range. The Company believes the draft lease agreement does not adequately address or protect its exclusive right to provide water to the Lowry Range. As a result of this
breach, the Company and the District are claiming damages which will be proven at trial. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">***** </FONT></P>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">16 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx281734_5"></A>Item&nbsp;2.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</U> </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Disclosure Regarding Forward-Looking Statements </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Statements that are not historical facts contained or incorporated by reference into this Quarterly Report on Form 10-Q are &#147;forward-looking statements&#148; within the meaning of the Private
Securities Litigation Reform Act of 1995, Section&nbsp;27A of the Securities Act of 1933 and Section&nbsp;21C of the Securities Exchange Act of 1934 as amended (the &#147;Exchange Act&#148;). Forward-looking statements involve risks and
uncertainties that could cause actual results to differ from projected results. The words &#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;plan,&#148; &#147;intend&#148; and similar expressions, as they
relate to us, are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. We are not able to predict all factors that
may affect future results. We cannot assure you that any of our expectations will be realized. Our actual results could differ materially from those discussed in or implied by these forward-looking statements. Factors that may cause actual results
to differ materially from those contemplated by such forward-looking statements include, without limitation: the risk factors discussed in Part I, Item&nbsp;1A of our most recent Annual Report on Form 10-K; the timing of new home construction and
other development in the areas where we may sell our water, which in turn may be impacted by credit availability; population growth; employment rates; general economic conditions; the market price of water; changes in customer consumption patterns;
changes in applicable statutory and regulatory requirements; changes in governmental policies and procedures; uncertainties in the estimation of water available under decrees; uncertainties in the estimation of costs of delivery of water and
treatment of wastewater; uncertainties in the estimation of the service life of our systems; 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, including flood, droughts and freezing conditions; labor relations; availability and cost of labor, material and equipment; delays in anticipated permit and construction dates; environmental risks
and regulations; our ability to raise capital; our ability to negotiate contracts with new customers; and uncertainties in water court rulings; and other factors discussed from time to time in our press releases, public statements and documents
filed or furnished with the Securities and Exchange Commission (&#147;SEC&#148;). All forward-looking statements are expressly qualified by these cautionary statements. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Overview </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following Management&#146;s Discussion and Analysis
(&#147;MD&amp;A&#148;) is intended to help the reader understand our results of operations and financial condition and should be read in conjunction with the accompanying financial statements and the notes thereto and the financial statements and
the notes thereto contained in our 2011 Annual Report on Form&nbsp;10-K (the &#147;2011 Annual Report&#148;). </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following
section focuses on the key indicators reviewed by management in evaluating our financial condition and operating performance, including the following: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Revenue generated from providing wholesale water and wastewater services; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Expenses associated with developing our water assets; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash available to continue development of our water rights and service agreements. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our MD&amp;A section includes the following items: </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our Business &#150; a general description of our business, our services and our business strategy. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Results of Operations &#150; an analysis of our results of operations for the periods presented in our financial
statements.</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Liquidity, Capital Resources and Financial Position &#150; an analysis of our cash position and
cash flows, as well as a discussion of our financing arrangements. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px; margin-left:4%" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Critical Accounting Policies and Use of
Estimates &#150; a discussion of our critical accounting policies that require critical judgments, assumptions and estimates. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Our Business </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We are a Colorado corporation that provides wholesale water and wastewater services to our customers which are local governmental entities that provide water and wastewater services to their end-use
customers, and industrial and commercial customers, located in the greater Denver, Colorado metropolitan area. Services we provide include designing, constructing, operating and maintaining wholesale water and wastewater systems using our balanced
water portfolio consisting of surface water and groundwater supplies, surface water storage, aquifer storage, and reclaimed water supplies. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We generate revenues predominately from three sources: (i)&nbsp;one time water and wastewater tap fees, (ii)&nbsp;construction fees, and (iii)&nbsp;monthly service fees. Our revenue sources and how we
account for them are described in greater detail in the 2011 Annual Report. We typically negotiate the payment terms for tap fees, construction fees, and other water and wastewater service fees with our wholesale customers as a component of our
service agreements prior to construction of the project. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We currently provide wholesale water service predominately to two
local governmental entity customers. Our largest customer is the Rangeview Metropolitan District (the &#147;District&#148;), a quasi-municipal political subdivision of the State of Colorado which is described further in the 2011 Annual Report. We
provide service to the District and its end-use customers pursuant to &#147;The Rangeview Water Agreements&#148; (defined in Note 4 to the 2011 Annual Report). Through our governmental entity wholesale customers, we serve 258 Single Family
Equivalent (&#147;SFE&#148;) water connections and 157 SFE wastewater connections located in southeastern metropolitan Denver. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Results of
operations </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Executive Summary </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The results of our operations for the three months ended November&nbsp;30, 2011 and 2010 are as follows: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B></B><B><I>Summary Table 1</I></B><B> </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Three Months Ended:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="6" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>November&nbsp;30,&nbsp;2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>November&nbsp;30,&nbsp;2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>$ Change</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>%&nbsp;Change</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Millions of gallons of water delivered</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Water revenues generated</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating costs to deliver water<BR>(excluding depreciation and depletion)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Water delivery gross margin %</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wastewater treatment revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating costs to treat wastewater</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wastewater treatment gross margin %</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">73</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">General and administrative expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">599,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">421,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">178,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net losses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,361,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,460,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(99,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Water Usage Revenues </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Our water service charges include a fixed monthly fee and a fee based on actual amounts of water used, which is based on a tiered pricing structure that provides for higher prices as customers use greater
amounts of water. Our rates and charges are established based on the average of three surrounding water providers. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Water
deliveries decreased 1% in the three months ended November&nbsp;30, 2011, compared to the three months ended November&nbsp;30, 2010. Water revenues increased 15% during the three months ended November&nbsp;30, 2011, compared to the three months
ended November&nbsp;30, 2010, which is a result of increased water usage fees effective July&nbsp;1, 2011 and large industrial customers taking bulk water deliveries resulting in charges at the higher end of our tiered pricing structure. The gross
margins on delivering water decreased 6% during the three months ended November&nbsp;30, 2011, compared to the three months ended November&nbsp;30, 2010, due mainly to increased energy costs as a result of higher pumping demands to produce water for
oil and gas well drilling and fracking activities. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">18 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Wastewater Treatment Revenues </I></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our wastewater customer used to be charged a flat monthly fee based on the number of tap connections; however, beginning July&nbsp;1,
2011, we agreed to charge our wastewater customer based on the amount of wastewater treated due to a reduction in their water consumption. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Wastewater fees decreased 32% during the three months ended November&nbsp;30, 2011, compared to the three months ended November&nbsp;30, 2010, which was primarily a result of the change in how our
wastewater customer is charged. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Tap Fees </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In August 2005, we entered into the Water Service Agreement (the &#147;County Agreement&#148;) with Arapahoe County (the &#147;County&#148;). In fiscal 2006, we began recognizing water tap fees as revenue
ratably over the estimated service period upon completion of the &#147;Wholesale Facilities&#148; (defined in the 2011 Annual Report) constructed to provide service to the County. We recognized $3,600 of water tap fee revenues during each of the
three months ended November&nbsp;30, 2011 and 2010, respectively. The water tap fees to be recognized over this period are net of the royalty payments to the State of Colorado Board of Land Commissioners (the &#147;Land Board&#148;) and amounts paid
to third parties pursuant to the &#147;CAA&#148; which is described in Note 4 to the accompanying financial statements. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We
recognized approximately $10,400 of &#147;Special Facilities&#148; (defined in the 2011 Annual Report) funding as revenue during each of the three months ended November&nbsp;30, 2011 and 2010, respectively. This is the ratable portion of the Special
Facilities funding proceeds received from the County pursuant to the County Agreement as more fully described in Note 4 to the 2011 Annual Report. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">At November&nbsp;30, 2011, we have deferred recognition of $1.4 million of water tap and construction fee revenue from the County, which will be recognized as revenue ratably over the estimated useful
accounting life of the assets constructed with the construction proceeds as described above. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We did not sell any water or
wastewater taps during the three months ended November&nbsp;30, 2011 or 2010. We did reduce the Tap Participation Fee (as defined in Note 1 to the accompanying financial statements) by the equivalent of 11 taps as described in Note 4 to the
accompanying financial statements. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>General and Administrative and Other Expenses </I></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Significant balances classified as general and administrative (&#147;G&amp;A&#148;) expenses for the three months ended November&nbsp;30,
2011 and 2010, were: </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><B><I>Table 2 - Signficant Balances in G&amp;A</I></B><B> </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Three Months Ended:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="6" VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>November&nbsp;30,&nbsp;2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>November&nbsp;30,&nbsp;2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>$ Change</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>%&nbsp;Change</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Salary and salary related expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">202,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">150,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">51,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Professional fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">192,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">95,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">FLCC water assessment fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Property taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Public entity related expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">All other G&amp;A accounts combined</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total G&amp;A as reported</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">599,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">421,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">178,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Share based compensation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">G&amp;A without the effects of share-based compensation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">580,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">400,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">180,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">45</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Salary and salary related expenses increased 34% for the three months ended November&nbsp;30, 2011, as
compared to November&nbsp;30, 2010, respectively. The increase is mainly a result of bonuses paid to employees totaling $47,000. The salary and salary related expenses noted above include $18,800 and $21,400 of share-based compensation expenses for
the three months ended November&nbsp;30, 2011 and 2010, respectively. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">19 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Professional fees (legal and accounting) increased 97% during the three months ended
November&nbsp;30, 2011, as compared to the three months ended November&nbsp;30, 2010, respectively. This is mainly due to additional legal fees related to the lawsuit filed against the State of Colorado by and through the Land Board in December
2011, as described in Part II, Item&nbsp;1 below. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fort Lyon Canal Company (&#147;FLCC&#148;&#151;defined in Note 4 to the
2011 Annual Report) water assessment fees are the fees we pay for our share of the maintenance of the Fort Lyon Canal in the Arkansas River Valley. The fees are approved by the shareholders of the FLCC. As of November&nbsp;30, 2011, we hold
approximately 26% of the voting shares of the FLCC. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Property taxes are comprised mainly of the estimated property taxes for
the Sky Ranch property (described in Note 4 to the 2011 Annual Report). The increase of $6,500 is due to the fact that we closed on the acquisition of the property during the first quarter of fiscal 2011 and this year we incurred expenses for the
entire fiscal quarter. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Costs associated with corporate governance and costs associated with being a publicly traded entity
decreased 8% during the three months ended November&nbsp;30, 2011, as to compared to November&nbsp;30, 2010, primarily as a result of the additional filings and press releases in 2010 associated with the Sky Ranch acquisition and related financing.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Other income and Expense Items </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B></B><B><I>Table 3 - Other Items</I></B><B> </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Three Months Ended:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="6" VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>November&nbsp;30,&nbsp;2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>November&nbsp;30,&nbsp;2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>$&nbsp;Change</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>%&nbsp;Change</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other expense items:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depreciation and depletion expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">75,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">75,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Imputed interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">851,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">940,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(88,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest expense on Convertible Note</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(91,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other income items:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oil and gas lease income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Imputed interest expense is related to the Tap Participation Fee payable to High Plains A&amp;M, LLC
(&#147;HP A&amp;M&#148;). This represents the expensed portion of the difference between the estimated fair value of the payments to be made to HP A&amp;M and the discounted present value of those payments imputed using the effective interest
method. The decrease in the imputed interest expense is a result of the updated valuation performed during the first quarter of fiscal 2012, which is explained in greater detail in Note 4 to the accompanying financial statements. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest was expensed on the Convertible Note &#150; Related Party (as defined in Note 4 to the 2011 Annual Report) during the three
months ended November&nbsp;30, 2010, which bore simple interest at 10%&nbsp;per annum. This is not an expense item for fiscal 2012, because we issued 1.9&nbsp;million unregistered shares of common stock upon conversion of the Convertible Note &#150;
Related Party on January&nbsp;11, 2011. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The $103,600 of oil and gas lease payments are due to the March&nbsp;10, 2011,
signing of the Paid-Up Oil and Gas Lease (the &#147;O&amp;G Lease&#148;) and Surface Use and Damage Agreement (the &#147;Surface Use Agreement&#148;) with Anadarko E&amp;P Company, L.P. (&#147;Anadarko&#148;), a wholly-owned subsidiary of Anadarko
Petroleum Company. During our fiscal 2011, we received payments of $1,243,400 from Anadarko for the purpose of exploring for, developing, producing and marketing oil and gas on 634 acres of mineral estate we owned at our Sky Ranch property. The oil
and gas rights under the remaining approximately 304 acres at Sky Ranch are already owned by Anadarko. We have deferred recognition of the payments and beginning March&nbsp;10, 2011, we began recognizing the payments to income over the initial three
year term of the O&amp;G Lease. During the three months ended November&nbsp;30, 2011, we recognized $103,600 of other income related to the O&amp;G Lease. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Interest income represents interest earned on the temporary investment of capital in cash equivalents or available-for-sale securities, interest accrued on the note payable by the District which is
defined in Note 1 to the accompanying financial statements and Note 4 to the 2011 Annual Report) and interest accrued on the Special Facilities construction proceeds receivable from the County. The decrease is due to a significant decline in
interest rates due to the recessionary economy and decreasing levels of cash investments. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Liquidity, Financial Resources and Financial Condition </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">At November&nbsp;30, 2011, our working capital, defined as current assets less current liabilities, was approximately $3.8 million. As of
November&nbsp;30, 2011, we had approximately $4.2 million of cash, cash equivalents and marketable securities. As of the date of the filing of this quarterly report on Form 10-Q, we have an effective shelf registration statement pursuant to which we
may elect to sell up to another $4.45 million of stock at any time and from time to time. We believe that as of the date of the filing of this quarterly report on Form 10-Q and as of November&nbsp;30, 2011, we have sufficient working capital to fund
our operations for the next fiscal year. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The Tap Participation Fee </I></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the Arkansas River Agreement, effective as of September&nbsp;1, 2011, HP A&amp;M elected to increase the Tap Participation
Fee percentage from 10% to 20% and take a corresponding 50% reduction in the number of taps subject to the Tap Participation Fee. In addition, the initial term of the farm management agreement with HP A&amp;M expired on August&nbsp;31, 2011. During
the extended term of the management agreement, we are permitted to allocate 24.6% of the Net Revenues (defined as all lease and related income received from the farms less employee expenses, direct expenses for managing the leases and a reasonable
overhead allocation) paid to HP A&amp;M against the Tap Participation Fee. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a result of the events described above, we
revalued the Tap Participation Fee liability during the fiscal quarter ended November&nbsp;30, 2011. The updated valuation and the events described above resulted in the following: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our obligation to pay HP A&amp;M 10% of the gross proceeds, or the equivalent thereof, from the sale of the next 38,937 water taps at the beginning
of the quarter is now an obligation to pay 20% of the gross proceeds, or the equivalent thereof, from the sale of the next 19,458 water taps. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The total estimated payments to HP A&amp;M for the Tap Participation Fee increased $7.5 million from the previous valuation completed in fiscal
2009. The total estimated payments were then discounted to the current valuation date and the difference between the amount reflected on the Company&#146;s balance sheet and the total estimated payments is imputed as interest expense over the
estimated development life using the effective interest method. The imputed effective interest rate decreased from 6.3% to 5.3% and the amount of interest imputed during the three months ended November&nbsp;30, 2011 was $851,400.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The $65.8 million Tap Participation Fee payable at November&nbsp;30, 2011, includes $21.1 million of interest which has been imputed since the
acquisition date, recorded using the effective interest method. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the three months ended November&nbsp;30, 2011, we allocated $47,400 to the Tap Participation Fee liability and to additional paid in capital
(due to HP A&amp;M being deemed a related party). This is the equivalent of 11 water taps. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additional
information on the elections made by HP A&amp;M, the terms of the Arkansas River Agreement, the estimation of the fair value of the Tap Participation Fee liability, the calculation of the percentage of Net Revenues and the reduction of water taps
subject to the Tap Participation Fee is included in Note 1 and Note 4 to the accompanying financial statements. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Payment of
the Tap Participation Fee may be accelerated in the event of a merger, reorganization, sale of substantially all assets, or similar transactions and in the event of bankruptcy and insolvency events. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>FLCC Water Assessment Fees </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">FLCC water assessment fees are payable to the FLCC each calendar year. In December 2011, the board and shareholders of the FLCC voted to increase the calendar 2012 assessment to $17.00 per share from the
current $15.50 per share. The fee increase goes into effect on January&nbsp;1, 2012, and will cost us an additional $33,000 per year. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">21 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Summary Cash Flows Table </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Table 4 - Summary Cash Flows Table </I></B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap><FONT STYLE="Times New Roman" SIZE="1"><B>September 30,</B></FONT></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Three Months Ended:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="6" VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>November&nbsp;30,&nbsp;2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>November&nbsp;30,&nbsp;2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>$ Change</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>%&nbsp;Change</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash (used) provided by:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating acitivites</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(432,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(265,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(167,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">63</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">699,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9,766,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,465,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Financing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,639,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10,627,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Changes in Operating Activities </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Operating activities include revenues we receive from the wholesale sale of water and wastewater services to customers, costs incurred in the delivery of those services, G&amp;A expenses, and other income
and expenses. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash used by operations increased 63% during the three months ended November&nbsp;30, 2011 compared to
November&nbsp;30, 2010. This was mainly as a result of increased professional fees related to the work done to file the lawsuit against the Land Board as well increased salary fees related to employee bonuses. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We will continue to provide domestic water and wastewater service to customers in our service area and we will continue to operate and
maintain our water and wastewater systems with our own employees. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Changes in Investing Activities </I></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We continue to incur legal and engineering fees associated with our water rights, and we continue to invest in the right-of-way permit
fees to the Department of Interior Bureau of Land Management and legal and engineering costs for our Paradise Water Supply. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investing activities during the three months ended November&nbsp;30, 2011, consisted of us investing $39,000 into Sky Ranch, us selling
$1.2 million in marketable securities and us investing $426,300 into marketable securities. Investing activities during the three months ended November&nbsp;30, 2010, consisted of the use of approximately $6.7 million for the acquisition of Sky
Ranch and we invested approximately $3.8 million into marketable securities consisting entirely of certificates of deposit. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Changes in
Financing Activities </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Financing activities for the three months ended November&nbsp;30, 2011 consisted mainly of the
receipt of $13,700 from the County related to the Construction note. Financing activities for the three months ended November&nbsp;30, 2010 consisted mainly of the issuance of the $5.2 million Convertible Note and the sale of approximately $5.5
million of common stock. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Critical Accounting Policies and Use of Estimates </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">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. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">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 share-based compensation. Below is a summary of these critical accounting policies. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">22 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Revenue Recognition </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Our revenues consist mainly of tap fees, monthly service fees and construction revenues. As further described in Note 2 to the accompanying financial statements, 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. When we construct the infrastructure to be owned by the customer, we recognize tap fees pursuant to the percentage-of-completion
method. The percentage-of-completion method requires management to estimate the percent of work that is completed 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. We did not recognize any revenues pursuant to the percentage-of-completion method during the three months ended November&nbsp;30, 2011 or 2010.
</FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tap fees derived from agreements for which we own the infrastructure are recognized as revenue ratably over the estimated
service life of the assets constructed with said fees. 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 years or more. Management is
required to estimate the service life, and currently the service life is based on the estimated useful accounting life of the assets constructed with the tap fees. The useful accounting life 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. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Monthly water usage fees and monthly wastewater service fees are
recognized in income each month as earned. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the O&amp;G Lease, during the year ended August&nbsp;31, 2011, we
received up-front payments of $1,243,400 from Anadarko for the purpose of exploring for, developing, producing and marketing oil and gas on approximately 634 acres of mineral estate we own at our Sky Ranch property. We began recognizing the up-front
payments from Anadarko as income on a straight-line basis over three years (the initial term of the O&amp;G Lease) on March&nbsp;10, 2011. During the three months ended November&nbsp;30, 2011 and 2010, we recognized $103,600 and $0 of income related
to the up-front payments received pursuant to the O&amp;G Lease, respectively. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of November&nbsp;30, 2011, we have deferred
recognition of $949,900 of income related to the O&amp;G Lease, which will be recognized into income ratably through February 2014. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Impairment of Water Assets and Other Long-Lived Assets </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">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. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our water assets will be utilized in the provision of water services which inevitably will encompass many housing and economic cycles.
Our service capacities are quantitatively estimated based on an average single family home utilizing .4 acre-feet of water per year. Our water supplies are legally decreed to us through the water court. The water court decree allocates a specific
amount of water (subject to continued beneficial use) which historically has not changed. Thus, individual housing and economic cycles typically do not have an impact on the number of connections we can serve or the amount of water legally decreed
to us. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We report assets to be disposed of at the lower of the carrying amount or fair value less costs to sell. We have no
assets to be disposed of at November&nbsp;30, 2011. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Our Front Range and Arkansas River Water Rights </U></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We determine the undiscounted cash flows for our Denver based assets and the Arkansas River assets (defined below in the <I>Tap
Participation Fee </I>section) by estimating tap sales to potential new developments in our service area and to communities along the eastern slope of the Rocky Mountains in Colorado, in the area extending essentially from Ft. Collins on the north
to Colorado Springs on the south, generally referred to as the &#147;Front Range,&#148; using estimated future tap fees, less estimated costs to provide water services, over an estimated </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">23 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">
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 significantly from our
estimates, which could have a material impact on our financial statements as well as our results of operations. We performed an impairment analysis as of August&nbsp;31, 2011, and determined that our Rangeview Water Supply (defined in Note 4 to the
2011 Annual Report) and Arkansas River water assets were not impaired and their costs were deemed recoverable. Our impairment analysis is based on development occurring within areas in which we have service agreements (e.g. Sky Ranch and the Lowry
Range (described in Note 4 to the 2011 Annual Report)) as well as in surrounding areas, including the Front Range and the I-70 corridor. We estimate that we have the ability to provide wholesale water service to approximately 180,000 Single Family
Equivalents (&#147;SFE&#146;s&#148;) using our combined Rangeview Water Supply and Arkansas River water assets which have a carrying value of approximately $100.9 million as of November&nbsp;30, 2011. Based on the carrying value of our water rights,
the long term and uncertain nature of any development plans, current tap fees of $22,500 and estimated gross margins, we estimate that we would need to sell the following number of new water connections to recover the costs of our Rangeview Water
Supply and our Arkansas River water assets: </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">At current tap fees: we estimate we would need to add 8,300 new wholesale water connections, requiring 4.9% of our water portfolio;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">If tap fees increase 5.0%: we estimate we would need to add 7,900 new wholesale water connections, requiring 4.7% of our water portfolio;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">If tap fees decrease 5%: we estimate we would need to add 8,700 new wholesale water connections, requiring 5.2% of our portfolio.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Although changes in the housing market throughout the Front Range have delayed our estimated tap sale
projections, these changes do not alter our water ownership, nor our service obligations to existing properties or the number of SFE&#146;s we can service. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Our Paradise Water Rights </U></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Every six years the Paradise Water Supply
(defined in Note 4 to the 2011 Annual Report) is subject to a finding of reasonable diligence review by the water court and the State Engineer. For a favorable finding we must demonstrate that we are diligently pursuing the development of the water
rights. If we do not receive a favorable finding of reasonable diligence, 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, during the six year period from 2008 to
2014 we must (i)&nbsp;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)&nbsp;identify specific
source(s) of the water rights for use. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">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 at August&nbsp;31, 2011, we believe at
November&nbsp;30, 2011, the Paradise Water Supply is not impaired and the costs are deemed recoverable. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Tap Participation Fee
</I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">In 2006 we acquired 17,500 acres of irrigated land together with approximately 60,000 acre-feet of Arkansas River water
rights from HP A&amp;M. Along with common stock issued to HP A&amp;M, we agreed to pay HP A&amp;M a defined percentage of a defined number of water taps we sell from and after the date of the agreement with HP A&amp;M. 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&amp;M acquisition. The Tap Participation Fee liability is valued by estimating new home development in our 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 projected future water tap fees determined by using historical water tap fee trends. We updated the estimated
discounted cash flow analysis as of November&nbsp;30, 2011, which is described in Note 4 to the accompanying financial statements. Actual new home development in our service area and actual future tap fees inevitably will vary </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">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 our estimate of the value of the Tap Participation Fee, which is based on historical trends, is that we reasonably expect water tap fees to continue to increase in the coming
years. Tap fees are market based and the continued increase in tap fees reflects, among other things, the increasing costs to acquire and develop new water supplies. Tap fees are thus partially indicative of the increasing value of our water assets.
We continue to assess the value of the Tap Participation Fee liability and update its valuation analysis 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. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Obligations Payable by HP A&amp;M </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">60 of the 80 properties we acquired pursuant to the Arkansas River Agreement are subject to outstanding promissory notes with principal and accrued interest totaling $10.0 million at November&nbsp;30,
2011 and August&nbsp;31, 2011, respectively. 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&amp;M. However, in the event of default by HP A&amp;M, 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 and the water rights associated with said properties. If HP A&amp;M defaults on any of the promissory notes, we can foreclose on a defined amount of Pure Cycle common stock issued to HP A&amp;M being held in escrow and reduce the Tap
Participation Fee by two times the amount of notes defaulted on by HP A&amp;M. Although the likelihood of HP A&amp;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&amp;M as of November&nbsp;30, 2011. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Share-based compensation </I></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">We estimate the fair value of share-based
payment awards made to key employees and directors on the date of grant using the Black-Scholes option-pricing model. We then expense the fair value over the vesting period of the grant using a straight-line expense model. 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. See Note 8 to the 2011 Annual Report for further details on share-based
compensation expense. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Recently Adopted and Issued Accounting Pronouncements </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">See Note 1 to the accompanying financial statements for a discussion of recently adopted and issued accounting pronouncements.
</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx281734_6"></A></B><I></I><B><I></I></B><B>Item&nbsp;3.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Quantitative and Qualitative Disclosures About Market Risk</U></B><B><I> </I></B><I></I><B> </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>General </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pure Cycle has
limited exposure to market risks from instruments that may impact the <I>Balance Sheets</I>, <I>Statements of Operations</I>, and <I>Statements of Cash Flows. </I>Such exposure is due primarily to changing interest rates. </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Interest Rates </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
primary objective for our investment activities is to preserve principal while maximizing yields without significantly increasing risk. This is accomplished by investing in diversified short-term interest bearing investments. As of November&nbsp;30,
2011, the majority of our capital is invested in certificates of deposit with stated maturities and locked interest rates and, therefore, is not subject to interest rate fluctuations. We have no investments denominated in foreign country currencies
and, therefore, our investments are not subject to foreign currency exchange risk. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">25 </FONT></P>



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<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx281734_7"></A>Item&nbsp;4.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Controls and Procedures</U> </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Evaluation of Disclosure Controls and Procedures </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We maintain disclosure controls and procedures as defined in Rules&nbsp;13a-15(e) and 15d-15(e) of the Exchange Act, that are designed to ensure that information required to be disclosed in our reports
filed or submitted to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods 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 decisions regarding required disclosures. The President and Chief Financial Officer evaluated the effectiveness of disclosure controls and procedures as of
November&nbsp;30, 2011, pursuant to Rule 13a-15(b) 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. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Changes in Internal Control Over Financial
Reporting </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">No changes were made to our internal control over financial reporting during our most recently completed fiscal
quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx281734_8"></A>PART II </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx281734_9"></A>Item&nbsp;1.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Legal Proceedings </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">As
disclosed in a Form 8-K filed on December&nbsp;19, 2011, on that date, we and the District filed a lawsuit against the State of Colorado by and through the Land Board. The complaint was filed with the District Court, City and County of Denver,
Colorado. We and the District are claiming that the Land Board breached, and will breach, agreements entered into by the Land Board with us and the District in connection with a 1996 settlement agreement. Those agreements include the Amended and
Restated Water Lease, dated as of April&nbsp;4, 1996, between the Land Board and the District and the Service Agreement of the same date between us and the District. As initially reported in a Current Report on Form 8-K filed on November&nbsp;29,
2011, the Land Board issued a Request for Proposal that included a draft lease agreement related to oil and gas rights at the Land Board&#146;s Lowry Range. We believe the draft lease agreement did not adequately address or protect our exclusive
right to provide water to the Lowry Range. As a result of this breach, we and the District are claiming damages which will be proven at trial. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx281734_10"></A>Item&nbsp;6.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Exhibits </U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:28pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibits</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">31</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002.*</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002.*</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">101</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following financial information from our Quarterly Report on Form 10-Q for the first quarter of fiscal 2012, filed with the SEC on January 13, 2012,
formatted in eXtensible Business Reporting Language (&#147;XBRL&#148;): (i) the balance sheets as of November 30, 2011 and August 31, 2011, (ii) the statements of operations for the three months ended November 30, 2011 and 2010, (iii) the statements
of cash flows for the three months ended November 30, 2011 and 2010, and (iv) the noted to the financial statements.</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filed herewith.</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A NAME="tx281734_11"></A>SIGNATURES </FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized. </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">PURE CYCLE CORPORATION</FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Mark W. Harding</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mark W. Harding</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">President and Chief Financial Officer</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">January&nbsp;13, 2012 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">27 </FONT></P>


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<TYPE>EX-31
<SEQUENCE>2
<FILENAME>d281734dex31.htm
<DESCRIPTION>EX-31
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">EXHIBIT 31 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>CERTIFICATIONS </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">I, Mark W. Harding, certify that: </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">I have reviewed this quarterly report on Form 10-Q of Pure Cycle Corporation; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report my conclusion about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s
most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit
committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal
control over financial reporting. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dated: January&nbsp;13, 2012 </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Mark W. Harding</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mark W. Harding</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Principal&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Principal&nbsp;Financial&nbsp;Officer</FONT></TD></TR>
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<TYPE>EX-32
<SEQUENCE>3
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<DESCRIPTION>EX-32
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">EXHIBIT 32 </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">AS ADOPTED PURSUANT TO
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In connection with the Quarterly Report of Pure Cycle Corporation (the &#147;Company&#148;) on Form 10-Q for the three months ended November&nbsp;30, 2011, as filed with the Securities and Exchange
Commission on the date hereof (the &#147;Report&#148;), I, Mark W. Harding, President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002, that:
</FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify"><FONT STYLE="font-family:Times New Roman" SIZE="2">The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
</FONT></P></TD></TR></TABLE>
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<TD WIDTH="100%"></TD></TR>


<TR>
<TD HEIGHT="13"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Mark W. Harding</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mark W. Harding</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Principal&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Principal&nbsp;Financial&nbsp;Officer</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">January&nbsp;13, 2012</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>4
<FILENAME>pcyo-20111130.xml
<DESCRIPTION>XBRL INSTANCE DOCUMENT
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    <xbrli:entity>
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    </xbrli:entity>
    <xbrli:period>
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      <xbrli:endDate>2010-11-30</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="d_2011-09-01_2011-11-30">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000276720</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2011-09-01</xbrli:startDate>
      <xbrli:endDate>2011-11-30</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="i_2010-08-31">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000276720</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2010-08-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="i_2010-11-30">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000276720</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2010-11-30</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="i_2011-01-06">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000276720</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2011-01-06</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="i_2011-08-31">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000276720</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2011-08-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="i_2011-11-30">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0000276720</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2011-11-30</xbrli:instant>
    </xbrli:period>
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  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="d_2011-09-01_2011-11-30">&lt;div align="left"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;NOTE
  1&amp;nbsp;- PRESENTATION OF INTERIM INFORMATION&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  November 30, 2011 balance sheet, the statements of operations for
  the three months ended November 30, 2011 and 2010, and the
  statements of cash flows for the three months ended November 30,
  2011 and 2010, respectively, have been prepared by Pure Cycle
  Corporation (the &amp;ldquo;Company&amp;rdquo;) and have not been
  audited. In the opinion of management, all adjustments, necessary
  to present fairly the financial position, results of operations
  and cash flows at November 30, 2011, and for all periods
  presented have been made appropriately.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Certain
  information and footnote disclosures normally included in
  financial statements prepared in accordance with accounting
  principles generally accepted in the United States of America
  (&amp;ldquo;GAAP&amp;rdquo;) have been condensed or omitted. It is
  suggested that these financial statements be read in conjunction
  with the financial statements and notes thereto included in the
  Company's 2011 Annual Report on Form 10-K (the &amp;ldquo;2011 Annual
  Report&amp;rdquo;) filed with the Securities and Exchange Commission
  (the &amp;ldquo;SEC&amp;rdquo;) on November 14, 2011.&amp;nbsp;&amp;nbsp;The
  results of operations for interim periods presented are not
  necessarily indicative of the operating results for the full
  fiscal year.&amp;nbsp;&amp;nbsp;The August 31, 2011 balance sheet was
  taken directly from the Company&amp;rsquo;s audited financial
  statements.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Use
  of Estimates.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The preparation of financial
  statements in conformity with GAAP requires management to make
  estimates and assumptions that affect the reported amounts of
  assets and liabilities and disclosure of contingent assets and
  liabilities at the date of the financial statements and the
  reported amounts of revenues and expenses during the reporting
  period. Actual results could differ from those estimates.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Cash
  and cash equivalents.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The Company considers all
  highly liquid instruments with original maturities of three
  months or less when acquired, to be cash
  equivalents.&amp;nbsp;&amp;nbsp;The Company had no cash equivalents at
  November 30, 2011 or August 31, 2011.&amp;nbsp;&amp;nbsp;The Company
  maintains its cash balances at a high quality financial
  institution in accounts which are federally
  insured.&amp;nbsp;&amp;nbsp;At November 30, 2011, the Company&amp;rsquo;s
  main operating account exceeded federally insured limits by
  $247,000.&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Financial
  Instruments &amp;ndash; Concentration of Credit Risk and Fair
  Value.&amp;nbsp;&amp;nbsp;&lt;/font&gt;Financial instruments that potentially
  subject the Company to concentrations of credit risk consist
  primarily of cash equivalents and marketable securities. The
  Company places its cash with high credit-quality financial
  institutions. At no time during the three months ended November
  30, 2011, did the Company&amp;rsquo;s marketable securities exceed
  federally insured limits. From time-to-time the Company places
  its cash in money market instruments, commercial paper
  obligations, corporate bonds and US government treasury
  obligations. To date, the Company has not experienced significant
  losses on any of these investments.&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  following methods and assumptions were used to estimate the fair
  value of each class of financial instruments for which it is
  practicable to estimate that value.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Current
  Assets and Liabilities&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  amounts reported on the balance sheets for cash and cash
  equivalents, trade receivables, and trade payables approximate
  their fair values because of the short maturity of these
  instruments.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  amounts reported on the balance sheets for marketable securities
  are the fair values of the instruments as reported by the
  financial institutions where the funds are held at November 30,
  2011 and August 31, 2011.&amp;nbsp;&amp;nbsp;The Company has accumulated
  net unrealized losses totaling $500 and $2,900 as of November 30,
  2011 and August 31, 2011, respectively.&amp;nbsp;&amp;nbsp;These
  securities include only federally insured certificates of deposit
  and the unrealized losses are a result of changes in interest
  rates in the market.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Notes
  Receivable and Construction Proceeds Receivable&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  amounts reported on the balance sheets for the Company&amp;rsquo;s
  notes receivable and construction proceeds receivable approximate
  their fair values as they bear interest at rates which are
  comparable to current market rates.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Long-term
  Financial Liabilities&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Comprehensive Amendment Agreement No. 1 (the &amp;ldquo;CAA&amp;rdquo; as
  defined in Note 4 below) is comprised of a recorded balance and
  an off-balance sheet or &amp;ldquo;contingent&amp;rdquo;
  obligation.&amp;nbsp;&amp;nbsp;The amount payable is a fixed amount but
  is repayable only upon the sale of &amp;ldquo;Export Water&amp;rdquo;
  (defined in Note 4 to the 2011 Annual Report).&amp;nbsp;&amp;nbsp;Because
  of the uncertainty of the sale of Export Water, the Company has
  determined that the contingent portion of the CAA does not have a
  determinable fair value.&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  recorded balance of the &amp;ldquo;Tap Participation Fee&amp;rdquo;
  liability (as described below and in Note 4) is its estimated
  fair value determined by projecting new home development in the
  Company&amp;rsquo;s targeted service area over an estimated
  development period.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Tap
  Participation Fee.&lt;/font&gt; This note should be read in conjunction
  with Note 4 below.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Pursuant
  to the Asset Purchase Agreement (the &amp;ldquo;Arkansas River
  Agreement&amp;rdquo;) dated May 10, 2006, the Company is obligated to
  pay High Plains A&amp;amp;M, LLC (&amp;ldquo;HP A&amp;amp;M&amp;rdquo;) a defined
  percentage of a defined number of water tap fees the Company
  receives after the date of the Arkansas River
  Agreement.&amp;nbsp;&amp;nbsp;The Tap Participation Fee is due and
  payable once the Company has sold a water tap and received the
  consideration due for such water tap. The Company did not sell
  any water taps during the three months ended November 30, 2011 or
  2010.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Company imputes interest expense on the unpaid Tap Participation
  Fee using the effective interest method over an estimated period
  which is utilized in the valuation of the liability. The Company
  imputed interest of $851,400 and $940,000 during the three months
  ended November 30, 2011 and 2010, respectively.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;During
  the three months ended November 30, 2011, the Company allocated
  $47,400 to the Tap Participation Fee liability and to additional
  paid in capital (due to HP A&amp;amp;M being deemed a related
  party).&amp;nbsp;&amp;nbsp;This is the equivalent of 11 water
  taps.&amp;nbsp;&amp;nbsp;The allocation was made pursuant to the Arkansas
  River Agreement and was based on the &amp;ldquo;Net Revenues&amp;rdquo;
  (defined in Note 4 below) earned by HP A&amp;amp;M related to the
  farm leasing operations which are described in greater detail in
  Note 4 to the 2011 Annual Report.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;At
  November 30, 2011, there remain 19,458 water taps subject to the
  Tap Participation Fee.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Revenue
  Recognition.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The Company&amp;rsquo;s revenue
  recognition policies have not changed since August 31, 2011, and
  are more fully described in Note 2 to the 2011 Annual
  Report.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;In
  August 2005, the Company entered into the Water Service Agreement
  (the &amp;ldquo;County Agreement&amp;rdquo;) with Arapahoe County (the
  &amp;ldquo;County&amp;rdquo;).&amp;nbsp;&amp;nbsp;In fiscal 2006, the Company
  began recognizing water tap fees as revenue ratably over the
  estimated service period upon completion of the &amp;ldquo;Wholesale
  Facilities&amp;rdquo; (defined in the 2011 Annual Report) constructed
  to provide service to the County.&amp;nbsp;&amp;nbsp;The Company
  recognized $3,600 of water tap fee revenues during each of the
  three months ended November 30, 2011 and 2010,
  respectively.&amp;nbsp;&amp;nbsp;The water tap fees to be recognized over
  this period are net of the royalty payments to the State of
  Colorado Board of Land Commissioners (the &amp;ldquo;Land
  Board&amp;rdquo;) and amounts paid to third parties pursuant to the
  CAA as further described in Note 4 below.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Company recognized $10,400 of &amp;ldquo;Special Facilities&amp;rdquo;
  (defined in the 2011 Annual Report) funding as revenue during
  each of the three months ended November 30, 2011 and 2010,
  respectively.&amp;nbsp;&amp;nbsp;This is the ratable portion of the
  Special Facilities funding proceeds received from the County
  pursuant to the County Agreement as more fully described in Note
  4 to the 2011 Annual Report.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;As
  of November 30, 2011, the Company has deferred recognition of
  $1.4 million of water tap and construction fee revenue from the
  County, which will be recognized as revenue ratably over the
  estimated useful accounting life of the assets constructed with
  the construction proceeds as described above.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Royalty
  and other obligations.&amp;nbsp;&amp;nbsp;&lt;/font&gt;Revenues from the sale
  of Export Water are shown net of royalties payable to the Land
  Board. Revenues from the sale of water on the &amp;ldquo;Lowry
  Range&amp;rdquo; (described in Note 4 to the 2011 Annual Report) are
  shown net of the royalties to the Land Board and the amounts
  retained by the Rangeview Metropolitan District (the
  &amp;ldquo;District&amp;rdquo;).&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Oil
  and Gas Lease Payments.&amp;nbsp;&amp;nbsp;&lt;/font&gt;As further described in
  Note 2 to the 2011 Annual Report, on March 10, 2011, the Company
  entered into a Paid-Up Oil and Gas Lease (the &amp;ldquo;O&amp;amp;G
  Lease&amp;rdquo;) and a Surface Use and Damage Agreement (the
  &amp;ldquo;Surface Use Agreement&amp;rdquo;) with Anadarko E&amp;amp;P
  Company, L.P. (&amp;ldquo;Anadarko&amp;rdquo;) a wholly owned subsidiary
  of Anadarko Petroleum Company.&amp;nbsp;&amp;nbsp;Pursuant to the O&amp;amp;G
  Lease, during the year ended August 31, 2011, the Company
  received up-front payments of $1,243,400 from Anadarko for the
  purpose of exploring for, developing, producing and marketing oil
  and gas on approximately 634 acres of mineral estate owned by the
  Company at its Sky Ranch property (described in Note 4 to the
  2011 Annual Report).&amp;nbsp;&amp;nbsp;The Company began recognizing the
  up-front payments from Anadarko as income on a straight-line
  basis over three years (the initial term of the O&amp;amp;G Lease) on
  March 10, 2011.&amp;nbsp;&amp;nbsp;During the three months ended November
  30, 2011 and 2010, the Company recognized $103,600 and $0 of
  income related to the up-front payments received pursuant to the
  O&amp;amp;G Lease, respectively.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;As
  of November 30, 2011, the Company has deferred recognition of
  $949,900 of income related to the O&amp;amp;G Lease, which will be
  recognized into income ratably through February 2014.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Water
  and Wastewater Systems and Depletion and Depreciation of Water
  Assets.&lt;/font&gt; Costs to construct water and wastewater systems
  that meet the Company&amp;rsquo;s capitalization criteria are
  capitalized as incurred, including interest.&amp;nbsp;&amp;nbsp;The costs
  are depreciated on a straight-line basis over the estimated
  useful lives of the water and wastewater systems, up to thirty
  years.&amp;nbsp;&amp;nbsp;The Company capitalizes design and construction
  costs related to construction activities and it capitalizes
  certain legal, engineering and permitting costs relating to the
  adjudication and improvement of its water assets. The Company
  depletes its water assets that are being utilized on the basis of
  units produced divided by the total volume of water adjudicated
  in the water decrees.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Share-based
  Compensation.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The Company maintains a stock
  option plan for the benefit of its employees and
  directors.&amp;nbsp;&amp;nbsp;The Company records share-based
  compensation costs as expense over the applicable vesting period
  of the stock award using the straight-line method.&amp;nbsp;&amp;nbsp;The
  compensation costs to be expensed are measured at the grant date
  based on the fair value of the award.&amp;nbsp;&amp;nbsp;The Company has
  adopted the alternative transition method for calculating the tax
  effects of share-based compensation which allowed for a
  simplified method of calculating the tax effects of employee
  share-based compensation.&amp;nbsp;&amp;nbsp;Because the Company has a
  full valuation allowance on its deferred tax assets, at this
  time, the granting and exercise of stock options has no impact on
  the income tax provisions.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Company recognized $18,800 and $21,400 of share-based
  compensation expense during the three months ended November 30,
  2011 and 2010, respectively.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Income
  taxes.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The Company uses a
  "more-likely-than-not" threshold for the recognition and
  de-recognition of tax positions, including any potential interest
  and penalties relating to tax positions taken by the
  Company.&amp;nbsp;&amp;nbsp;The Company does not have any significant
  unrecognized tax benefits as of November 30, 2011.&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Company files income tax returns with the Internal Revenue
  Service and the State of Colorado. The tax years that remain
  subject to examination are fiscal 2009 through fiscal 2011. The
  Company does not believe there will be any material changes in
  its unrecognized tax positions over the next twelve
  months.&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Company's policy is to recognize interest and penalties accrued
  on any unrecognized tax benefits as a component of income tax
  expense.&amp;nbsp;&amp;nbsp;At November 30, 2011, the Company did not
  have any accrued interest or penalties associated with any
  unrecognized tax benefits, nor was any interest expense
  recognized during the three months ended November 30, 2011 and
  2010.&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Loss
  per Common Share&lt;/font&gt;
  &lt;font
  style="DISPLAY: inline; FONT-WEIGHT: bold"&gt;.&amp;nbsp;&amp;nbsp;&lt;/font&gt;Loss
  per common share is computed by dividing net loss by the weighted
  average number of shares outstanding during each period. Common
  stock options and warrants aggregating 275,100 and 262,600,
  common share equivalents as of November 30, 2011 and 2010,
  respectively, and 1.9 million shares underlying the Convertible
  Note &amp;ndash; Related Party (defined in Note 4 to the 2011 Annual
  Report), prior to conversion on January 11, 2011, have been
  excluded from the calculation of loss per common share as their
  effect is anti-dilutive.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="left"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Comprehensive
  Loss.&lt;/font&gt; In addition to net loss, comprehensive loss includes
  the unrecognized changes in the fair value of marketable
  securities that are classified as available-for-sale as noted in
  the following table:&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="center"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;div align="center"&gt;
    &lt;table
    style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
     width="90%" cellspacing="0" cellpadding="0"&gt;
      &lt;tr&gt;
        &lt;td width="68%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="30%" valign="bottom" colspan="6"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Three
            Months Ended:&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="68%"
        valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="BORDER-BOTTOM: black 2px solid" width="15%"
        valign="bottom" colspan="3"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;November
            30, 2011&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="BORDER-BOTTOM: black 2px solid" width="14%"
        valign="bottom" colspan="2"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;November
            30, 2010&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td width="68%" valign="bottom" align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Net
            loss&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="13%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(1,361,700&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="13%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(1,460,800&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="white"&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="68%" valign="bottom"
        align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Unrealized
            gain (loss) on marketable securities&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="13%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;2,400&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="13%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(2,200&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="68%" valign="bottom"
        align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Comprehensive
            loss&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="13%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(1,359,300&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="13%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(1,463,000&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
    &lt;/table&gt;
  &lt;/div&gt;
  &lt;div align="center"&gt;&amp;nbsp;&lt;/div&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Recently
  Issued Accounting Pronouncements.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The Company
  continually assesses any new accounting pronouncements to
  determine their applicability.&amp;nbsp;&amp;nbsp;Where it is determined
  that a new accounting pronouncement affects the Company&amp;rsquo;s
  financial reporting, the Company undertakes a study to determine
  the consequence of the change to its financial statements and
  assures that there are proper controls in place to ascertain that
  the Company&amp;rsquo;s financials properly reflect the
  change.&amp;nbsp;&amp;nbsp;A variety of proposed or otherwise potential
  accounting standards are currently under study by
  standard-setting organizations and various regulatory agencies.
  Because of the tentative and preliminary nature of these proposed
  standards, the Company has not determined whether implementation
  of such proposed standards would be material to the
  Company&amp;rsquo;s financial statements.&amp;nbsp;&amp;nbsp;New
  pronouncements assessed by the Company recently are discussed
  below:&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;In
  June 2011, the Financial Accounting Standards Board
  (&amp;ldquo;FASB&amp;rdquo;) issued Accounting Standards Update
  (&amp;ldquo;ASU&amp;rdquo;) No. 2011-05,&lt;/font&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Comprehensive
  Income (Topic 220) &amp;ndash;&lt;/font&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;nbsp;&lt;/font&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Presentation
  of Comprehensive Income&lt;/font&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;(&amp;ldquo;ASU
  2011-05&amp;rdquo;).&amp;nbsp;&amp;nbsp;&lt;/font&gt;ASU 2011-05 requires entities
  to present net income and other comprehensive income in either a
  single continuous statement or in two separate, but consecutive,
  statements of net income and other comprehensive income. ASU
  2011-05 is effective for fiscal years, and interim periods within
  those years, beginning after December 15, 2011 (September 1, 2012
  for the Company).&amp;nbsp;&amp;nbsp;The Company is assessing the impact
  of ASU 2011-05 but it does not expect the adoption of ASU 2011-05
  to have a material impact on its financial statements.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Reclassifications.&amp;nbsp;&amp;nbsp;&lt;/font&gt;Certain
  amounts in the November 30, 2010 financial statements have been
  reclassified to conform to the current presentation.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
  <us-gaap:FairValueDisclosuresTextBlock contextRef="d_2011-09-01_2011-11-30">&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;NOTE
  2
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;&amp;nbsp;-&lt;/font&gt;
  FAIR VALUE MEASUREMENTS&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Fair
  value is defined as the price that would be received to sell an
  asset or paid to transfer a liability in an orderly transaction
  between market participants at the measurement date in the
  principal or most advantageous market. The Company uses a fair
  value hierarchy that has three levels of inputs, both observable
  and unobservable, with use of the lowest possible level of input
  to determine fair value.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Level
  1 &amp;mdash; Valuations for assets and liabilities traded in active
  exchange markets, such as the New York Stock Exchange. The
  Company had none of these instruments at November 30,
  2011.&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Level
  2 &amp;mdash; Valuations for assets and liabilities obtained from
  readily available pricing sources via independent providers for
  market transactions involving similar assets or liabilities. The
  Company had one Level 2 asset at November 30, 2011, its
  marketable securities.&amp;nbsp;&amp;nbsp;The value of the
  Company&amp;rsquo;s marketable securities is based on observable
  market data obtained from the financial institutions at which the
  marketable securities are held.&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Level
  3 &amp;mdash; Valuations for assets and liabilities that are derived
  from other valuation methodologies, including discounted cash
  flow models and similar techniques, and not based on market
  exchange, dealer, or broker traded transactions.&amp;nbsp;&amp;nbsp;Level
  3 valuations incorporate certain assumptions and projections in
  determining the fair value assigned to such assets or
  liabilities. The Company had one Level 3 liability at November
  30, 2011, the Tap Participation Fee liability, which is described
  in greater detail in Note 4 below.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Company maintains policies and procedures to value instruments
  using the best and most relevant data available.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  following table provides information on the assets and
  liabilities measured at fair value on a recurring basis as of
  November 30, 2011:&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="left"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0"&gt;
    &lt;tr&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom" colspan="2"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom" colspan="2"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="10"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Fair
          Value Measurement Using:&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom" colspan="2"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr&gt;
      &lt;td valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td valign="bottom" colspan="2"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td valign="bottom" colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Cost
          / Other&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td valign="bottom" colspan="3"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Quoted
          Prices in Active Markets for Identical Assets&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td valign="bottom" colspan="3"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Significant
          Other Observable Inputs&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td valign="bottom" colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Significant
          Unobservable Inputs&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td valign="bottom" colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Accumulated
          Unrealized Gains and&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Fair
          Value&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Value&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(Level
          1)&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(Level
          2)&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(Level
          3)&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(Losses)&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="#C0FFFF"&gt;
      &lt;td width="28%" valign="bottom" align="left"&gt;
        &lt;div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Marketable
          securities&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;3,852,700&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;3,853,200&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;-&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;3,852,700&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;-&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(500&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="white"&gt;
      &lt;td width="28%" valign="bottom" align="left"&gt;
        &lt;div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Tap
          Participation Fee liability&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;65,792,300&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;65,792,300&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;-&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;-&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;65,792,300&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;-&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;
&lt;/div&gt;
&lt;div&gt;&amp;nbsp;&lt;/div&gt;
&lt;div&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Level
  2 Asset &amp;ndash; Marketable Securities.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The
  Company&amp;rsquo;s marketable securities are the Company&amp;rsquo;s
  only financial asset measured on a recurring
  basis.&amp;nbsp;&amp;nbsp;The fair value of the marketable securities is
  based on the values reported by the financial institutions where
  the funds are held.&amp;nbsp;These securities include only federally
  insured certificates of deposit.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Level
  3 Liability &amp;ndash; Tap Participation Fee.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The
  Company&amp;rsquo;s Tap Participation Fee liability is the
  Company&amp;rsquo;s only financial liability measured on a
  non-recurring basis.&amp;nbsp;&amp;nbsp;As further described in Note 4,
  the Tap Participation Fee liability is valued by projecting new
  home development in the Company&amp;rsquo;s targeted service area
  over an estimated development period.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  following table presents the changes in the Tap Participation Fee
  for the three months ended November 30, 2011:&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
&amp;nbsp;&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;div align="left"&gt;
    &lt;table
    style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
     width="100%" cellspacing="0" cellpadding="0"&gt;
      &lt;tr&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="10"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Fair
            Value Measurement using Significant Unobservable Inputs
            (Level 3)&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Gross
            Estimated Tap Participation Fee Liability&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Tap
            Participation Fee Reported Liability&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Discount
            - to be imputed as interest expense in future
            periods&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td width="64%" valign="bottom" align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Balance
            at August 31, 2011&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;113,147,700&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;64,988,300&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;48,159,400&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="white"&gt;
        &lt;td width="64%" valign="bottom" align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Total
            gains and losses (realized and unrealized):&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td width="64%" valign="bottom" align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&amp;nbsp;Imputed
            interest recorded as "Other Expense"&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;-&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;851,400&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(851,400&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="white"&gt;
        &lt;td width="64%" valign="bottom" align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&amp;nbsp;Increase
            in estimated value (to be realized in future
            periods)&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;7,468,200&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;-&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;7,468,200&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td width="64%" valign="bottom" align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Purchases,
            sales, issuances, payments, and settlements&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;-&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(47,400&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;47,400&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="white"&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="64%" valign="bottom"
        align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Transfers
            in and/or out of Level 3&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;-&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;-&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;-&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="64%" valign="bottom"
        align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Balance
            at November 30, 2011&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;120,615,900&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;65,792,300&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;54,823,600&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
    &lt;/table&gt;
  &lt;/div&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
&amp;nbsp;&lt;/div&gt;
</us-gaap:FairValueDisclosuresTextBlock>
  <us-gaap:CostMethodInvestmentsDescriptionTextBlock contextRef="d_2011-09-01_2011-11-30">&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;NOTE
  3&amp;nbsp;- INVESTMENTS IN WATER, WATER SYSTEMS, LAND AND
  IMPROVEMENTS&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Company&amp;rsquo;s water rights and current water and wastewater
  service agreements are more fully described in Note 4 to the 2011
  Annual Report.&amp;nbsp;&amp;nbsp;There have been no significant changes
  to the Company&amp;rsquo;s water rights or water and wastewater
  service agreements during the three months ended November 30,
  2011.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Company&amp;rsquo;s water, water systems, land and improvements
  consist of the following costs and accumulated depreciation and
  depletion at November 30, 2011 and August 31, 2011:&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
&amp;nbsp;&lt;/div&gt;
&lt;div align="left"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0"&gt;
    &lt;tr&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="6"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;November
          30, 2011&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="6"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;August
          31, 2011&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Costs&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Accumulated
          Depreciation and Depletion&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Costs&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Accumulated
          Depreciation and Depletion&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="#C0FFFF"&gt;
      &lt;td width="52%" valign="bottom" align="left"&gt;
        &lt;div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Arkansas
          River Valley assets&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;81,318,800&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(1,187,200&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;81,318,800&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(1,144,100&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="white"&gt;
      &lt;td width="52%" valign="bottom" align="left"&gt;
        &lt;div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Rangeview
          water supply&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;14,305,400&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(6,700&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;14,299,700&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(6,600&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
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        &lt;div align="left"
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          water supply&lt;/font&gt;
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        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;5,544,000&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;ndash;&lt;/font&gt;
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        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;5,540,200&lt;/font&gt;
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        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;ndash;&lt;/font&gt;
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        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;3,915,200&lt;/font&gt;
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        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(29,000&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        &lt;font
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        &lt;font
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        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(21,800&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
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        &lt;font
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        &lt;font
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
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        &lt;font
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
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        &lt;font
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
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        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
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        &lt;div align="left"
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      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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        &lt;font
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
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        &lt;font
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      &lt;td width="1%" valign="bottom" align="right"&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(63,700&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
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      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;167,700&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(62,400&lt;/font&gt;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
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      &lt;td style="PADDING-BOTTOM: 2px" width="52%" valign="bottom"
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        &lt;font
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      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
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        &lt;font
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      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom"&gt;
        &lt;font
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      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
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      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
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        &lt;font
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      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
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        &lt;font
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      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
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        &lt;font
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        &lt;font
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      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(13,700&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="white"&gt;
      &lt;td style="PADDING-BOTTOM: 2px" width="52%" valign="bottom"
      align="left"&gt;
        &lt;div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Totals&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;108,176,600&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(1,769,900&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;108,167,100&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(1,695,000&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="#C0FFFF"&gt;
      &lt;td width="52%" valign="bottom" align="left"&gt;
        &lt;div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Net
          investments in water and water systems&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;106,406,700&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;106,472,100&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="white"&gt;
      &lt;td width="52%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="#C0FFFF"&gt;
      &lt;td style="PADDING-BOTTOM: 2px" width="52%" valign="bottom"
      align="left"&gt;
        &lt;div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Sky
          Ranch land and improvements&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;3,772,800&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px" width="9%"
      valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(500&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;3,743,300&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px" width="9%"
      valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;ndash;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="white"&gt;
      &lt;td style="PADDING-BOTTOM: 4px" width="52%" valign="bottom"
      align="left"&gt;
        &lt;div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Total
          net investments in water, water systems, land and
          improvements&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
      align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
      width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
      width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;110,179,000&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px" width="9%"
      valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
      align="right"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
      width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
      width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;110,215,400&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px" width="9%"
      valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Capitalized
  terms in this section not defined herein are defined in Note 4 to
  the 2011 Annual Report.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold"&gt;Depletion
  and Depreciation.&lt;/font&gt;
  &lt;font style="DISPLAY: inline; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;The
  Company recorded $100 of depletion charges during each of the
  three month periods ended November 30, 2011 and 2010,
  respectively.&amp;nbsp;&amp;nbsp;This related entirely to the Rangeview
  Water Supply. No depletion is taken against the Arkansas River
  water, Paradise Water Supply or Sky Ranch Water Supply because
  the water located at these locations are not yet being utilized
  for their intended purpose as of November 30, 2011.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Company recorded $75,500 and $75,100 of depreciation expense
  during the three months ended November 30, 2011 and 2010,
  respectively.&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&amp;nbsp;&lt;/div&gt;
</us-gaap:CostMethodInvestmentsDescriptionTextBlock>
  <us-gaap:DebtAndCapitalLeasesDisclosuresTextBlock contextRef="d_2011-09-01_2011-11-30">&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;NOTE
  4&amp;nbsp;- LONG-TERM OBLIGATIONS AND OPERATING LEASE&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;At
  November 30, 2011 and August 31, 2011, the Company had no debt
  obligations with contractual maturity dates.&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Participating Interest in Export Water supply and the Tap
  Participation Fee payable to HP A&amp;amp;M are obligations of the
  Company that have no scheduled maturity dates. Therefore, these
  liabilities are not disclosed in tabular format but they are
  described below.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;Participating
  Interests in Export Water Supply&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Company acquired its Rangeview Water Supply through various
  amended agreements entered into in the early 1990&amp;rsquo;s. The
  acquisition was consummated with the signing of the CAA in 1996.
  Upon entering into the CAA, the Company recorded an initial
  liability of $11.1 million, which represented the cash the
  Company received from the participating interest holders which
  was used to purchase the Company&amp;rsquo;s Export Water (described
  in greater detail in Note 4 to the financial statements contained
  in the Company&amp;rsquo;s 2011 Annual Report on Form
  10-K).&amp;nbsp;&amp;nbsp;The Company agreed to remit a total of $31.8
  million of proceeds received from the sale of Export Water to the
  participating interest holders in return for their initial $11.1
  million investments.&amp;nbsp;&amp;nbsp;The obligation for the $11.1
  million was recorded as debt, and the remaining $20.7 million
  contingent liability is not reflected on the Company&amp;rsquo;s
  balance sheet because the obligation to pay this is contingent on
  the sale of Export Water, the amounts and timing of which are not
  reasonably determinable.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  CAA obligation is non-interest bearing, and if the Export Water
  is not sold, the parties to the CAA have no recourse against the
  Company.&amp;nbsp;&amp;nbsp;If the Company does not sell the Export
  Water, the holders of the Series B Preferred Stock are also not
  entitled to payment of any dividend and have no contractual
  recourse against the Company.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;As
  the proceeds from the sale of Export Water are received and the
  amounts are remitted to the external CAA holders, the Company
  allocates a ratable percentage of this payment to the principal
  portion (the
  &lt;font style="FONT-STYLE: italic; DISPLAY: inline"&gt;Participating
  Interests in Export Water Supply&lt;/font&gt; liability account) with
  the balance of the payment being charged to the contingent
  obligation portion.&amp;nbsp;&amp;nbsp;Because the original recorded
  liability, which was $11.1 million, was 35% of the original total
  liability of $31.8 million, 35% of each payment remitted to the
  CAA holders is allocated to the recorded liability
  account.&amp;nbsp;&amp;nbsp;The remaining portion of each payment, or
  65%, is allocated to the contingent obligation, which is recorded
  on a net revenue basis.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;In
  fiscal years 2007 and 2008, in order to reduce the long term
  impact of the CAA, the Company repurchased various portions of
  the CAA obligations in priority.&amp;nbsp;&amp;nbsp;The Company did not
  make any CAA acquisitions during the three months ended November
  30, 2011 and 2010.&amp;nbsp;&amp;nbsp;As a result of the acquisitions,
  and due to the sale of Export Water, as detailed in the table
  below, the remaining potential third party obligation at November
  30, 2011 is $3.5 million:&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="center"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;div align="left"&gt;
    &lt;table
    style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
     width="100%" cellspacing="0" cellpadding="0"&gt;
      &lt;tr&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Export
            Water Proceeds Received&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Initial
            Export Water Proceeds to Pure Cycle&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Total
            Potential Third party Obligation&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Paticipating
            Interests Liability&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Contingency&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td width="40%" valign="bottom" align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Original
            balances&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;ndash;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;218,500&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;31,807,700&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;11,090,600&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;20,717,100&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="white"&gt;
        &lt;td valign="bottom" colspan="4" align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Activity
            from inception until August 31, 2011:&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td style="TEXT-INDENT: 9pt" width="40%" valign="bottom"
        align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Acquisitions&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;ndash;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;28,077,500&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(28,077,500&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(9,790,000&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(18,287,500&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="white"&gt;
        &lt;td style="TEXT-INDENT: 9pt" width="40%" valign="bottom"
        align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Option
            payments - Sky Ranch&lt;/font&gt; and The Hills at Sky
            Ranch&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;110,400&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(42,300&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(68,100&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(23,800&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(44,400&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td style="TEXT-INDENT: 9pt" width="40%" valign="bottom"
        align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Arapahoe
            County tap fees *&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;533,000&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(373,100&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(159,900&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(55,800&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(104,200&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="white"&gt;
        &lt;td style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"
        width="40%" valign="bottom" align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Export
            Water sale payments&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;85,100&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(59,600&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(25,500&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(8,900&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(16,600&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td style="TEXT-INDENT: 9pt" width="40%" valign="bottom"
        align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Balance
            at August 31, 2010&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;728,500&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;27,821,000&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;3,476,700&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;1,212,100&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;2,264,400&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="white"&gt;
        &lt;td width="40%" valign="bottom" align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Fiscal
            2012 activity:&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"
        width="40%" valign="bottom" align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Export
            Water sale payments&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;7,000&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(4,900&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(2,100&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(600&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(1,500&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="white"&gt;
        &lt;td style="PADDING-BOTTOM: 4px; TEXT-INDENT: 9pt"
        width="40%" valign="bottom" align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Balance
            at November 30, 2011&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;735,500&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;27,816,100&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;3,474,600&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;1,211,500&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="9%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;2,262,900&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;/tr&gt;
    &lt;/table&gt;
  &lt;/div&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-SIZE: 10pt"&gt;&amp;nbsp;&amp;nbsp;*&amp;nbsp;&amp;nbsp;&lt;/font&gt;The
  Arapahoe County tap fees are less $34,522 in royalties paid to
  the Land Board.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  CAA includes contractually established priorities which call for
  payments to CAA holders in order of their
  priority.&amp;nbsp;&amp;nbsp;This means the first three payees receive
  their full payment before the next priority level receives any
  payment and so on until full repayment.&amp;nbsp;&amp;nbsp;The Company
  will receive $5.1 million of the first priority payout (the
  remaining entire first priority payout totals $7.3 million as of
  November 30, 2011).&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;Arkansas
  River Agreement Obligations&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Tap Participation Fee&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  $65.8 million Tap Participation Fee liability at November 30,
  2011, represents the estimated discounted fair value of the
  Company&amp;rsquo;s obligation to pay HP A&amp;amp;M 20% of the
  Company&amp;rsquo;s gross proceeds, or the equivalent thereof, from
  the sale of the next 19,458 water taps sold by the
  Company.&amp;nbsp;&amp;nbsp;Initially the obligation was to pay 10% of
  the Company&amp;rsquo;s gross proceeds, or the equivalent thereof,
  from the sale of 40,000 water taps sold after the date of the
  Arkansas River Agreement.&amp;nbsp;&amp;nbsp;The 40,000 water taps was
  reduced to 19,458 water taps as a result of (i) Arkansas River
  Valley land which was sold in 2006 and 2009, (ii) the sale of
  unutilized water rights owned by the Company in the Arkansas
  River Valley in 2007, (iii) a 50% reduction in water taps subject
  to the Tap Participation Fee when HP A&amp;amp;M elected to increase
  the percentage from 10% to 20%, also described further below, and
  (iv) the allocation of 24.6% of the estimated Net Revenues
  received by HP A&amp;amp;M related to the management of the farm
  leasing operations which is described in greater detail
  below.&amp;nbsp;&amp;nbsp;Pursuant to the Arkansas River Agreement, f
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;ollowing
  the fifth anniversary (September 1, 2011) of the Arkansas River
  Agreement, HP A&amp;amp;M elected to increase the Tap Participation
  Fee percentage from 10% to 20% and take a corresponding 50%
  reduction in the number of taps subject to the Tap Participation
  Fee.&lt;/font&gt;&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  fair value of the Tap Participation Fee liability is an estimate
  prepared by management of the Company.&amp;nbsp;&amp;nbsp;The fair value
  of the liability is based on discounted estimated cash flows
  subject to the Tap Participation Fee calculated by projecting
  future annual water tap sales for the number of taps subject to
  the Tap Participation Fee at the date of
  valuation.&amp;nbsp;&amp;nbsp;Future cash flows from water tap sales are
  estimated by utilizing the following historical information where
  available:&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div&gt;
  &lt;table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0" border="0"
  align="center"&gt;
    &lt;tr style="LINE-HEIGHT: 1.25;" valign="top"&gt;
      &lt;td style="WIDTH: 18pt"&gt;
        &lt;div&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="WIDTH: 18pt"&gt;
        &lt;div
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
            &lt;font style="DISPLAY: inline;"&gt;&amp;middot;&lt;/font&gt;
          &lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td&gt;
        &lt;div align="justify"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;New
          homes constructed in the area known as the 11-county
          &amp;ldquo;Front Range&amp;rdquo; from the 1980&amp;rsquo;s through
          the valuation date.&amp;nbsp;&amp;nbsp;The Company utilized data
          for this length of time to provide development
          information over many economic cycles because the Company
          anticipates development in its targeted service area to
          encompass many economic cycles over the development
          period.&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div&gt;
  &lt;table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0" border="0"
  align="center"&gt;
    &lt;tr style="LINE-HEIGHT: 1.25;" valign="top"&gt;
      &lt;td style="WIDTH: 18pt"&gt;
        &lt;div&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="WIDTH: 18pt"&gt;
        &lt;div
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
            &lt;font style="DISPLAY: inline;"&gt;&amp;middot;&lt;/font&gt;
          &lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td&gt;
        &lt;div align="justify"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;New
          home construction patterns for large master planned
          housing developments along the Front
          Range.&amp;nbsp;&amp;nbsp;The Company utilized this information
          because these developments are deemed comparable to
          projects anticipated to be constructed in the
          Company&amp;rsquo;s targeted service area (i.e. these master
          planned communities were located in predominately
          undeveloped areas on the outskirts of the Front
          Range).&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div&gt;
  &lt;table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0" border="0"
  align="center"&gt;
    &lt;tr style="LINE-HEIGHT: 1.25;" valign="top"&gt;
      &lt;td style="WIDTH: 18pt"&gt;
        &lt;div&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="WIDTH: 18pt"&gt;
        &lt;div
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
            &lt;font style="DISPLAY: inline;"&gt;&amp;middot;&lt;/font&gt;
          &lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td&gt;
        &lt;div align="justify"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Population
          growth rates for Colorado and the Front
          Range.&lt;/font&gt;&amp;nbsp;&amp;nbsp;Population growth rates were
          utilized to predict anticipated growth along the Front
          Range which was used to predict an estimated number of
          new homes necessary to house the increased
          population.&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div&gt;
  &lt;table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0" border="0"
  align="center"&gt;
    &lt;tr style="LINE-HEIGHT: 1.25;" valign="top"&gt;
      &lt;td style="WIDTH: 18pt"&gt;
        &lt;div&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="WIDTH: 18pt"&gt;
        &lt;div
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
            &lt;font style="DISPLAY: inline;"&gt;&amp;middot;&lt;/font&gt;
          &lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td&gt;
        &lt;div align="justify"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
          Consumer Price Index since the 1980&amp;rsquo;s which was
          utilized to project estimated future water tap
          fees.&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div&gt;
  &lt;table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0" border="0"
  align="center"&gt;
    &lt;tr style="LINE-HEIGHT: 1.25;" valign="top"&gt;
      &lt;td style="WIDTH: 18pt"&gt;
        &lt;div&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="WIDTH: 18pt"&gt;
        &lt;div
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;
            &lt;font style="DISPLAY: inline;"&gt;&amp;middot;&lt;/font&gt;
          &lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td&gt;
        &lt;div align="justify"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Net
          Revenues from the farm leasing operations in 2010
          obtained from HP A&amp;amp;M.&amp;nbsp;&amp;nbsp;This was used to
          project annual farm leasing operations through September
          2014 which is the date through which the management
          agreement was extended as described below.&amp;nbsp;&amp;nbsp;The
          Company is permitted to allocate 24.6% of the Net
          Revenues against the Tap Participation Fee through
          September 2014.&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Utilizing
  this historical information, the Company projected an estimated
  new home development pattern in its targeted service area
  sufficient to cover the sale of 19,458 water taps.&amp;nbsp;&amp;nbsp;The
  estimated proceeds of selling 19,458 water taps resulted in
  estimated payments to HP A&amp;amp;M over the life of the projected
  development period of $120.6 million, which is an increase of
  $7.5 million from the previous valuation completed in fiscal
  2009.&amp;nbsp;&amp;nbsp;The estimated payments to HP A&amp;amp;M are then
  discounted to the current valuation date and the difference
  between the amount reflected on the Company&amp;rsquo;s balance sheet
  at the valuation date and the total estimated payments is imputed
  as interest expense over the estimated development time using the
  effective interest method.&amp;nbsp;&amp;nbsp;The implied interest rate
  for the valuation completed during this fiscal quarter was 5.3%
  which was a 1.0% decrease from the prior valuation completed in
  fiscal 2009.&amp;nbsp;&amp;nbsp;As a result of the change in the net
  realizable value and the interest rate, the amount of interest
  the Company imputed during the three months ended November 30,
  2011, decreased $147,800 compared to the interest the Company
  would have imputed in accordance with the valuation completed in
  fiscal 2009.&amp;nbsp;&amp;nbsp;This equates to $.01 per basic and
  diluted share.&amp;nbsp;&amp;nbsp;This will result in a decrease in the
  imputed interest of $620,900 for the fiscal year ending August
  31, 2012, which is $.03 per basic and diluted share.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  $65.8 million balance at November 30, 2011, includes $21.1
  million of interest which has been imputed since the acquisition
  date, recorded using the effective interest
  method.&amp;nbsp;&amp;nbsp;Payment of the Tap Participation Fee may be
  accelerated in the event of a merger, reorganization, sale of
  substantially all assets, or similar transactions and in the
  event of bankruptcy and insolvency events.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Actual
  new home development in the Company&amp;rsquo;s service area and
  actual future tap fees inevitably will vary significantly from
  the Company&amp;rsquo;s estimates which could have a material impact
  on the Company&amp;rsquo;s financial statements. An important
  component in the Company&amp;rsquo;s estimate of the value of the Tap
  Participation Fee, 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 market based and the
  continued increase in tap fees reflects, among other things, the
  increasing costs to acquire and develop new water
  supplies.&amp;nbsp;&amp;nbsp;Tap fees thus are partially indicative of
  the increasing value of the Company&amp;rsquo;s water
  assets.&amp;nbsp;&amp;nbsp;The Company continues to assess the value of
  the Tap Participation Fee liability and updates its valuation
  analysis 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.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Extension
  of the farm management agreement&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  17,500 acres acquired by the Company pursuant to the Arkansas
  River Agreement are being leased to area
  farmers.&amp;nbsp;&amp;nbsp;Those leases are managed by HP A&amp;amp;M and HP
  A&amp;amp;M retains all income generated by the farm leasing
  operations; however, during the extended term, all Net Revenue is
  to be applied to repayment of the outstanding promissory notes
  owed by HP A&amp;amp;M which are secured by deeds of trust on the
  farm properties owned by the Company.&amp;nbsp;&amp;nbsp;The initial term
  of the management agreement with HP A&amp;amp;M expired on August 31,
  2011.&amp;nbsp;&amp;nbsp;Because certain events in the Arkansas River
  Agreement did not occur prior to August 31, 2011, the management
  agreement remains in effect until 60 days after HP A&amp;amp;M repays
  all remaining farm debt (described below) owed by HP A&amp;amp;M or
  September 23, 2014, whichever comes first.&amp;nbsp;&amp;nbsp;During the
  extended term of the management agreement, the Company is
  permitted to allocate a defined percentage of the Net Revenues
  (defined as all lease and related income received from the farms
  less employee expenses, direct expenses for managing the leases
  and a reasonable overhead allocation) paid to HP A&amp;amp;M against
  the Tap Participation Fee.&amp;nbsp;&amp;nbsp;The calculation for
  determining the percentage is the total consideration paid to HP
  A&amp;amp;M pursuant to the Arkansas River Agreement (which is any
  Tap Participation Fee payments made to HP A&amp;amp;M plus the value,
  based on the average closing price of the Company&amp;rsquo;s stock
  over the six month period ended August 31, 2011, of the common
  stock granted to HP A&amp;amp;M) divided by $50.0
  million.&amp;nbsp;&amp;nbsp;This calculation resulted in a 24.6%
  allocation rate.&amp;nbsp;&amp;nbsp;Effective September 1, 2011, the
  Company began applying this rate to the Net Revenues received by
  HP A&amp;amp;M related to their management of the Company&amp;rsquo;s
  farm leases.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Promissory
  Notes Payable by HP A&amp;amp;M&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Certain
  of the properties the Company acquired from HP A&amp;amp;M are
  subject to outstanding promissory notes payable to third parties
  with principal and accrued interest totaling
  $10.0&amp;nbsp;&amp;nbsp;million and $10.0 million at November 30, 2011
  and August 31, 2011, respectively.&amp;nbsp;&amp;nbsp;In addition, HP
  A&amp;amp;M has balloon payments totaling $5.5 million due within
  twelve months of November 30, 2011.&amp;nbsp;&amp;nbsp;These promissory
  notes are secured by deeds of trust on the properties. The
  Company did not assume any of these promissory notes and is not
  responsible for making any of the required payments under these
  notes. This responsibility remains solely with HP
  A&amp;amp;M.&amp;nbsp;&amp;nbsp;In the event of default by HP A&amp;amp;M, at the
  Company&amp;rsquo;s sole discretion, the Company may make payments
  pursuant to any or all of the notes and cure any or all of the
  defaults. If the Company does not cure the defaults, it will lose
  the properties securing the defaulted notes.&amp;nbsp;&amp;nbsp;If HP
  A&amp;amp;M defaults on the promissory notes, the Company can
  foreclose on a defined amount of stock issued to HP A&amp;amp;M and
  reduce the Tap Participation Fee by two times the amount of notes
  defaulted on by HP A&amp;amp;M.&amp;nbsp;&amp;nbsp;The probability of HP
  A&amp;amp;M defaulting on the notes is deemed remote.&amp;nbsp;&amp;nbsp;As
  far as the Company is aware, as of November 30, 2011, HP A&amp;amp;M
  has not defaulted on any of the promissory notes.&amp;nbsp;&amp;nbsp;If
  HP A&amp;amp;M were to default on all of the notes, the Company would
  lose 60 of the 80 (approximately 75%) real property interests it
  acquired and a comparable percentage of the water rights the
  Company acquired, which are associated with those properties,
  unless the Company cured the notes in default.&amp;nbsp;&amp;nbsp;The
  Company currently does not have enough funds to cure all of the
  notes.&amp;nbsp;&amp;nbsp;If that were to occur, the Company would need
  to seek additional financing or selectively choose the properties
  it would want to retain.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Because
  the outstanding notes are collateralized by the Company&amp;rsquo;s
  properties and Arkansas River water, HP A&amp;amp;M is deemed to be a
  Variable Interest Entity (&amp;ldquo;VIE&amp;rdquo;) per
  GAAP.&amp;nbsp;&amp;nbsp;However, because the Company will not absorb any
  of HP A&amp;amp;M&amp;rsquo;s expected losses or receive any of HP
  A&amp;amp;M&amp;rsquo;s expected gains, the Company is not deemed the
  &amp;ldquo;Primary Beneficiary&amp;rdquo; of HP A&amp;amp;M and therefore is
  not required to consolidate HP A&amp;amp;M.&amp;nbsp;&amp;nbsp;HP A&amp;amp;M
  became a VIE to the Company on August 30, 2006 when the Company
  acquired the Arkansas River water rights and properties subject
  to the outstanding promissory notes.&amp;nbsp;&amp;nbsp;HP A&amp;amp;M is a
  holding company that acquires water rights and related properties
  for investment and sale purposes.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;Operating
  Lease&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Effective
  December 29, 2010, the Company entered into an operating lease
  for 1,200 square feet of office space.&amp;nbsp;&amp;nbsp;The lease has a
  three year term with payments of $1,500 per month.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
</us-gaap:DebtAndCapitalLeasesDisclosuresTextBlock>
  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="d_2011-09-01_2011-11-30">&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;NOTE
  5&amp;nbsp;- SHAREHOLDERS&amp;rsquo; EQUITY&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Company maintains the 2004 Incentive Plan (the &amp;ldquo;Equity
  Plan&amp;rdquo;), which was approved by shareholders in April
  2004.&amp;nbsp;&amp;nbsp;Executives, eligible employees, consultants and
  non-employee directors are eligible to receive options and stock
  grants pursuant to the Equity Plan. Pursuant to the Equity Plan,
  options to purchase shares of stock and restricted stock awards
  can be granted with exercise prices, vesting conditions and other
  performance criteria determined by the Compensation Committee of
  the Board.&amp;nbsp;&amp;nbsp;The Company initially reserved 1.6 million
  shares of common stock for issuance under the Equity Plan. At
  November 30, 2011, the Company had 1,290,800 common shares that
  can be granted to eligible participants pursuant to the Equity
  Plan.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  following table summarizes the stock option activity for the
  Equity Plan for the three months ended November 30, 2011:&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="left"
style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0"&gt;
    &lt;tr&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Number
          of Options&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="3"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Weighted-Average
          Exercise Price&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Weighted-Average
          Remaining Contractual Term&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2"&gt;
        &lt;div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Approximate
          Aggregate Instrinsic Value&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="#C0FFFF"&gt;
      &lt;td valign="bottom" align="left"&gt;
        &lt;div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Oustanding
          at beginning of period&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;280,000&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;6.10&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td valign="bottom" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td valign="bottom" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;
      &amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="white"&gt;
      &lt;td style="TEXT-INDENT: 9pt" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Granted&lt;/font&gt;
      &lt;/td&gt;
      &lt;td valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;ndash;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td valign="bottom" align="left"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;ndash;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td valign="bottom" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;
      &amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="#C0FFFF"&gt;
      &lt;td style="TEXT-INDENT: 9pt" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Exercised&lt;/font&gt;
      &lt;/td&gt;
      &lt;td valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;ndash;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td valign="bottom" align="left"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;ndash;&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td valign="bottom" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;
      &amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="white"&gt;
      &lt;td style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"
      valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Forfeited
        or expired&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"
      align="right"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(5,000&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom" align="left"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"
      valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;3.67&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom" colspan="2"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom" colspan="2"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="#C0FFFF"&gt;
      &lt;td style="PADDING-BOTTOM: 4px" width="52%" valign="bottom"
      align="left"&gt;
        &lt;div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Outstanding
          at November 30, 2011&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
      align="right"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
      width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
      width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;275,000&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
      align="right"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px" width="9%"
      valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;6.15&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px" width="9%"
      valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;5.6&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px" width="9%"
      valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;*&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr bgcolor="white"&gt;
      &lt;td width="52%" valign="bottom" align="left"&gt;
        &lt;div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Options
          exercisable at November 30, 2011&lt;/font&gt;
        &lt;/div&gt;
      &lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;243,000&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;6.54&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;5.4&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
      &amp;nbsp;&lt;/td&gt;
      &lt;td style="TEXT-ALIGN: right" width="9%" valign="bottom"&gt;
        &lt;font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;*&lt;/font&gt;
      &lt;/td&gt;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;
&lt;/div&gt;
&lt;div
style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;*

  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Intrinisic
  value less than $0&lt;/font&gt;&lt;/font&gt;
&lt;/div&gt;
&lt;div
style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
&lt;/div&gt;
&lt;div
style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  following table summarizes the activity and value of non-vested
  options as of and for the three months ended November 30,
  2011:&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="center"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;div align="center"&gt;
    &lt;table
    style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
     width="90%" cellspacing="0" cellpadding="0"&gt;
      &lt;tr&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="66%"
        valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="BORDER-BOTTOM: black 2px solid" width="15%"
        valign="bottom" colspan="2"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Number
            of Options&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="BORDER-BOTTOM: black 2px solid" width="15%"
        valign="bottom" colspan="2"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Weighted-Average
            Grant Date Fair Value&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td width="66%" valign="bottom" align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Non-vested
            options oustanding at beginning of period&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;49,500&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;2.86&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="white"&gt;
        &lt;td style="TEXT-INDENT: 9pt" width="66%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Granted&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;-&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;-&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td style="TEXT-INDENT: 9pt" width="66%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Vested&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
        &amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(12,500&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td width="1%" valign="bottom" align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;3.11&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="white"&gt;
        &lt;td style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"
        width="66%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Forfeited&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="14%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;(5,000&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;)&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"
        width="14%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;3.11&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="66%" valign="bottom"
        align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Options
            not vested at November 30, 2011&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="14%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;32,000&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right"&gt;&amp;nbsp;&lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"
        width="14%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;2.72&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
      &lt;/tr&gt;
    &lt;/table&gt;
  &lt;/div&gt;
  &lt;div align="center"&gt;&amp;nbsp;&lt;/div&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;All
  non-vested options are expected to vest.&amp;nbsp;&amp;nbsp;The total
  fair value of options vested during the three months ended
  November 30, 2011 and 2010 was $38,900 and $31,200,
  respectively.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;Stock-based
  compensation expense for the three months ended November 30, 2011
  and 2010, was $18,800 and $21,400, respectively.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;At
  November 30, 2011, the Company has unrecognized expenses relating
  to non-vested options that are expected to vest totaling $58,100,
  which have a weighted average life of 1.5 years.&amp;nbsp;&amp;nbsp;The
  Company has not recorded any excess tax benefits to additional
  paid in capital.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="d_2011-09-01_2011-11-30">&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;NOTE
  6&amp;nbsp;- RELATED PARTY TRANSACTIONS&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;In
  1995, the Company extended a loan to the District, a related
  party. The loan provided for borrowings of up to $250,000, is
  unsecured, bears interest based on the prevailing prime rate plus
  2% (5.25% at November 30, 2011) and matures on December 31, 2012.
  The $534,900 balance of the note receivable at November 30, 2011
  includes borrowings of $229,300 and accrued interest of
  $305,600.&amp;nbsp;&amp;nbsp;The $531,900 balance of the note receivable
  at August 31,&amp;nbsp;&amp;nbsp;2011 includes borrowings of $229,300 and
  accrued interest of $302,600.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;HP
  A&amp;amp;M paid the Company $10,500 during each of the three months
  in the periods ended November 30, 2011 and 2010,
  respectively.&amp;nbsp;&amp;nbsp;This is to reimburse the Company for 50%
  of the salary and expenses of a Company employee that performs
  various farm management duties which are for the benefit of HP
  A&amp;amp;M since HP A&amp;amp;M manages the farm leases as described in
  Note 4 above.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
&amp;nbsp;&lt;/div&gt;
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="d_2011-09-01_2011-11-30">&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;NOTE
  7&amp;nbsp;- SIGNIFICANT CUSTOMER&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Company sells wholesale water and wastewater services to the
  District pursuant to the Rangeview Water Agreements (defined in
  Note 4 to the 2011 Annual Report).&amp;nbsp;&amp;nbsp;Sales to the
  District accounted for 71% and 74% of the Company&amp;rsquo;s total
  revenues for the three months ended November 30, 2011 and 2010,
  respectively.&amp;nbsp;&amp;nbsp;The District had one significant
  customer, the Ridgeview Youth Services
  Center.&amp;nbsp;&amp;nbsp;Pursuant to the Rangeview Water Agreements the
  Company is providing water and wastewater services to this
  customer on behalf of the District.&amp;nbsp;&amp;nbsp;The
  District&amp;rsquo;s significant customer accounted for 68% and 71%
  of the Company&amp;rsquo;s total revenues for the three months ended
  November 30, 2011 and 2010, respectively.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;The
  Company had accounts receivable from the District which accounted
  for 81% and 87% of the Company&amp;rsquo;s trade receivables balances
  at November 30, 2011 and August 31, 2011,
  respectively.&amp;nbsp;&amp;nbsp;Accounts receivable from the
  District&amp;rsquo;s largest customer accounted for 73% and 74% of
  the Company&amp;rsquo;s trade receivables as of November 30, 2011 and
  August 31, 2011, respectively.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
</us-gaap:ConcentrationRiskDisclosureTextBlock>
  <us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="d_2011-09-01_2011-11-30">&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;NOTE
  8&amp;nbsp;- ACCRUED LIABILITIES&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;At
  November 30, 2011, the Company had accrued liabilities of
  $117,400, of which $91,300 was for estimated property taxes and
  $26,100 was for professional fees.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;At
  August 31, 2011, the Company had accrued liabilities of $118,600,
  of which $62,400 was for estimated property taxes on the Sky
  Ranch property, $49,500 was for professional fees, and the
  remaining $6,700 was related to operating payables.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
  <us-gaap:CashFlowSupplementalDisclosuresTextBlock contextRef="d_2011-09-01_2011-11-30">&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;NOTE
  9&amp;nbsp;- SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;div align="left"&gt;
    &lt;table
    style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
     width="100%" cellspacing="0" cellpadding="0"&gt;
      &lt;tr&gt;
        &lt;td valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td valign="bottom" colspan="6"&gt;
          &lt;div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Three
            Months Ended:&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left" valign="bottom"
        nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"
        align="left"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"
        valign="bottom" colspan="2"&gt;
          &lt;div
          style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;November
            30, 2011&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"
        align="left"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"
        valign="bottom" colspan="2"&gt;
          &lt;div
          style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;November
            30, 2010&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
      &lt;tr bgcolor="#C0FFFF"&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="70%" valign="bottom"
        align="left"&gt;
          &lt;div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
            &lt;font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;Increase
            in estimated Tap Participation Fee liability and
            related discount&lt;/font&gt;
          &lt;/div&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="12%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;7,468,200&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;$&lt;/font&gt;
        &lt;/td&gt;
        &lt;td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="12%" valign="bottom"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;-&lt;/font&gt;
        &lt;/td&gt;
        &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap"&gt;
          &lt;font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
        &lt;/td&gt;
      &lt;/tr&gt;
    &lt;/table&gt;
  &lt;/div&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;
&lt;/div&gt;
</us-gaap:CashFlowSupplementalDisclosuresTextBlock>
  <us-gaap:SubsequentEventsTextBlock contextRef="d_2011-09-01_2011-11-30">&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;NOTE
  10&amp;nbsp;- SUBSEQUENT EVENT&lt;/font&gt;
&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;As
  disclosed in a Form 8-K filed on December 19, 2011, on that date,
  the Company and the District filed a lawsuit against the State of
  Colorado by and through the Land Board. The complaint was filed
  with the District Court, City and County of Denver, Colorado. The
  Company and the District are claiming that the Land Board
  breached, and will breach, agreements entered into by the Land
  Board with the Company and the District in connection with a 1996
  settlement agreement. Those agreements include the Amended and
  Restated Water Lease, dated as of April 4, 1996, between the Land
  Board and the District and the Service Agreement of the same date
  between the Company and the District. As initially reported in a
  Current Report on Form 8-K filed by the Company on November 29,
  2011, the Land Board issued a Request for Proposal that included
  a draft lease agreement related to oil and gas rights at the Land
  Board&amp;rsquo;s Lowry Range.&amp;nbsp;&amp;nbsp;The Company believes the
  draft lease agreement does not adequately address or protect its
  exclusive right to provide water to the Lowry Range. As a result
  of this breach, the Company and the District are claiming damages
  which will be proven at trial.&lt;/font&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;
  &lt;br /&gt;
&lt;/div&gt;
&lt;div align="center"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;
  &lt;font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"&gt;*****&lt;/font&gt;
&lt;/div&gt;
</us-gaap:SubsequentEventsTextBlock>
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        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">000 - Document - Document And Entity Information</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType id="BalanceSheets" roleURI="http://www.purecyclewater.com/20111130/role/BalanceSheets">
        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">001 - Statement - Balance Sheets</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType id="BalanceSheetsParentheticals" roleURI="http://www.purecyclewater.com/20111130/role/BalanceSheetsParentheticals">
        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">002 - Statement - Balance Sheets (Parentheticals)</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StatementsOfOperations" roleURI="http://www.purecyclewater.com/20111130/role/StatementsOfOperations">
        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">003 - Statement - Statements of Operations</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StatementsOfCashFlows" roleURI="http://www.purecyclewater.com/20111130/role/StatementsOfCashFlows">
        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">004 - Statement - Statements of Cash Flows</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType id="Note1PresentationOfInterimInformation" roleURI="http://www.purecyclewater.com/20111130/role/Note1PresentationOfInterimInformation">
        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">005 - Disclosure - Note 1 - Presentation of Interim Information</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType id="Note2FairValueMeasurements" roleURI="http://www.purecyclewater.com/20111130/role/Note2FairValueMeasurements">
        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">006 - Disclosure - Note 2 - Fair Value Measurements</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType id="Note3InvestmentsInWaterWaterSystemsLandAndImprovements" roleURI="http://www.purecyclewater.com/20111130/role/Note3InvestmentsInWaterWaterSystemsLandAndImprovements">
        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">007 - Disclosure - Note 3 - Investments In Water, Water Systems, Land And Improvements</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType id="Note4LongTermObligationsAndOperatingLease" roleURI="http://www.purecyclewater.com/20111130/role/Note4LongTermObligationsAndOperatingLease">
        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">008 - Disclosure - Note 4 - Long-Term Obligations And Operating Lease</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType id="Note5ShareholdersEquity" roleURI="http://www.purecyclewater.com/20111130/role/Note5ShareholdersEquity">
        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">009 - Disclosure - Note 5 - Shareholders' Equity</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType id="Note6RelatedPartyTransactions" roleURI="http://www.purecyclewater.com/20111130/role/Note6RelatedPartyTransactions">
        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">010 - Disclosure - Note 6 - Related Party Transactions</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType id="Note7SignificantCustomer" roleURI="http://www.purecyclewater.com/20111130/role/Note7SignificantCustomer">
        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">011 - Disclosure - Note 7 - Significant Customer</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType id="Note8AccruedLiabilities" roleURI="http://www.purecyclewater.com/20111130/role/Note8AccruedLiabilities">
        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">012 - Disclosure - Note 8 - Accrued Liabilities</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType id="Note9SupplementalDisclosuresOfNonCashActivities" roleURI="http://www.purecyclewater.com/20111130/role/Note9SupplementalDisclosuresOfNonCashActivities">
        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">013 - Disclosure - Note 9 - Supplemental Disclosures of Non-Cash Activities</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
      <link:roleType id="Note10SubsequentEvent" roleURI="http://www.purecyclewater.com/20111130/role/Note10SubsequentEvent">
        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">014 - Disclosure - Note 10 - Subsequent Event</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
      </link:roleType>
    </xsd:appinfo>
  </xsd:annotation>
  <xsd:element abstract="true" id="pcyo_DocumentAndEntityInformationAbstract" name="DocumentAndEntityInformationAbstract" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="pcyo_BalanceSheets" name="BalanceSheets" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="pcyo_BalanceSheetsParentheticalsDisclosure" name="BalanceSheetsParentheticalsDisclosure" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="pcyo_StatementsOfOperations" name="StatementsOfOperations" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="pcyo_StatementsOfCashFlows" name="StatementsOfCashFlows" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="pcyo_Note1PresentationOfInterimInformationDisclosure" name="Note1PresentationOfInterimInformationDisclosure" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="pcyo_Note2FairValueMeasurementsDisclosure" name="Note2FairValueMeasurementsDisclosure" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="pcyo_Note3InvestmentsInWaterWaterSystemsLandAndImprovementsDisclosure" name="Note3InvestmentsInWaterWaterSystemsLandAndImprovementsDisclosure" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="pcyo_Note4LongTermObligationsAndOperatingLeaseDisclosure" name="Note4LongTermObligationsAndOperatingLeaseDisclosure" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="pcyo_Note5ShareholdersEquityDisclosure" name="Note5ShareholdersEquityDisclosure" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="pcyo_Note6RelatedPartyTransactionsDisclosure" name="Note6RelatedPartyTransactionsDisclosure" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="pcyo_Note7SignificantCustomerDisclosure" name="Note7SignificantCustomerDisclosure" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="pcyo_Note8AccruedLiabilitiesDisclosure" name="Note8AccruedLiabilitiesDisclosure" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="pcyo_Note9SupplementalDisclosuresOfNonCashActivitiesDisclosure" name="Note9SupplementalDisclosuresOfNonCashActivitiesDisclosure" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="pcyo_Note10SubsequentEventDisclosure" name="Note10SubsequentEventDisclosure" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration"/>
  <xsd:element id="pcyo_RecordedPortionOfContingentObligation" name="RecordedPortionOfContingentObligation" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant"/>
  <xsd:element id="pcyo_IncreaseDecreaseInAccruedInterestReceivableNetAndPrepaidAssets" name="IncreaseDecreaseInAccruedInterestReceivableNetAndPrepaidAssets" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element id="pcyo_LandAndLandImprovementCostsNet" name="LandAndLandImprovementCostsNet" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="instant"/>
  <xsd:element id="pcyo_RecognitionOfDeferredConstructionFunding" name="RecognitionOfDeferredConstructionFunding" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element id="pcyo_RecognitionOfDeferredWaterTapFees" name="RecognitionOfDeferredWaterTapFees" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element id="pcyo_PaymentsToContingentObligationHolders" name="PaymentsToContingentObligationHolders" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element id="pcyo_DeferredRevenueOilAndGasLeasePaymentLessCurrentPortion" name="DeferredRevenueOilAndGasLeasePaymentLessCurrentPortion" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant"/>
  <xsd:element id="pcyo_DeferredRevenueOilAndGasLeasePaymentCurrentPortion" name="DeferredRevenueOilAndGasLeasePaymentCurrentPortion" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant"/>
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>6
<FILENAME>pcyo-20111130_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
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  <link:roleRef roleURI="http://www.purecyclewater.com/20111130/role/BalanceSheets" xlink:href="pcyo-20111130.xsd#BalanceSheets" xlink:type="simple"/>
  <link:calculationLink xlink:role="http://www.purecyclewater.com/20111130/role/BalanceSheets" xlink:type="extended">
    <link:calculationArc order="0" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="arc"/>
    <link:calculationArc order="1" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_MarketableSecuritiesCurrent" xlink:type="arc"/>
    <link:calculationArc order="2" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent" xlink:type="arc"/>
    <link:calculationArc order="3" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_PrepaidExpenseCurrent" xlink:type="arc"/>
    <link:calculationArc order="4" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_NotesAndLoansReceivableNetCurrent" xlink:type="arc"/>
    <link:calculationArc order="0" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_AssetsCurrent" xlink:type="arc"/>
    <link:calculationArc order="1" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_OtherLongTermInvestments" xlink:type="arc"/>
    <link:calculationArc order="2" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="pcyo_LandAndLandImprovementCostsNet" xlink:type="arc"/>
    <link:calculationArc order="3" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_NotesAndLoansReceivableNetNoncurrent" xlink:type="arc"/>
    <link:calculationArc order="4" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_NotesReceivableRelatedPartiesNoncurrent" xlink:type="arc"/>
    <link:calculationArc order="5" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_OtherAssetsNoncurrent" xlink:type="arc"/>
    <link:calculationArc order="0" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_AccountsPayableCurrent" xlink:type="arc"/>
    <link:calculationArc order="1" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent" xlink:type="arc"/>
    <link:calculationArc order="2" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_DeferredRevenueCurrent" xlink:type="arc"/>
    <link:calculationArc order="3" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="pcyo_DeferredRevenueOilAndGasLeasePaymentCurrentPortion" xlink:type="arc"/>
    <link:calculationArc order="0" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_LiabilitiesCurrent" xlink:type="arc"/>
    <link:calculationArc order="1" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_DeferredRevenueNoncurrent" xlink:type="arc"/>
    <link:calculationArc order="2" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="pcyo_DeferredRevenueOilAndGasLeasePaymentLessCurrentPortion" xlink:type="arc"/>
    <link:calculationArc order="3" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="pcyo_RecordedPortionOfContingentObligation" xlink:type="arc"/>
    <link:calculationArc order="4" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_OtherLongTermNotesPayable" xlink:type="arc"/>
    <link:calculationArc order="0" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_PreferredStockValue" xlink:type="arc"/>
    <link:calculationArc order="1" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_CommonStockValue" xlink:type="arc"/>
    <link:calculationArc order="2" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_AdditionalPaidInCapital" xlink:type="arc"/>
    <link:calculationArc order="3" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="arc"/>
    <link:calculationArc order="4" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:type="arc"/>
    <link:calculationArc order="0" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_Liabilities" xlink:type="arc"/>
    <link:calculationArc order="1" weight="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_StockholdersEquity" xlink:type="arc"/>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="locator"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" xlink:type="locator"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="locator"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" xlink:type="locator"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" xlink:type="locator"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="us-gaap_DeferredRevenueCurrent" xlink:type="locator"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRevenueNoncurrent" xlink:label="us-gaap_DeferredRevenueNoncurrent" xlink:type="locator"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" xlink:type="locator"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:type="locator"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MarketableSecuritiesCurrent" xlink:label="us-gaap_MarketableSecuritiesCurrent" xlink:type="locator"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesAndLoansReceivableNetNoncurrent" xlink:label="us-gaap_NotesAndLoansReceivableNetNoncurrent" xlink:type="locator"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesReceivableRelatedPartiesNoncurrent" xlink:label="us-gaap_NotesReceivableRelatedPartiesNoncurrent" xlink:type="locator"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherLongTermInvestments" xlink:label="us-gaap_OtherLongTermInvestments" xlink:type="locator"/>
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  <link:definitionLink xlink:role="http://www.purecyclewater.com/20111130/role/Note2FairValueMeasurements" xlink:type="extended"/>
  <link:definitionLink xlink:role="http://www.purecyclewater.com/20111130/role/Note3InvestmentsInWaterWaterSystemsLandAndImprovements" xlink:type="extended"/>
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  <link:definitionLink xlink:role="http://www.purecyclewater.com/20111130/role/Note8AccruedLiabilities" xlink:type="extended"/>
  <link:definitionLink xlink:role="http://www.purecyclewater.com/20111130/role/Note9SupplementalDisclosuresOfNonCashActivities" xlink:type="extended"/>
  <link:definitionLink xlink:role="http://www.purecyclewater.com/20111130/role/Note10SubsequentEvent" xlink:type="extended"/>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>pcyo-20111130_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
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    <link:label xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
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    <link:labelArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_Note9SupplementalDisclosuresOfNonCashActivitiesDisclosure" xlink:to="pcyo_Note9SupplementalDisclosuresOfNonCashActivitiesDisclosure_lbl" xlink:type="arc"/>
    <link:label xlink:label="pcyo_Note10SubsequentEventDisclosure_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 10 - Subsequent Event Disclosure</link:label>
    <link:loc xlink:href="pcyo-20111130.xsd#pcyo_Note10SubsequentEventDisclosure" xlink:label="pcyo_Note10SubsequentEventDisclosure" xlink:type="locator"/>
    <link:labelArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_Note10SubsequentEventDisclosure" xlink:to="pcyo_Note10SubsequentEventDisclosure_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 7 - Significant Customer</link:label>
    <link:labelArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="us-gaap_FairValueDisclosuresTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueDisclosuresTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 2 - Fair Value Measurements</link:label>
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresTextBlock" xlink:to="us-gaap_FairValueDisclosuresTextBlock_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountsPayableCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts payable</link:label>
    <link:label xlink:label="us-gaap_AccountsPayableCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounts Payable Current [Standard]</link:label>
    <link:labelArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SHAREHOLDERS'EQUITY:</link:label>
    <link:labelArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by financing activities</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided By Used In Financing Activities [Standard]</link:label>
    <link:labelArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from financing activities:</link:label>
    <link:labelArc order="5" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensation_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock-based compensation expense</link:label>
    <link:labelArc order="6" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 8 - Accrued Liabilities</link:label>
    <link:labelArc order="7" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current assets:</link:label>
    <link:labelArc order="8" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncomeStatementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statements of Operations</link:label>
    <link:labelArc order="9" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued liabilities</link:label>
    <link:labelArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRevenueAbstract" xlink:label="us-gaap_DeferredRevenueAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DeferredRevenueAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Recognition of deferred revenues:</link:label>
    <link:labelArc order="11" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueAbstract" xlink:to="us-gaap_DeferredRevenueAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total current assets</link:label>
    <link:label xlink:label="us-gaap_AssetsCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets Current [Standard]</link:label>
    <link:labelArc order="12" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statements of Cash Flows</link:label>
    <link:labelArc order="13" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasRevenue" xlink:label="us-gaap_OilAndGasRevenue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OilAndGasRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Oil and gas lease</link:label>
    <link:labelArc order="14" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasRevenue" xlink:to="us-gaap_OilAndGasRevenue_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade accounts receivable</link:label>
    <link:label xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounts Receivable Net Current [Standard]</link:label>
    <link:labelArc order="15" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsOther" xlink:label="us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsOther" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsOther_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tap Participation Fee payable to HP A&amp;M discount</link:label>
    <link:labelArc order="16" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsOther" xlink:to="us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsOther_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherLongTermNotesPayable" xlink:label="us-gaap_OtherLongTermNotesPayable" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherLongTermNotesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tap Participation Fee payable to HP A&amp;M, net of $54.8 million and $48.2 million discount, respectively</link:label>
    <link:labelArc order="17" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLongTermNotesPayable" xlink:to="us-gaap_OtherLongTermNotesPayable_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series B - par value</link:label>
    <link:labelArc order="18" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherCostOfServices" xlink:label="us-gaap_OtherCostOfServices" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherCostOfServices_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Wastewater service operations</link:label>
    <link:label xlink:label="us-gaap_OtherCostOfServices_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Cost Of Services [Standard]</link:label>
    <link:labelArc order="19" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCostOfServices" xlink:to="us-gaap_OtherCostOfServices_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series B - shares outstanding</link:label>
    <link:labelArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series B - shares issued</link:label>
    <link:labelArc order="21" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInOtherDeferredLiability" xlink:label="us-gaap_IncreaseDecreaseInOtherDeferredLiability" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInOtherDeferredLiability_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred income on oil and gas lease</link:label>
    <link:labelArc order="22" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherDeferredLiability" xlink:to="us-gaap_IncreaseDecreaseInOtherDeferredLiability_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 5 - Shareholders' Equity</link:label>
    <link:labelArc order="23" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total shareholders' equity</link:label>
    <link:label xlink:label="us-gaap_StockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stockholders Equity [Standard]</link:label>
    <link:labelArc order="24" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from investing activities:</link:label>
    <link:labelArc order="25" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments to reconcile net loss to net cash used for operating activities:</link:label>
    <link:labelArc order="26" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided (used) by investing activities</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided By Used In Investing Activities [Standard]</link:label>
    <link:labelArc order="27" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherLongTermInvestments" xlink:label="us-gaap_OtherLongTermInvestments" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherLongTermInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments in water and water systems, net</link:label>
    <link:labelArc order="28" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLongTermInvestments" xlink:to="us-gaap_OtherLongTermInvestments_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from operating activities:</link:label>
    <link:labelArc order="29" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash used by operating activities</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided By Used In Operating Activities [Standard]</link:label>
    <link:labelArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series B - shares authorized</link:label>
    <link:labelArc order="31" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total assets</link:label>
    <link:label xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets [Standard]</link:label>
    <link:labelArc order="32" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock: Series B - par value $.001 per share, 25 million shares authorized; 432,513 shares issued and outstanding (liquidation preference of $432,513)</link:label>
    <link:labelArc order="33" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:label xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents -beginning of year</link:label>
    <link:label xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents -end of year</link:label>
    <link:labelArc order="34" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="us-gaap_LiabilitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">LIABILITIES:</link:label>
    <link:labelArc order="35" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total liabilities</link:label>
    <link:label xlink:label="us-gaap_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities [Standard]</link:label>
    <link:labelArc order="36" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average common shares outstanding -basic and diluted</link:label>
    <link:labelArc order="37" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostOfServices" xlink:label="us-gaap_CostOfServices" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CostOfServices_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Water service operations</link:label>
    <link:label xlink:label="us-gaap_CostOfServices_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cost Of Services [Standard]</link:label>
    <link:labelArc order="38" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServices" xlink:to="us-gaap_CostOfServices_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesAndLoansReceivableNetCurrent" xlink:label="us-gaap_NotesAndLoansReceivableNetCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NotesAndLoansReceivableNetCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current portion of construction proceeds receivable</link:label>
    <link:labelArc order="39" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesAndLoansReceivableNetCurrent" xlink:to="us-gaap_NotesAndLoansReceivableNetCurrent_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock" xlink:label="us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 4 - Long-Term Obligations And Operating Lease</link:label>
    <link:labelArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock" xlink:to="us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostOfRevenue" xlink:label="us-gaap_CostOfRevenue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CostOfRevenue_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Total cost of revenues</link:label>
    <link:label xlink:label="us-gaap_CostOfRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cost Of Revenue [Standard]</link:label>
    <link:labelArc order="41" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenue" xlink:to="us-gaap_CostOfRevenue_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesReceivableRelatedPartiesNoncurrent" xlink:label="us-gaap_NotesReceivableRelatedPartiesNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NotesReceivableRelatedPartiesNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note receivable - related party: Rangeview Metropolitan District, including accrued interest</link:label>
    <link:labelArc order="42" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReceivableRelatedPartiesNoncurrent" xlink:to="us-gaap_NotesReceivableRelatedPartiesNoncurrent_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total liabilities and shareholders'equity</link:label>
    <link:label xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities And Stockholders Equity [Standard]</link:label>
    <link:labelArc order="43" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NotesAndLoansReceivableNetNoncurrent" xlink:label="us-gaap_NotesAndLoansReceivableNetNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NotesAndLoansReceivableNetNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Construction proceeds receivable, less current portion</link:label>
    <link:labelArc order="44" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesAndLoansReceivableNetNoncurrent" xlink:to="us-gaap_NotesAndLoansReceivableNetNoncurrent_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="us-gaap_CostsAndExpensesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses:</link:label>
    <link:labelArc order="45" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpensesAbstract" xlink:to="us-gaap_CostsAndExpensesAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated comprehensive loss</link:label>
    <link:labelArc order="46" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments and contingencies</link:label>
    <link:labelArc order="47" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock: Par value 1/3 of $.01 per share, 40 million shares authorized; 24,037,596 shares outstanding both periods presented</link:label>
    <link:labelArc order="48" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_MarketableSecuritiesCurrent" xlink:label="us-gaap_MarketableSecuritiesCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_MarketableSecuritiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Marketable securities</link:label>
    <link:labelArc order="49" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MarketableSecuritiesCurrent" xlink:to="us-gaap_MarketableSecuritiesCurrent_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net loss per common share -basic and diluted</link:label>
    <link:labelArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation, depletion and other non-cash items</link:label>
    <link:labelArc order="51" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, shares authorized</link:label>
    <link:labelArc order="52" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostMethodInvestmentsDescriptionTextBlock" xlink:label="us-gaap_CostMethodInvestmentsDescriptionTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CostMethodInvestmentsDescriptionTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 3 - Investments In Water, Water Systems, Land And Improvements</link:label>
    <link:labelArc order="53" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestmentsDescriptionTextBlock" xlink:to="us-gaap_CostMethodInvestmentsDescriptionTextBlock_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, shares outstanding</link:label>
    <link:labelArc order="54" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net loss</link:label>
    <link:label xlink:label="us-gaap_NetIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net loss</link:label>
    <link:labelArc order="55" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net change in cash and cash equivalents</link:label>
    <link:label xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash And Cash Equivalents Period Increase Decrease [Standard]</link:label>
    <link:labelArc order="56" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockLiquidationPreference" xlink:label="us-gaap_PreferredStockLiquidationPreference" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockLiquidationPreference_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series B - liquidation preference</link:label>
    <link:labelArc order="57" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockLiquidationPreference" xlink:to="us-gaap_PreferredStockLiquidationPreference_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade accounts receivable</link:label>
    <link:labelArc order="58" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounts payable and accrued liabilities</link:label>
    <link:labelArc order="59" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromRelatedPartyDebt" xlink:label="us-gaap_ProceedsFromRelatedPartyDebt" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromRelatedPartyDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issuance of Convertible Note - Related Party</link:label>
    <link:labelArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRelatedPartyDebt" xlink:to="us-gaap_ProceedsFromRelatedPartyDebt_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireMarketableSecurities" xlink:label="us-gaap_PaymentsToAcquireMarketableSecurities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsToAcquireMarketableSecurities_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Purchase of marketable securities</link:label>
    <link:label xlink:label="us-gaap_PaymentsToAcquireMarketableSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments To Acquire Marketable Securities [Standard]</link:label>
    <link:labelArc order="61" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireMarketableSecurities" xlink:to="us-gaap_PaymentsToAcquireMarketableSecurities_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestAndFeeIncomeOtherLoans" xlink:label="us-gaap_InterestAndFeeIncomeOtherLoans" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestAndFeeIncomeOtherLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest added to note receivable -related party: Rangeview Metropolitan District</link:label>
    <link:labelArc order="62" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndFeeIncomeOtherLoans" xlink:to="us-gaap_InterestAndFeeIncomeOtherLoans_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="us-gaap_DeferredRevenueCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DeferredRevenueCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred revenues</link:label>
    <link:labelArc order="63" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueCurrent" xlink:to="us-gaap_DeferredRevenueCurrent_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestAndFeeIncomeLoansRealEstateConstruction" xlink:label="us-gaap_InterestAndFeeIncomeLoansRealEstateConstruction" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestAndFeeIncomeLoansRealEstateConstruction_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest added to construction proceeds receivable</link:label>
    <link:labelArc order="64" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndFeeIncomeLoansRealEstateConstruction" xlink:to="us-gaap_InterestAndFeeIncomeLoansRealEstateConstruction_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredRevenueNoncurrent" xlink:label="us-gaap_DeferredRevenueNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DeferredRevenueNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred revenues, less current portion</link:label>
    <link:labelArc order="65" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueNoncurrent" xlink:to="us-gaap_DeferredRevenueNoncurrent_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock, par value</link:label>
    <link:labelArc order="66" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sales and maturities of marketable securities</link:label>
    <link:labelArc order="67" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities" xlink:to="us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional paid-in capital</link:label>
    <link:labelArc order="68" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GrossProfit" xlink:label="us-gaap_GrossProfit" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_GrossProfit_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Gross margin</link:label>
    <link:label xlink:label="us-gaap_GrossProfit_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gross Profit [Standard]</link:label>
    <link:labelArc order="69" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FeesAndCommissions" xlink:label="us-gaap_FeesAndCommissions" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FeesAndCommissions_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Wastewater treatment fees</link:label>
    <link:labelArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FeesAndCommissions" xlink:to="us-gaap_FeesAndCommissions_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromConstructionLoansPayable" xlink:label="us-gaap_ProceedsFromConstructionLoansPayable" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromConstructionLoansPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Arapahoe County construction proceeds</link:label>
    <link:labelArc order="71" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromConstructionLoansPayable" xlink:to="us-gaap_ProceedsFromConstructionLoansPayable_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization" xlink:label="us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Depletion and depreciation</link:label>
    <link:label xlink:label="us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cost Of Goods Sold Depreciation Depletion And Amortization [Standard]</link:label>
    <link:labelArc order="72" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization" xlink:to="us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherIncome" xlink:label="us-gaap_OtherIncome" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:labelArc order="73" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherIncome" xlink:to="us-gaap_OtherIncome_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Depreciation" xlink:label="us-gaap_Depreciation" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_Depreciation_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Depreciation</link:label>
    <link:label xlink:label="us-gaap_Depreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation [Standard]</link:label>
    <link:labelArc order="74" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Depreciation" xlink:to="us-gaap_Depreciation_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net proceeds from sale of common stock</link:label>
    <link:labelArc order="75" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:to="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashFlowSupplementalDisclosuresTextBlock" xlink:label="us-gaap_CashFlowSupplementalDisclosuresTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CashFlowSupplementalDisclosuresTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 9 - Supplemental Disclosures of Non-Cash Activities</link:label>
    <link:labelArc order="76" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowSupplementalDisclosuresTextBlock" xlink:to="us-gaap_CashFlowSupplementalDisclosuresTextBlock_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred revenues</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase Decrease In Deferred Revenue [Standard]</link:label>
    <link:labelArc order="77" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xlink:type="arc"/>
    <link:loc xlink:href="pcyo-20111130.xsd#pcyo_RecordedPortionOfContingentObligation" xlink:label="pcyo_RecordedPortionOfContingentObligation" xlink:type="locator"/>
    <link:label xlink:label="pcyo_RecordedPortionOfContingentObligation_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The portion of a contingent obligation that is reflected on the balance sheet. Does not have scheduled maturities, is due and payable only upon the sale of "Export Water".</link:label>
    <link:label xlink:label="pcyo_RecordedPortionOfContingentObligation_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Participating Interests in Export Water Supply</link:label>
    <link:labelArc order="78" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RecordedPortionOfContingentObligation" xlink:to="pcyo_RecordedPortionOfContingentObligation_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other assets</link:label>
    <link:labelArc order="79" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrepaidExpenseCurrent" xlink:label="us-gaap_PrepaidExpenseCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PrepaidExpenseCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepaid expenses</link:label>
    <link:labelArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseCurrent" xlink:to="us-gaap_PrepaidExpenseCurrent_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_Revenues_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total revenues</link:label>
    <link:label xlink:label="us-gaap_Revenues_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenues [Standard]</link:label>
    <link:labelArc order="81" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpenseOther" xlink:label="us-gaap_InterestExpenseOther" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestExpenseOther_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Interest imputed on the Tap Participation Fee payable to HP A&amp;M</link:label>
    <link:label xlink:label="us-gaap_InterestExpenseOther_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Imputed interest on Tap Participation Fee payable to HP A&amp;M</link:label>
    <link:label xlink:label="us-gaap_InterestExpenseOther_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Expense Other [Standard]</link:label>
    <link:labelArc order="82" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseOther" xlink:to="us-gaap_InterestExpenseOther_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OperatingIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Operating loss</link:label>
    <link:label xlink:label="us-gaap_OperatingIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Income Loss [Standard]</link:label>
    <link:labelArc order="83" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="us-gaap_SalesRevenueNet" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SalesRevenueNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Metered water usage</link:label>
    <link:labelArc order="84" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueNet" xlink:to="us-gaap_SalesRevenueNet_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="us-gaap_RevenuesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RevenuesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenues:</link:label>
    <link:labelArc order="85" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssetsAndLiabilitiesNetAbstract" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssetsAndLiabilitiesNetAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssetsAndLiabilitiesNetAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changes in operating assets and liabilities:</link:label>
    <link:labelArc order="86" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingAssetsAndLiabilitiesNetAbstract" xlink:to="us-gaap_IncreaseDecreaseInOtherOperatingAssetsAndLiabilitiesNetAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated deficit</link:label>
    <link:labelArc order="87" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 1 - Presentation of Interim Information</link:label>
    <link:labelArc order="88" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LiabilitiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total current liabilities</link:label>
    <link:label xlink:label="us-gaap_LiabilitiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities Current [Standard]</link:label>
    <link:labelArc order="89" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current liabilities:</link:label>
    <link:labelArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">General and administrative expenses</link:label>
    <link:label xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">General And Administrative Expense [Standard]</link:label>
    <link:labelArc order="91" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherIncomeAndExpensesAbstract" xlink:label="us-gaap_OtherIncomeAndExpensesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherIncomeAndExpensesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other income (expense):</link:label>
    <link:labelArc order="92" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherIncomeAndExpensesAbstract" xlink:to="us-gaap_OtherIncomeAndExpensesAbstract_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireOtherInvestments" xlink:label="us-gaap_PaymentsToAcquireOtherInvestments" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsToAcquireOtherInvestments_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Investments in water, water systems and land</link:label>
    <link:label xlink:label="us-gaap_PaymentsToAcquireOtherInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments To Acquire Other Investments [Standard]</link:label>
    <link:labelArc order="93" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireOtherInvestments" xlink:to="us-gaap_PaymentsToAcquireOtherInvestments_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="us-gaap_SubsequentEventsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 10 - Subsequent Event</link:label>
    <link:labelArc order="94" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="us-gaap_InvestmentIncomeInterest" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest income</link:label>
    <link:labelArc order="95" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentIncomeInterest" xlink:to="us-gaap_InvestmentIncomeInterest_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpenseRelatedParty" xlink:label="us-gaap_InterestExpenseRelatedParty" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestExpenseRelatedParty_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Interest expense on Convertible Note - related party</link:label>
    <link:label xlink:label="us-gaap_InterestExpenseRelatedParty_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Interest expensed on Convertible Note - Related Party</link:label>
    <link:label xlink:label="us-gaap_InterestExpenseRelatedParty_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Expense Related Party [Standard]</link:label>
    <link:labelArc order="96" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseRelatedParty" xlink:to="us-gaap_InterestExpenseRelatedParty_lbl" xlink:type="arc"/>
    <link:loc xlink:href="pcyo-20111130.xsd#pcyo_RecognitionOfDeferredConstructionFunding" xlink:label="pcyo_RecognitionOfDeferredConstructionFunding" xlink:type="locator"/>
    <link:label xlink:label="pcyo_RecognitionOfDeferredConstructionFunding_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of previously reported deferred or unearned revenue related to construction funding that was recognized as revenue during the period. For cash flows, this element primarily pertains to amortization of deferred credits on long-term arrangements. As a noncash item, it is deducted from net income when calculating cash provided by or used in operations using the indirect method.</link:label>
    <link:label xlink:label="pcyo_RecognitionOfDeferredConstructionFunding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Special Facility funding</link:label>
    <link:labelArc order="97" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RecognitionOfDeferredConstructionFunding" xlink:to="pcyo_RecognitionOfDeferredConstructionFunding_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 6 - Related Party Transactions</link:label>
    <link:labelArc order="98" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:type="arc"/>
    <link:loc xlink:href="pcyo-20111130.xsd#pcyo_LandAndLandImprovementCostsNet" xlink:label="pcyo_LandAndLandImprovementCostsNet" xlink:type="locator"/>
    <link:label xlink:label="pcyo_LandAndLandImprovementCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Carrying amount as of the balance sheet date of costs to acquire land expected to be developed plus alterations to land which improves its potential for use. Generally consisting of items having limited lives, such as water infrastructure, walkways, driveways, fences, and parking lots, such improvements are depreciated over the useful lives of the subject assets.</link:label>
    <link:label xlink:label="pcyo_LandAndLandImprovementCostsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sky Ranch land and improvements</link:label>
    <link:labelArc order="99" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_LandAndLandImprovementCostsNet" xlink:to="pcyo_LandAndLandImprovementCostsNet_lbl" xlink:type="arc"/>
    <link:loc xlink:href="pcyo-20111130.xsd#pcyo_PaymentsToContingentObligationHolders" xlink:label="pcyo_PaymentsToContingentObligationHolders" xlink:type="locator"/>
    <link:label xlink:label="pcyo_PaymentsToContingentObligationHolders_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments made to contingent obligation holders upon sale of "Export Water".</link:label>
    <link:label xlink:label="pcyo_PaymentsToContingentObligationHolders_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to contingent liability holders</link:label>
    <link:labelArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_PaymentsToContingentObligationHolders" xlink:to="pcyo_PaymentsToContingentObligationHolders_lbl" xlink:type="arc"/>
    <link:loc xlink:href="pcyo-20111130.xsd#pcyo_RecognitionOfDeferredWaterTapFees" xlink:label="pcyo_RecognitionOfDeferredWaterTapFees" xlink:type="locator"/>
    <link:label xlink:label="pcyo_RecognitionOfDeferredWaterTapFees_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of previously reported deferred or unearned revenue related to water taps sold that was recognized as revenue during the period. For cash flows, this element primarily pertains to amortization of deferred credits on long-term arrangements. As a noncash item, it is deducted from net income when calculating cash provided by or used in operations using the indirect method.</link:label>
    <link:label xlink:label="pcyo_RecognitionOfDeferredWaterTapFees_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Water tap fees</link:label>
    <link:labelArc order="101" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_RecognitionOfDeferredWaterTapFees" xlink:to="pcyo_RecognitionOfDeferredWaterTapFees_lbl" xlink:type="arc"/>
    <link:loc xlink:href="pcyo-20111130.xsd#pcyo_DeferredRevenueOilAndGasLeasePaymentCurrentPortion" xlink:label="pcyo_DeferredRevenueOilAndGasLeasePaymentCurrentPortion" xlink:type="locator"/>
    <link:label xlink:label="pcyo_DeferredRevenueOilAndGasLeasePaymentCurrentPortion_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The current portion of deferred revenue amount related to up front oil and gas payments as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is expected to be recognized within the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</link:label>
    <link:label xlink:label="pcyo_DeferredRevenueOilAndGasLeasePaymentCurrentPortion_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred oil and gas lease payment</link:label>
    <link:labelArc order="102" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DeferredRevenueOilAndGasLeasePaymentCurrentPortion" xlink:to="pcyo_DeferredRevenueOilAndGasLeasePaymentCurrentPortion_lbl" xlink:type="arc"/>
    <link:loc xlink:href="pcyo-20111130.xsd#pcyo_DeferredRevenueOilAndGasLeasePaymentLessCurrentPortion" xlink:label="pcyo_DeferredRevenueOilAndGasLeasePaymentLessCurrentPortion" xlink:type="locator"/>
    <link:label xlink:label="pcyo_DeferredRevenueOilAndGasLeasePaymentLessCurrentPortion_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The noncurrent portion of deferred revenue amount related to up front oil and gas payments as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</link:label>
    <link:label xlink:label="pcyo_DeferredRevenueOilAndGasLeasePaymentLessCurrentPortion_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred oil and gas lease payment, less current portion</link:label>
    <link:labelArc order="103" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_DeferredRevenueOilAndGasLeasePaymentLessCurrentPortion" xlink:to="pcyo_DeferredRevenueOilAndGasLeasePaymentLessCurrentPortion_lbl" xlink:type="arc"/>
    <link:loc xlink:href="pcyo-20111130.xsd#pcyo_IncreaseDecreaseInAccruedInterestReceivableNetAndPrepaidAssets" xlink:label="pcyo_IncreaseDecreaseInAccruedInterestReceivableNetAndPrepaidAssets" xlink:type="locator"/>
    <link:label xlink:label="pcyo_IncreaseDecreaseInAccruedInterestReceivableNetAndPrepaidAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The increase (decrease) during the reporting period in the amount due from borrowers for interest payments and the increase (decrease) in prepaid assets.</link:label>
    <link:label xlink:label="pcyo_IncreaseDecreaseInAccruedInterestReceivableNetAndPrepaidAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest receivable and prepaid expenses</link:label>
    <link:labelArc order="104" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pcyo_IncreaseDecreaseInAccruedInterestReceivableNetAndPrepaidAssets" xlink:to="pcyo_IncreaseDecreaseInAccruedInterestReceivableNetAndPrepaidAssets_lbl" xlink:type="arc"/>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Balance Sheets</link:label>
    <link:labelArc order="105" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement Equity Components [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="us-gaap_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement [Table]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc"/>
    <link:label xlink:label="us-gaap_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement [Line Items]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" xlink:type="arc"/>
    <link:label xlink:label="us-gaap_StatementScenarioAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement Scenario [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="us-gaap_StatementScenarioAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_StatementScenarioAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="us-gaap_ScenarioUnspecifiedDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Scenario Unspecified [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScenarioUnspecifiedDomain" xlink:to="us-gaap_ScenarioUnspecifiedDomain_lbl" xlink:type="arc"/>
    <link:label xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement Class Of Stock [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl" xlink:type="arc"/>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>pcyo-20111130_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?><!--Generated by XBRL Converter--><link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.purecyclewater.com/20111130/role/DocumentAndEntityInformation" xlink:href="pcyo-20111130.xsd#DocumentAndEntityInformation" xlink:type="simple"/>
  <link:roleRef roleURI="http://www.purecyclewater.com/20111130/role/BalanceSheets" xlink:href="pcyo-20111130.xsd#BalanceSheets" xlink:type="simple"/>
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          <div style="width: 200px;"><strong>Note 4 - Long-Term Obligations And Operating Lease<br></strong></div>
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style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NOTE
  4&nbsp;- LONG-TERM OBLIGATIONS AND OPERATING LEASE</font>
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</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At
  November 30, 2011 and August 31, 2011, the Company had no debt
  obligations with contractual maturity dates.</font>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  Participating Interest in Export Water supply and the Tap
  Participation Fee payable to HP A&amp;M are obligations of the
  Company that have no scheduled maturity dates. Therefore, these
  liabilities are not disclosed in tabular format but they are
  described below.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Participating
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
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</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  Company acquired its Rangeview Water Supply through various
  amended agreements entered into in the early 1990&rsquo;s. The
  acquisition was consummated with the signing of the CAA in 1996.
  Upon entering into the CAA, the Company recorded an initial
  liability of $11.1 million, which represented the cash the
  Company received from the participating interest holders which
  was used to purchase the Company&rsquo;s Export Water (described
  in greater detail in Note 4 to the financial statements contained
  in the Company&rsquo;s 2011 Annual Report on Form
  10-K).&nbsp;&nbsp;The Company agreed to remit a total of $31.8
  million of proceeds received from the sale of Export Water to the
  participating interest holders in return for their initial $11.1
  million investments.&nbsp;&nbsp;The obligation for the $11.1
  million was recorded as debt, and the remaining $20.7 million
  contingent liability is not reflected on the Company&rsquo;s
  balance sheet because the obligation to pay this is contingent on
  the sale of Export Water, the amounts and timing of which are not
  reasonably determinable.</font>
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  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  CAA obligation is non-interest bearing, and if the Export Water
  is not sold, the parties to the CAA have no recourse against the
  Company.&nbsp;&nbsp;If the Company does not sell the Export
  Water, the holders of the Series B Preferred Stock are also not
  entitled to payment of any dividend and have no contractual
  recourse against the Company.</font>
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style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As
  the proceeds from the sale of Export Water are received and the
  amounts are remitted to the external CAA holders, the Company
  allocates a ratable percentage of this payment to the principal
  portion (the
  <font style="FONT-STYLE: italic; DISPLAY: inline">Participating
  Interests in Export Water Supply</font> liability account) with
  the balance of the payment being charged to the contingent
  obligation portion.&nbsp;&nbsp;Because the original recorded
  liability, which was $11.1 million, was 35% of the original total
  liability of $31.8 million, 35% of each payment remitted to the
  CAA holders is allocated to the recorded liability
  account.&nbsp;&nbsp;The remaining portion of each payment, or
  65%, is allocated to the contingent obligation, which is recorded
  on a net revenue basis.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
  fiscal years 2007 and 2008, in order to reduce the long term
  impact of the CAA, the Company repurchased various portions of
  the CAA obligations in priority.&nbsp;&nbsp;The Company did not
  make any CAA acquisitions during the three months ended November
  30, 2011 and 2010.&nbsp;&nbsp;As a result of the acquisitions,
  and due to the sale of Export Water, as detailed in the table
  below, the remaining potential third party obligation at November
  30, 2011 is $3.5 million:</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="center"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <div align="left">
    <table
    style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
     width="100%" cellspacing="0" cellpadding="0">
      <tr>
        <td style="PADDING-BOTTOM: 2px" valign="bottom">&nbsp;</td>
        <td style="PADDING-BOTTOM: 2px" valign="bottom">&nbsp;</td>
        <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2">
          <div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Export
            Water Proceeds Received</font>
          </div>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap">&nbsp;</td>
        <td style="PADDING-BOTTOM: 2px" valign="bottom">&nbsp;</td>
        <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2">
          <div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Initial
            Export Water Proceeds to Pure Cycle</font>
          </div>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap">&nbsp;</td>
        <td style="PADDING-BOTTOM: 2px" valign="bottom">&nbsp;</td>
        <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2">
          <div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total
            Potential Third party Obligation</font>
          </div>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap">&nbsp;</td>
        <td style="PADDING-BOTTOM: 2px" valign="bottom">&nbsp;</td>
        <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2">
          <div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Paticipating
            Interests Liability</font>
          </div>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap">&nbsp;</td>
        <td style="PADDING-BOTTOM: 2px" valign="bottom">&nbsp;</td>
        <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2">
          <div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Contingency</font>
          </div>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap">&nbsp;</td>
      </tr>
      <tr bgcolor="#C0FFFF">
        <td width="40%" valign="bottom" align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Original
            balances</font>
          </div>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&ndash;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">218,500</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,807,700</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,090,600</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,717,100</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
      </tr>
      <tr bgcolor="white">
        <td valign="bottom" colspan="4" align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Activity
            from inception until August 31, 2011:</font>
          </div>
        </td>
        <td style="TEXT-ALIGN: left" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: left" valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: right" valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: left" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: left" valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: right" valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: left" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: left" valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: right" valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: left" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: left" valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: right" valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: left" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
      </tr>
      <tr bgcolor="#C0FFFF">
        <td style="TEXT-INDENT: 9pt" width="40%" valign="bottom"
        align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Acquisitions</font>
          </div>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&ndash;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28,077,500</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(28,077,500</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(9,790,000</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(18,287,500</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
      </tr>
      <tr bgcolor="white">
        <td style="TEXT-INDENT: 9pt" width="40%" valign="bottom"
        align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Option
            payments - Sky Ranch</font> and The Hills at Sky
            Ranch</font>
          </div>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">110,400</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(42,300</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(68,100</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(23,800</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(44,400</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
      </tr>
      <tr bgcolor="#C0FFFF">
        <td style="TEXT-INDENT: 9pt" width="40%" valign="bottom"
        align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Arapahoe
            County tap fees *</font>
          </div>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">533,000</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(373,100</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(159,900</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(55,800</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(104,200</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
      </tr>
      <tr bgcolor="white">
        <td style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"
        width="40%" valign="bottom" align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Export
            Water sale payments</font>
          </div>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">85,100</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">&nbsp;</td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(59,600</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(25,500</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(8,900</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(16,600</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
      </tr>
      <tr bgcolor="#C0FFFF">
        <td style="TEXT-INDENT: 9pt" width="40%" valign="bottom"
        align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance
            at August 31, 2010</font>
          </div>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">728,500</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,821,000</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,476,700</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,212,100</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,264,400</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
      </tr>
      <tr bgcolor="white">
        <td width="40%" valign="bottom" align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fiscal
            2012 activity:</font>
          </div>
        </td>
        <td width="1%" valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
      </tr>
      <tr bgcolor="#C0FFFF">
        <td style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"
        width="40%" valign="bottom" align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Export
            Water sale payments</font>
          </div>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,000</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">&nbsp;</td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,900</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,100</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(600</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,500</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
      </tr>
      <tr bgcolor="white">
        <td style="PADDING-BOTTOM: 4px; TEXT-INDENT: 9pt"
        width="40%" valign="bottom" align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance
            at November 30, 2011</font>
          </div>
        </td>
        <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">735,500</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap">&nbsp;</td>
        <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,816,100</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap">&nbsp;</td>
        <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,474,600</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap">&nbsp;</td>
        <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,211,500</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap">&nbsp;</td>
        <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,262,900</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap">&nbsp;</td>
      </tr>
    </table>
  </div>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="DISPLAY: inline; FONT-SIZE: 10pt">&nbsp;&nbsp;*&nbsp;&nbsp;</font>The
  Arapahoe County tap fees are less $34,522 in royalties paid to
  the Land Board.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  CAA includes contractually established priorities which call for
  payments to CAA holders in order of their
  priority.&nbsp;&nbsp;This means the first three payees receive
  their full payment before the next priority level receives any
  payment and so on until full repayment.&nbsp;&nbsp;The Company
  will receive $5.1 million of the first priority payout (the
  remaining entire first priority payout totals $7.3 million as of
  November 30, 2011).</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Arkansas
  River Agreement Obligations</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  Tap Participation Fee</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  $65.8 million Tap Participation Fee liability at November 30,
  2011, represents the estimated discounted fair value of the
  Company&rsquo;s obligation to pay HP A&amp;M 20% of the
  Company&rsquo;s gross proceeds, or the equivalent thereof, from
  the sale of the next 19,458 water taps sold by the
  Company.&nbsp;&nbsp;Initially the obligation was to pay 10% of
  the Company&rsquo;s gross proceeds, or the equivalent thereof,
  from the sale of 40,000 water taps sold after the date of the
  Arkansas River Agreement.&nbsp;&nbsp;The 40,000 water taps was
  reduced to 19,458 water taps as a result of (i) Arkansas River
  Valley land which was sold in 2006 and 2009, (ii) the sale of
  unutilized water rights owned by the Company in the Arkansas
  River Valley in 2007, (iii) a 50% reduction in water taps subject
  to the Tap Participation Fee when HP A&amp;M elected to increase
  the percentage from 10% to 20%, also described further below, and
  (iv) the allocation of 24.6% of the estimated Net Revenues
  received by HP A&amp;M related to the management of the farm
  leasing operations which is described in greater detail
  below.&nbsp;&nbsp;Pursuant to the Arkansas River Agreement, f
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman">ollowing
  the fifth anniversary (September 1, 2011) of the Arkansas River
  Agreement, HP A&amp;M elected to increase the Tap Participation
  Fee percentage from 10% to 20% and take a corresponding 50%
  reduction in the number of taps subject to the Tap Participation
  Fee.</font></font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  fair value of the Tap Participation Fee liability is an estimate
  prepared by management of the Company.&nbsp;&nbsp;The fair value
  of the liability is based on discounted estimated cash flows
  subject to the Tap Participation Fee calculated by projecting
  future annual water tap sales for the number of taps subject to
  the Tap Participation Fee at the date of
  valuation.&nbsp;&nbsp;Future cash flows from water tap sales are
  estimated by utilizing the following historical information where
  available:</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div>
  <table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0" border="0"
  align="center">
    <tr style="LINE-HEIGHT: 1.25;" valign="top">
      <td style="WIDTH: 18pt">
        <div>
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font>
        </div>
      </td>
      <td style="WIDTH: 18pt">
        <div
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
            <font style="DISPLAY: inline;">&middot;</font>
          </font>
        </div>
      </td>
      <td>
        <div align="justify">
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New
          homes constructed in the area known as the 11-county
          &ldquo;Front Range&rdquo; from the 1980&rsquo;s through
          the valuation date.&nbsp;&nbsp;The Company utilized data
          for this length of time to provide development
          information over many economic cycles because the Company
          anticipates development in its targeted service area to
          encompass many economic cycles over the development
          period.</font>
        </div>
      </td>
    </tr>
  </table>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</div>
<div>
  <table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0" border="0"
  align="center">
    <tr style="LINE-HEIGHT: 1.25;" valign="top">
      <td style="WIDTH: 18pt">
        <div>
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font>
        </div>
      </td>
      <td style="WIDTH: 18pt">
        <div
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
            <font style="DISPLAY: inline;">&middot;</font>
          </font>
        </div>
      </td>
      <td>
        <div align="justify">
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New
          home construction patterns for large master planned
          housing developments along the Front
          Range.&nbsp;&nbsp;The Company utilized this information
          because these developments are deemed comparable to
          projects anticipated to be constructed in the
          Company&rsquo;s targeted service area (i.e. these master
          planned communities were located in predominately
          undeveloped areas on the outskirts of the Front
          Range).</font>
        </div>
      </td>
    </tr>
  </table>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</div>
<div>
  <table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0" border="0"
  align="center">
    <tr style="LINE-HEIGHT: 1.25;" valign="top">
      <td style="WIDTH: 18pt">
        <div>
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font>
        </div>
      </td>
      <td style="WIDTH: 18pt">
        <div
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
            <font style="DISPLAY: inline;">&middot;</font>
          </font>
        </div>
      </td>
      <td>
        <div align="justify">
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Population
          growth rates for Colorado and the Front
          Range.</font>&nbsp;&nbsp;Population growth rates were
          utilized to predict anticipated growth along the Front
          Range which was used to predict an estimated number of
          new homes necessary to house the increased
          population.</font>
        </div>
      </td>
    </tr>
  </table>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</div>
<div>
  <table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0" border="0"
  align="center">
    <tr style="LINE-HEIGHT: 1.25;" valign="top">
      <td style="WIDTH: 18pt">
        <div>
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font>
        </div>
      </td>
      <td style="WIDTH: 18pt">
        <div
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
            <font style="DISPLAY: inline;">&middot;</font>
          </font>
        </div>
      </td>
      <td>
        <div align="justify">
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
          Consumer Price Index since the 1980&rsquo;s which was
          utilized to project estimated future water tap
          fees.</font>
        </div>
      </td>
    </tr>
  </table>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</div>
<div>
  <table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0" border="0"
  align="center">
    <tr style="LINE-HEIGHT: 1.25;" valign="top">
      <td style="WIDTH: 18pt">
        <div>
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font>
        </div>
      </td>
      <td style="WIDTH: 18pt">
        <div
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
            <font style="DISPLAY: inline;">&middot;</font>
          </font>
        </div>
      </td>
      <td>
        <div align="justify">
          <font
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Net
          Revenues from the farm leasing operations in 2010
          obtained from HP A&amp;M.&nbsp;&nbsp;This was used to
          project annual farm leasing operations through September
          2014 which is the date through which the management
          agreement was extended as described below.&nbsp;&nbsp;The
          Company is permitted to allocate 24.6% of the Net
          Revenues against the Tap Participation Fee through
          September 2014.</font>
        </div>
      </td>
    </tr>
  </table>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Utilizing
  this historical information, the Company projected an estimated
  new home development pattern in its targeted service area
  sufficient to cover the sale of 19,458 water taps.&nbsp;&nbsp;The
  estimated proceeds of selling 19,458 water taps resulted in
  estimated payments to HP A&amp;M over the life of the projected
  development period of $120.6 million, which is an increase of
  $7.5 million from the previous valuation completed in fiscal
  2009.&nbsp;&nbsp;The estimated payments to HP A&amp;M are then
  discounted to the current valuation date and the difference
  between the amount reflected on the Company&rsquo;s balance sheet
  at the valuation date and the total estimated payments is imputed
  as interest expense over the estimated development time using the
  effective interest method.&nbsp;&nbsp;The implied interest rate
  for the valuation completed during this fiscal quarter was 5.3%
  which was a 1.0% decrease from the prior valuation completed in
  fiscal 2009.&nbsp;&nbsp;As a result of the change in the net
  realizable value and the interest rate, the amount of interest
  the Company imputed during the three months ended November 30,
  2011, decreased $147,800 compared to the interest the Company
  would have imputed in accordance with the valuation completed in
  fiscal 2009.&nbsp;&nbsp;This equates to $.01 per basic and
  diluted share.&nbsp;&nbsp;This will result in a decrease in the
  imputed interest of $620,900 for the fiscal year ending August
  31, 2012, which is $.03 per basic and diluted share.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  $65.8 million balance at November 30, 2011, includes $21.1
  million of interest which has been imputed since the acquisition
  date, recorded using the effective interest
  method.&nbsp;&nbsp;Payment of the Tap Participation Fee may be
  accelerated in the event of a merger, reorganization, sale of
  substantially all assets, or similar transactions and in the
  event of bankruptcy and insolvency events.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Actual
  new home development in the Company&rsquo;s service area and
  actual future tap fees inevitably will vary significantly from
  the Company&rsquo;s estimates which could have a material impact
  on the Company&rsquo;s financial statements. An important
  component in the Company&rsquo;s estimate of the value of the Tap
  Participation Fee, 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 market based and the
  continued increase in tap fees reflects, among other things, the
  increasing costs to acquire and develop new water
  supplies.&nbsp;&nbsp;Tap fees thus are partially indicative of
  the increasing value of the Company&rsquo;s water
  assets.&nbsp;&nbsp;The Company continues to assess the value of
  the Tap Participation Fee liability and updates its valuation
  analysis 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.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Extension
  of the farm management agreement</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  17,500 acres acquired by the Company pursuant to the Arkansas
  River Agreement are being leased to area
  farmers.&nbsp;&nbsp;Those leases are managed by HP A&amp;M and HP
  A&amp;M retains all income generated by the farm leasing
  operations; however, during the extended term, all Net Revenue is
  to be applied to repayment of the outstanding promissory notes
  owed by HP A&amp;M which are secured by deeds of trust on the
  farm properties owned by the Company.&nbsp;&nbsp;The initial term
  of the management agreement with HP A&amp;M expired on August 31,
  2011.&nbsp;&nbsp;Because certain events in the Arkansas River
  Agreement did not occur prior to August 31, 2011, the management
  agreement remains in effect until 60 days after HP A&amp;M repays
  all remaining farm debt (described below) owed by HP A&amp;M or
  September 23, 2014, whichever comes first.&nbsp;&nbsp;During the
  extended term of the management agreement, the Company is
  permitted to allocate a defined percentage of the Net Revenues
  (defined as all lease and related income received from the farms
  less employee expenses, direct expenses for managing the leases
  and a reasonable overhead allocation) paid to HP A&amp;M against
  the Tap Participation Fee.&nbsp;&nbsp;The calculation for
  determining the percentage is the total consideration paid to HP
  A&amp;M pursuant to the Arkansas River Agreement (which is any
  Tap Participation Fee payments made to HP A&amp;M plus the value,
  based on the average closing price of the Company&rsquo;s stock
  over the six month period ended August 31, 2011, of the common
  stock granted to HP A&amp;M) divided by $50.0
  million.&nbsp;&nbsp;This calculation resulted in a 24.6%
  allocation rate.&nbsp;&nbsp;Effective September 1, 2011, the
  Company began applying this rate to the Net Revenues received by
  HP A&amp;M related to their management of the Company&rsquo;s
  farm leases.&nbsp;&nbsp;&nbsp;&nbsp;</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Promissory
  Notes Payable by HP A&amp;M</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certain
  of the properties the Company acquired from HP A&amp;M are
  subject to outstanding promissory notes payable to third parties
  with principal and accrued interest totaling
  $10.0&nbsp;&nbsp;million and $10.0 million at November 30, 2011
  and August 31, 2011, respectively.&nbsp;&nbsp;In addition, HP
  A&amp;M has balloon payments totaling $5.5 million due within
  twelve months of November 30, 2011.&nbsp;&nbsp;These promissory
  notes are secured by deeds of trust on the properties. The
  Company did not assume any of these promissory notes and is not
  responsible for making any of the required payments under these
  notes. This responsibility remains solely with HP
  A&amp;M.&nbsp;&nbsp;In the event of default by HP A&amp;M, at the
  Company&rsquo;s sole discretion, the Company may make payments
  pursuant to any or all of the notes and cure any or all of the
  defaults. If the Company does not cure the defaults, it will lose
  the properties securing the defaulted notes.&nbsp;&nbsp;If HP
  A&amp;M defaults on the promissory notes, the Company can
  foreclose on a defined amount of stock issued to HP A&amp;M and
  reduce the Tap Participation Fee by two times the amount of notes
  defaulted on by HP A&amp;M.&nbsp;&nbsp;The probability of HP
  A&amp;M defaulting on the notes is deemed remote.&nbsp;&nbsp;As
  far as the Company is aware, as of November 30, 2011, HP A&amp;M
  has not defaulted on any of the promissory notes.&nbsp;&nbsp;If
  HP A&amp;M were to default on all of the notes, the Company would
  lose 60 of the 80 (approximately 75%) real property interests it
  acquired and a comparable percentage of the water rights the
  Company acquired, which are associated with those properties,
  unless the Company cured the notes in default.&nbsp;&nbsp;The
  Company currently does not have enough funds to cure all of the
  notes.&nbsp;&nbsp;If that were to occur, the Company would need
  to seek additional financing or selectively choose the properties
  it would want to retain.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Because
  the outstanding notes are collateralized by the Company&rsquo;s
  properties and Arkansas River water, HP A&amp;M is deemed to be a
  Variable Interest Entity (&ldquo;VIE&rdquo;) per
  GAAP.&nbsp;&nbsp;However, because the Company will not absorb any
  of HP A&amp;M&rsquo;s expected losses or receive any of HP
  A&amp;M&rsquo;s expected gains, the Company is not deemed the
  &ldquo;Primary Beneficiary&rdquo; of HP A&amp;M and therefore is
  not required to consolidate HP A&amp;M.&nbsp;&nbsp;HP A&amp;M
  became a VIE to the Company on August 30, 2006 when the Company
  acquired the Arkansas River water rights and properties subject
  to the outstanding promissory notes.&nbsp;&nbsp;HP A&amp;M is a
  holding company that acquires water rights and related properties
  for investment and sale purposes.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating
  Lease</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Effective
  December 29, 2010, the Company entered into an operating lease
  for 1,200 square feet of office space.&nbsp;&nbsp;The lease has a
  three year term with payments of $1,500 per month.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_Note4LongTermObligationsAndOperatingLeaseDisclosure</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Note 3 - Investments In Water, Water Systems, Land And Improvements<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Nov. 30, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_Note3InvestmentsInWaterWaterSystemsLandAndImprovementsDisclosure', window );"><strong>Note 3 - Investments In Water, Water Systems, Land And Improvements Disclosure</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostMethodInvestmentsDescriptionTextBlock', window );">Note 3 - Investments In Water, Water Systems, Land And Improvements</a></td>
        <td class="text"><div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NOTE
  3&nbsp;- INVESTMENTS IN WATER, WATER SYSTEMS, LAND AND
  IMPROVEMENTS</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  Company&rsquo;s water rights and current water and wastewater
  service agreements are more fully described in Note 4 to the 2011
  Annual Report.&nbsp;&nbsp;There have been no significant changes
  to the Company&rsquo;s water rights or water and wastewater
  service agreements during the three months ended November 30,
  2011.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  Company&rsquo;s water, water systems, land and improvements
  consist of the following costs and accumulated depreciation and
  depletion at November 30, 2011 and August 31, 2011:</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
&nbsp;</div>
<div align="left"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0">
    <tr>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="6">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">November
          30, 2011</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="6">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">August
          31, 2011</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Costs</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accumulated
          Depreciation and Depletion</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Costs</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accumulated
          Depreciation and Depletion</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
    </tr>
    <tr bgcolor="#C0FFFF">
      <td width="52%" valign="bottom" align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Arkansas
          River Valley assets</font>
        </div>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">81,318,800</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,187,200</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">81,318,800</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,144,100</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
    </tr>
    <tr bgcolor="white">
      <td width="52%" valign="bottom" align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Rangeview
          water supply</font>
        </div>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,305,400</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(6,700</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,299,700</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(6,600</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
    </tr>
    <tr bgcolor="#C0FFFF">
      <td width="52%" valign="bottom" align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Paradise
          water supply</font>
        </div>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,544,000</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&ndash;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,540,200</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&ndash;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
    </tr>
    <tr bgcolor="white">
      <td width="52%" valign="bottom" align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sky
          Ranch water rights and other costs</font>
        </div>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,915,200</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(29,000</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,915,200</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(21,800</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
    </tr>
    <tr bgcolor="#C0FFFF">
      <td width="52%" valign="bottom" align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fairgrounds
          water and water system</font>
        </div>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,899,900</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(468,500</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,899,900</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(446,400</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
    </tr>
    <tr bgcolor="white">
      <td width="52%" valign="bottom" align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Rangeview
          water system</font>
        </div>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">167,700</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(63,700</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">167,700</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(62,400</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
    </tr>
    <tr bgcolor="#C0FFFF">
      <td style="PADDING-BOTTOM: 2px" width="52%" valign="bottom"
      align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Water
          supply &ndash; other</font>
        </div>
      </td>
      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,600</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(14,800</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25,600</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(13,700</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
    </tr>
    <tr bgcolor="white">
      <td style="PADDING-BOTTOM: 2px" width="52%" valign="bottom"
      align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Totals</font>
        </div>
      </td>
      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">108,176,600</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,769,900</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">108,167,100</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,695,000</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
    </tr>
    <tr bgcolor="#C0FFFF">
      <td width="52%" valign="bottom" align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net
          investments in water and water systems</font>
        </div>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">106,406,700</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">106,472,100</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
    </tr>
    <tr bgcolor="white">
      <td width="52%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
    </tr>
    <tr bgcolor="#C0FFFF">
      <td style="PADDING-BOTTOM: 2px" width="52%" valign="bottom"
      align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sky
          Ranch land and improvements</font>
        </div>
      </td>
      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,772,800</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px" width="9%"
      valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(500</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,743,300</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
      align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px" width="9%"
      valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&ndash;</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
    </tr>
    <tr bgcolor="white">
      <td style="PADDING-BOTTOM: 4px" width="52%" valign="bottom"
      align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total
          net investments in water, water systems, land and
          improvements</font>
        </div>
      </td>
      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
      align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
      width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
      width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">110,179,000</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px" width="9%"
      valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
      align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
      width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
      width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">110,215,400</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px" width="9%"
      valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
    </tr>
  </table>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Capitalized
  terms in this section not defined herein are defined in Note 4 to
  the 2011 Annual Report.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Depletion
  and Depreciation.</font>
  <font style="DISPLAY: inline; FONT-SIZE: 10pt">&nbsp;</font>The
  Company recorded $100 of depletion charges during each of the
  three month periods ended November 30, 2011 and 2010,
  respectively.&nbsp;&nbsp;This related entirely to the Rangeview
  Water Supply. No depletion is taken against the Arkansas River
  water, Paradise Water Supply or Sky Ranch Water Supply because
  the water located at these locations are not yet being utilized
  for their intended purpose as of November 30, 2011.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  Company recorded $75,500 and $75,100 of depreciation expense
  during the three months ended November 30, 2011 and 2010,
  respectively.</font>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">&nbsp;</div>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_Note3InvestmentsInWaterWaterSystemsLandAndImprovementsDisclosure">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_Note3InvestmentsInWaterWaterSystemsLandAndImprovementsDisclosure</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostMethodInvestmentsDescriptionTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for  investments accounted for under the cost-method. The carrying amount of such investments may be adjusted, for example, distributions in excess of cost (return of capital) or for other-than-temporary impairments. The cost method and lower-of-cost or market, an adaptation of the cost method, is generally followed for most investments in noncontrolled corporations, in some corporate joint ventures, and to a lesser extent in unconsolidated subsidiaries in which the entity does not have the ability to exercise significant influence.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 03-1<br><br> -Paragraph 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 325<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6872867&amp;loc=d3e40691-111596<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostMethodInvestmentsDescriptionTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
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        </tr>
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    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EQMAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Balance Sheets (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Nov. 30, 2011</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 350,092<span></span></td>
        <td class="nump">$ 71,795<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesCurrent', window );">Marketable securities</a></td>
        <td class="nump">3,852,703<span></span></td>
        <td class="nump">4,588,535<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Trade accounts receivable</a></td>
        <td class="nump">72,627<span></span></td>
        <td class="nump">98,484<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepaid expenses</a></td>
        <td class="nump">157,545<span></span></td>
        <td class="nump">242,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesAndLoansReceivableNetCurrent', window );">Current portion of construction proceeds receivable</a></td>
        <td class="nump">64,783<span></span></td>
        <td class="nump">64,783<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump">4,497,750<span></span></td>
        <td class="nump">5,065,597<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLongTermInvestments', window );">Investments in water and water systems, net</a></td>
        <td class="nump">106,406,747<span></span></td>
        <td class="nump">106,472,051<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_LandAndLandImprovementCostsNet', window );">Sky Ranch land and improvements</a></td>
        <td class="nump">3,772,314<span></span></td>
        <td class="nump">3,743,305<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesAndLoansReceivableNetNoncurrent', window );">Construction proceeds receivable, less current portion</a></td>
        <td class="nump">283,955<span></span></td>
        <td class="nump">292,493<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesReceivableRelatedPartiesNoncurrent', window );">Note receivable - related party: Rangeview Metropolitan District, including accrued interest</a></td>
        <td class="nump">534,874<span></span></td>
        <td class="nump">531,873<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets</a></td>
        <td class="nump">16,723<span></span></td>
        <td class="nump">17,333<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump">115,512,363<span></span></td>
        <td class="nump">116,122,652<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
        <td class="nump">67,761<span></span></td>
        <td class="nump">69,330<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued liabilities</a></td>
        <td class="nump">117,377<span></span></td>
        <td class="nump">118,649<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenues</a></td>
        <td class="nump">55,800<span></span></td>
        <td class="nump">55,800<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DeferredRevenueOilAndGasLeasePaymentCurrentPortion', window );">Deferred oil and gas lease payment</a></td>
        <td class="nump">414,480<span></span></td>
        <td class="nump">414,480<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump">655,418<span></span></td>
        <td class="nump">658,259<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Deferred revenues, less current portion</a></td>
        <td class="nump">1,320,550<span></span></td>
        <td class="nump">1,334,503<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DeferredRevenueOilAndGasLeasePaymentLessCurrentPortion', window );">Deferred oil and gas lease payment, less current portion</a></td>
        <td class="nump">535,370<span></span></td>
        <td class="nump">638,990<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RecordedPortionOfContingentObligation', window );">Participating Interests in Export Water Supply</a></td>
        <td class="nump">1,211,495<span></span></td>
        <td class="nump">1,212,232<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLongTermNotesPayable', window );">Tap Participation Fee payable to HP A&amp;M, net of $54.8 million and $48.2 million discount, respectively</a></td>
        <td class="nump">65,792,310<span></span></td>
        <td class="nump">64,988,329<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump">69,515,143<span></span></td>
        <td class="nump">68,832,313<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>SHAREHOLDERS'EQUITY:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock: Series B - par value $.001 per share, 25 million shares authorized; 432,513 shares issued and outstanding (liquidation preference of $432,513)</a></td>
        <td class="nump">433<span></span></td>
        <td class="nump">433<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock: Par value 1/3 of $.01 per share, 40 million shares authorized; 24,037,596 shares outstanding both periods presented</a></td>
        <td class="nump">80,130<span></span></td>
        <td class="nump">80,130<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
        <td class="nump">103,242,795<span></span></td>
        <td class="nump">103,176,607<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated comprehensive loss</a></td>
        <td class="num">(475)<span></span></td>
        <td class="num">(2,903)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
        <td class="num">(57,325,663)<span></span></td>
        <td class="num">(55,963,928)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total shareholders' equity</a></td>
        <td class="nump">45,997,220<span></span></td>
        <td class="nump">47,290,339<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders'equity</a></td>
        <td class="nump">$ 115,512,363<span></span></td>
        <td class="nump">$ 116,122,652<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_DeferredRevenueOilAndGasLeasePaymentCurrentPortion">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current portion of deferred revenue amount related to up front oil and gas payments as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is expected to be recognized within the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_DeferredRevenueOilAndGasLeasePaymentCurrentPortion</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_DeferredRevenueOilAndGasLeasePaymentLessCurrentPortion">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncurrent portion of deferred revenue amount related to up front oil and gas payments as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_DeferredRevenueOilAndGasLeasePaymentLessCurrentPortion</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_LandAndLandImprovementCostsNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of costs to acquire land expected to be developed plus alterations to land which improves its potential for use. Generally consisting of items having limited lives, such as water infrastructure, walkways, driveways, fences, and parking lots, such improvements are depreciated over the useful lives of the subject assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_LandAndLandImprovementCostsNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_RecordedPortionOfContingentObligation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of a contingent obligation that is reflected on the balance sheet. Does not have scheduled maturities, is due and payable only upon the sale of "Export Water".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_RecordedPortionOfContingentObligation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedLiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e653-108580<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 130<br><br><br><br> -Paragraph 14, 17, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Staff Position (FSP)<br><br><br><br> -Number FAS115-1/124-1<br><br><br><br> -Paragraph 15D<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e637-108580<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e681-108580<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br> -Section S99<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Publisher FASB<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Section 45<br><br><br><br> -SubTopic 10<br><br><br><br> -Topic 210<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Chapter 3<br><br><br><br> -Section A<br><br><br><br> -Paragraph 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section A<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6600647&amp;loc=d3e214044-122780<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRevenueCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6600647&amp;loc=d3e214044-122780<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Chapter 3<br><br><br><br> -Section A<br><br><br><br> -Paragraph 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section A<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 48<br><br><br><br> -Paragraph 6<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total debt and equity financial instruments including: (1) securities held-to-maturity, (2) trading securities, and (3) securities available-for-sale which are intended to be held for less than one year or the normal operating cycle, whichever is longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 2<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26626-111562<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MarketableSecuritiesCurrent</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>An amount representing an agreement for an unconditional promise by the maker to pay the Company (holder) a definite sum of money within one year from the balance sheet date (or the normal operating cycle, whichever is longer), net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6375948&amp;loc=d3e4531-111522<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 4<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>An amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date more than one year from the balance sheet date, net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesAndLoansReceivableNetNoncurrent</nobr></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amounts due from parties associated with the reporting entity as evidenced by a written promise to pay, due after 1 year (or 1 business cycle).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 4<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.11)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 57<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Related Parties<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6523133<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesReceivableRelatedPartiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLongTermInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other long-term investments not otherwise specified in the taxonomy, not including investments in marketable securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(f))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph f<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLongTermInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLongTermNotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value of the noncurrent portion of notes payable which were initially due after one year or beyond the normal operating cycle, if longer, and which are not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLongTermNotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 5<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (g)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 340<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 05<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386993&amp;loc=d3e5879-108316<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 4<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Assets<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6787-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidExpenseCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Note 1 - Presentation of Interim Information<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Nov. 30, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_Note1PresentationOfInterimInformationDisclosure', window );"><strong>Note 1 - Presentation of Interim Information Disclosure</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Note 1 - Presentation of Interim Information</a></td>
        <td class="text"><div align="left"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NOTE
  1&nbsp;- PRESENTATION OF INTERIM INFORMATION</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  November 30, 2011 balance sheet, the statements of operations for
  the three months ended November 30, 2011 and 2010, and the
  statements of cash flows for the three months ended November 30,
  2011 and 2010, respectively, have been prepared by Pure Cycle
  Corporation (the &ldquo;Company&rdquo;) and have not been
  audited. In the opinion of management, all adjustments, necessary
  to present fairly the financial position, results of operations
  and cash flows at November 30, 2011, and for all periods
  presented have been made appropriately.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certain
  information and footnote disclosures normally included in
  financial statements prepared in accordance with accounting
  principles generally accepted in the United States of America
  (&ldquo;GAAP&rdquo;) have been condensed or omitted. It is
  suggested that these financial statements be read in conjunction
  with the financial statements and notes thereto included in the
  Company's 2011 Annual Report on Form 10-K (the &ldquo;2011 Annual
  Report&rdquo;) filed with the Securities and Exchange Commission
  (the &ldquo;SEC&rdquo;) on November 14, 2011.&nbsp;&nbsp;The
  results of operations for interim periods presented are not
  necessarily indicative of the operating results for the full
  fiscal year.&nbsp;&nbsp;The August 31, 2011 balance sheet was
  taken directly from the Company&rsquo;s audited financial
  statements.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Use
  of Estimates.&nbsp;&nbsp;</font>The preparation of financial
  statements in conformity with GAAP requires management to make
  estimates and assumptions that affect the reported amounts of
  assets and liabilities and disclosure of contingent assets and
  liabilities at the date of the financial statements and the
  reported amounts of revenues and expenses during the reporting
  period. Actual results could differ from those estimates.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Cash
  and cash equivalents.&nbsp;&nbsp;</font>The Company considers all
  highly liquid instruments with original maturities of three
  months or less when acquired, to be cash
  equivalents.&nbsp;&nbsp;The Company had no cash equivalents at
  November 30, 2011 or August 31, 2011.&nbsp;&nbsp;The Company
  maintains its cash balances at a high quality financial
  institution in accounts which are federally
  insured.&nbsp;&nbsp;At November 30, 2011, the Company&rsquo;s
  main operating account exceeded federally insured limits by
  $247,000.</font>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Financial
  Instruments &ndash; Concentration of Credit Risk and Fair
  Value.&nbsp;&nbsp;</font>Financial instruments that potentially
  subject the Company to concentrations of credit risk consist
  primarily of cash equivalents and marketable securities. The
  Company places its cash with high credit-quality financial
  institutions. At no time during the three months ended November
  30, 2011, did the Company&rsquo;s marketable securities exceed
  federally insured limits. From time-to-time the Company places
  its cash in money market instruments, commercial paper
  obligations, corporate bonds and US government treasury
  obligations. To date, the Company has not experienced significant
  losses on any of these investments.</font>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  following methods and assumptions were used to estimate the fair
  value of each class of financial instruments for which it is
  practicable to estimate that value.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Current
  Assets and Liabilities</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  amounts reported on the balance sheets for cash and cash
  equivalents, trade receivables, and trade payables approximate
  their fair values because of the short maturity of these
  instruments.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  amounts reported on the balance sheets for marketable securities
  are the fair values of the instruments as reported by the
  financial institutions where the funds are held at November 30,
  2011 and August 31, 2011.&nbsp;&nbsp;The Company has accumulated
  net unrealized losses totaling $500 and $2,900 as of November 30,
  2011 and August 31, 2011, respectively.&nbsp;&nbsp;These
  securities include only federally insured certificates of deposit
  and the unrealized losses are a result of changes in interest
  rates in the market.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Notes
  Receivable and Construction Proceeds Receivable</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  amounts reported on the balance sheets for the Company&rsquo;s
  notes receivable and construction proceeds receivable approximate
  their fair values as they bear interest at rates which are
  comparable to current market rates.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Long-term
  Financial Liabilities</font>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  Comprehensive Amendment Agreement No. 1 (the &ldquo;CAA&rdquo; as
  defined in Note 4 below) is comprised of a recorded balance and
  an off-balance sheet or &ldquo;contingent&rdquo;
  obligation.&nbsp;&nbsp;The amount payable is a fixed amount but
  is repayable only upon the sale of &ldquo;Export Water&rdquo;
  (defined in Note 4 to the 2011 Annual Report).&nbsp;&nbsp;Because
  of the uncertainty of the sale of Export Water, the Company has
  determined that the contingent portion of the CAA does not have a
  determinable fair value.</font>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  recorded balance of the &ldquo;Tap Participation Fee&rdquo;
  liability (as described below and in Note 4) is its estimated
  fair value determined by projecting new home development in the
  Company&rsquo;s targeted service area over an estimated
  development period.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Tap
  Participation Fee.</font> This note should be read in conjunction
  with Note 4 below.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant
  to the Asset Purchase Agreement (the &ldquo;Arkansas River
  Agreement&rdquo;) dated May 10, 2006, the Company is obligated to
  pay High Plains A&amp;M, LLC (&ldquo;HP A&amp;M&rdquo;) a defined
  percentage of a defined number of water tap fees the Company
  receives after the date of the Arkansas River
  Agreement.&nbsp;&nbsp;The Tap Participation Fee is due and
  payable once the Company has sold a water tap and received the
  consideration due for such water tap. The Company did not sell
  any water taps during the three months ended November 30, 2011 or
  2010.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  Company imputes interest expense on the unpaid Tap Participation
  Fee using the effective interest method over an estimated period
  which is utilized in the valuation of the liability. The Company
  imputed interest of $851,400 and $940,000 during the three months
  ended November 30, 2011 and 2010, respectively.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During
  the three months ended November 30, 2011, the Company allocated
  $47,400 to the Tap Participation Fee liability and to additional
  paid in capital (due to HP A&amp;M being deemed a related
  party).&nbsp;&nbsp;This is the equivalent of 11 water
  taps.&nbsp;&nbsp;The allocation was made pursuant to the Arkansas
  River Agreement and was based on the &ldquo;Net Revenues&rdquo;
  (defined in Note 4 below) earned by HP A&amp;M related to the
  farm leasing operations which are described in greater detail in
  Note 4 to the 2011 Annual Report.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At
  November 30, 2011, there remain 19,458 water taps subject to the
  Tap Participation Fee.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Revenue
  Recognition.&nbsp;&nbsp;</font>The Company&rsquo;s revenue
  recognition policies have not changed since August 31, 2011, and
  are more fully described in Note 2 to the 2011 Annual
  Report.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
  August 2005, the Company entered into the Water Service Agreement
  (the &ldquo;County Agreement&rdquo;) with Arapahoe County (the
  &ldquo;County&rdquo;).&nbsp;&nbsp;In fiscal 2006, the Company
  began recognizing water tap fees as revenue ratably over the
  estimated service period upon completion of the &ldquo;Wholesale
  Facilities&rdquo; (defined in the 2011 Annual Report) constructed
  to provide service to the County.&nbsp;&nbsp;The Company
  recognized $3,600 of water tap fee revenues during each of the
  three months ended November 30, 2011 and 2010,
  respectively.&nbsp;&nbsp;The water tap fees to be recognized over
  this period are net of the royalty payments to the State of
  Colorado Board of Land Commissioners (the &ldquo;Land
  Board&rdquo;) and amounts paid to third parties pursuant to the
  CAA as further described in Note 4 below.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  Company recognized $10,400 of &ldquo;Special Facilities&rdquo;
  (defined in the 2011 Annual Report) funding as revenue during
  each of the three months ended November 30, 2011 and 2010,
  respectively.&nbsp;&nbsp;This is the ratable portion of the
  Special Facilities funding proceeds received from the County
  pursuant to the County Agreement as more fully described in Note
  4 to the 2011 Annual Report.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As
  of November 30, 2011, the Company has deferred recognition of
  $1.4 million of water tap and construction fee revenue from the
  County, which will be recognized as revenue ratably over the
  estimated useful accounting life of the assets constructed with
  the construction proceeds as described above.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Royalty
  and other obligations.&nbsp;&nbsp;</font>Revenues from the sale
  of Export Water are shown net of royalties payable to the Land
  Board. Revenues from the sale of water on the &ldquo;Lowry
  Range&rdquo; (described in Note 4 to the 2011 Annual Report) are
  shown net of the royalties to the Land Board and the amounts
  retained by the Rangeview Metropolitan District (the
  &ldquo;District&rdquo;).</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Oil
  and Gas Lease Payments.&nbsp;&nbsp;</font>As further described in
  Note 2 to the 2011 Annual Report, on March 10, 2011, the Company
  entered into a Paid-Up Oil and Gas Lease (the &ldquo;O&amp;G
  Lease&rdquo;) and a Surface Use and Damage Agreement (the
  &ldquo;Surface Use Agreement&rdquo;) with Anadarko E&amp;P
  Company, L.P. (&ldquo;Anadarko&rdquo;) a wholly owned subsidiary
  of Anadarko Petroleum Company.&nbsp;&nbsp;Pursuant to the O&amp;G
  Lease, during the year ended August 31, 2011, the Company
  received up-front payments of $1,243,400 from Anadarko for the
  purpose of exploring for, developing, producing and marketing oil
  and gas on approximately 634 acres of mineral estate owned by the
  Company at its Sky Ranch property (described in Note 4 to the
  2011 Annual Report).&nbsp;&nbsp;The Company began recognizing the
  up-front payments from Anadarko as income on a straight-line
  basis over three years (the initial term of the O&amp;G Lease) on
  March 10, 2011.&nbsp;&nbsp;During the three months ended November
  30, 2011 and 2010, the Company recognized $103,600 and $0 of
  income related to the up-front payments received pursuant to the
  O&amp;G Lease, respectively.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As
  of November 30, 2011, the Company has deferred recognition of
  $949,900 of income related to the O&amp;G Lease, which will be
  recognized into income ratably through February 2014.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Water
  and Wastewater Systems and Depletion and Depreciation of Water
  Assets.</font> Costs to construct water and wastewater systems
  that meet the Company&rsquo;s capitalization criteria are
  capitalized as incurred, including interest.&nbsp;&nbsp;The costs
  are depreciated on a straight-line basis over the estimated
  useful lives of the water and wastewater systems, up to thirty
  years.&nbsp;&nbsp;The Company capitalizes design and construction
  costs related to construction activities and it capitalizes
  certain legal, engineering and permitting costs relating to the
  adjudication and improvement of its water assets. The Company
  depletes its water assets that are being utilized on the basis of
  units produced divided by the total volume of water adjudicated
  in the water decrees.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Share-based
  Compensation.&nbsp;&nbsp;</font>The Company maintains a stock
  option plan for the benefit of its employees and
  directors.&nbsp;&nbsp;The Company records share-based
  compensation costs as expense over the applicable vesting period
  of the stock award using the straight-line method.&nbsp;&nbsp;The
  compensation costs to be expensed are measured at the grant date
  based on the fair value of the award.&nbsp;&nbsp;The Company has
  adopted the alternative transition method for calculating the tax
  effects of share-based compensation which allowed for a
  simplified method of calculating the tax effects of employee
  share-based compensation.&nbsp;&nbsp;Because the Company has a
  full valuation allowance on its deferred tax assets, at this
  time, the granting and exercise of stock options has no impact on
  the income tax provisions.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  Company recognized $18,800 and $21,400 of share-based
  compensation expense during the three months ended November 30,
  2011 and 2010, respectively.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Income
  taxes.&nbsp;&nbsp;</font>The Company uses a
  "more-likely-than-not" threshold for the recognition and
  de-recognition of tax positions, including any potential interest
  and penalties relating to tax positions taken by the
  Company.&nbsp;&nbsp;The Company does not have any significant
  unrecognized tax benefits as of November 30, 2011.</font>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  Company files income tax returns with the Internal Revenue
  Service and the State of Colorado. The tax years that remain
  subject to examination are fiscal 2009 through fiscal 2011. The
  Company does not believe there will be any material changes in
  its unrecognized tax positions over the next twelve
  months.</font>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  Company's policy is to recognize interest and penalties accrued
  on any unrecognized tax benefits as a component of income tax
  expense.&nbsp;&nbsp;At November 30, 2011, the Company did not
  have any accrued interest or penalties associated with any
  unrecognized tax benefits, nor was any interest expense
  recognized during the three months ended November 30, 2011 and
  2010.</font>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Loss
  per Common Share</font>
  <font
  style="DISPLAY: inline; FONT-WEIGHT: bold">.&nbsp;&nbsp;</font>Loss
  per common share is computed by dividing net loss by the weighted
  average number of shares outstanding during each period. Common
  stock options and warrants aggregating 275,100 and 262,600,
  common share equivalents as of November 30, 2011 and 2010,
  respectively, and 1.9 million shares underlying the Convertible
  Note &ndash; Related Party (defined in Note 4 to the 2011 Annual
  Report), prior to conversion on January 11, 2011, have been
  excluded from the calculation of loss per common share as their
  effect is anti-dilutive.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="left"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Comprehensive
  Loss.</font> In addition to net loss, comprehensive loss includes
  the unrecognized changes in the fair value of marketable
  securities that are classified as available-for-sale as noted in
  the following table:</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="center"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <div align="center">
    <table
    style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
     width="90%" cellspacing="0" cellpadding="0">
      <tr>
        <td width="68%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td width="30%" valign="bottom" colspan="6">
          <div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Three
            Months Ended:</font>
          </div>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
      </tr>
      <tr>
        <td style="PADDING-BOTTOM: 2px" width="68%"
        valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="BORDER-BOTTOM: black 2px solid" width="15%"
        valign="bottom" colspan="3">
          <div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">November
            30, 2011</font>
          </div>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="BORDER-BOTTOM: black 2px solid" width="14%"
        valign="bottom" colspan="2">
          <div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">November
            30, 2010</font>
          </div>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
      </tr>
      <tr bgcolor="#C0FFFF">
        <td width="68%" valign="bottom" align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net
            loss</font>
          </div>
        </td>
        <td width="1%" valign="bottom" align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right" width="13%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,361,700</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td width="1%" valign="bottom" align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right" width="13%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,460,800</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
      </tr>
      <tr bgcolor="white">
        <td style="PADDING-BOTTOM: 2px" width="68%" valign="bottom"
        align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Unrealized
            gain (loss) on marketable securities</font>
          </div>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="13%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,400</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="13%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,200</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
      </tr>
      <tr bgcolor="#C0FFFF">
        <td style="PADDING-BOTTOM: 4px" width="68%" valign="bottom"
        align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Comprehensive
            loss</font>
          </div>
        </td>
        <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="13%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,359,300</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="13%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,463,000</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
      </tr>
    </table>
  </div>
  <div align="center">&nbsp;</div>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Recently
  Issued Accounting Pronouncements.&nbsp;&nbsp;</font>The Company
  continually assesses any new accounting pronouncements to
  determine their applicability.&nbsp;&nbsp;Where it is determined
  that a new accounting pronouncement affects the Company&rsquo;s
  financial reporting, the Company undertakes a study to determine
  the consequence of the change to its financial statements and
  assures that there are proper controls in place to ascertain that
  the Company&rsquo;s financials properly reflect the
  change.&nbsp;&nbsp;A variety of proposed or otherwise potential
  accounting standards are currently under study by
  standard-setting organizations and various regulatory agencies.
  Because of the tentative and preliminary nature of these proposed
  standards, the Company has not determined whether implementation
  of such proposed standards would be material to the
  Company&rsquo;s financial statements.&nbsp;&nbsp;New
  pronouncements assessed by the Company recently are discussed
  below:</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">In
  June 2011, the Financial Accounting Standards Board
  (&ldquo;FASB&rdquo;) issued Accounting Standards Update
  (&ldquo;ASU&rdquo;) No. 2011-05,</font>
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman">Comprehensive
  Income (Topic 220) &ndash;</font>
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&nbsp;</font>
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman">Presentation
  of Comprehensive Income</font>
  <font
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  2011-05&rdquo;).&nbsp;&nbsp;</font>ASU 2011-05 requires entities
  to present net income and other comprehensive income in either a
  single continuous statement or in two separate, but consecutive,
  statements of net income and other comprehensive income. ASU
  2011-05 is effective for fiscal years, and interim periods within
  those years, beginning after December 15, 2011 (September 1, 2012
  for the Company).&nbsp;&nbsp;The Company is assessing the impact
  of ASU 2011-05 but it does not expect the adoption of ASU 2011-05
  to have a material impact on its financial statements.</font>
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                <p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 852<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2209116<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2134480<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 2-6<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 915<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6472506&amp;loc=d3e38932-110933<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2122150<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6359553&amp;loc=d3e288-107754<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2197480<br><br><br><br></p>
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          <div style="width: 200px;"><strong>Note 2 - Fair Value Measurements<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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  <font
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  <font
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  asset or paid to transfer a liability in an orderly transaction
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  principal or most advantageous market. The Company uses a fair
  value hierarchy that has three levels of inputs, both observable
  and unobservable, with use of the lowest possible level of input
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
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<div align="justify"
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  <font
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  1 &mdash; Valuations for assets and liabilities traded in active
  exchange markets, such as the New York Stock Exchange. The
  Company had none of these instruments at November 30,
  2011.</font>
</div>
<div align="justify"
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<div align="justify"
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  <font
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  2 &mdash; Valuations for assets and liabilities obtained from
  readily available pricing sources via independent providers for
  market transactions involving similar assets or liabilities. The
  Company had one Level 2 asset at November 30, 2011, its
  marketable securities.&nbsp;&nbsp;The value of the
  Company&rsquo;s marketable securities is based on observable
  market data obtained from the financial institutions at which the
  marketable securities are held.</font>
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<div align="justify"
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<div align="justify"
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  <font
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  from other valuation methodologies, including discounted cash
  flow models and similar techniques, and not based on market
  exchange, dealer, or broker traded transactions.&nbsp;&nbsp;Level
  3 valuations incorporate certain assumptions and projections in
  determining the fair value assigned to such assets or
  liabilities. The Company had one Level 3 liability at November
  30, 2011, the Tap Participation Fee liability, which is described
  in greater detail in Note 4 below.</font>
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</div>
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  <font
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  Company maintains policies and procedures to value instruments
  using the best and most relevant data available.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
&nbsp;</div>
<div align="justify"
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  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
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  liabilities measured at fair value on a recurring basis as of
  November 30, 2011:</font>
</div>
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</div>
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style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0">
    <tr>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom" colspan="2">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom" colspan="2">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="10">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fair
          Value Measurement Using:</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom" colspan="2">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
    </tr>
    <tr>
      <td valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td valign="bottom" colspan="2">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td valign="bottom" colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cost
          / Other</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td valign="bottom" colspan="3">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Quoted
          Prices in Active Markets for Identical Assets</font>
        </div>
      </td>
      <td valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td valign="bottom" colspan="3">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Significant
          Other Observable Inputs</font>
        </div>
      </td>
      <td valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td valign="bottom" colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Significant
          Unobservable Inputs</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td valign="bottom" colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accumulated
          Unrealized Gains and</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
    </tr>
    <tr>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fair
          Value</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Value</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Level
          1)</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Level
          2)</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Level
          3)</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Losses)</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
    </tr>
    <tr bgcolor="#C0FFFF">
      <td width="28%" valign="bottom" align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Marketable
          securities</font>
        </div>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,852,700</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,853,200</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,852,700</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(500</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
    </tr>
    <tr bgcolor="white">
      <td width="28%" valign="bottom" align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tap
          Participation Fee liability</font>
        </div>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">65,792,300</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">65,792,300</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">65,792,300</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td width="1%" valign="bottom" align="right">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
      </td>
    </tr>
  </table>
</div>
<div>&nbsp;</div>
<div>
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Level
  2 Asset &ndash; Marketable Securities.&nbsp;&nbsp;</font>The
  Company&rsquo;s marketable securities are the Company&rsquo;s
  only financial asset measured on a recurring
  basis.&nbsp;&nbsp;The fair value of the marketable securities is
  based on the values reported by the financial institutions where
  the funds are held.&nbsp;These securities include only federally
  insured certificates of deposit.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
  <font
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Level
  3 Liability &ndash; Tap Participation Fee.&nbsp;&nbsp;</font>The
  Company&rsquo;s Tap Participation Fee liability is the
  Company&rsquo;s only financial liability measured on a
  non-recurring basis.&nbsp;&nbsp;As further described in Note 4,
  the Tap Participation Fee liability is valued by projecting new
  home development in the Company&rsquo;s targeted service area
  over an estimated development period.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  following table presents the changes in the Tap Participation Fee
  for the three months ended November 30, 2011:</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
&nbsp;</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <div align="left">
    <table
    style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
     width="100%" cellspacing="0" cellpadding="0">
      <tr>
        <td style="PADDING-BOTTOM: 2px" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="10">
          <div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fair
            Value Measurement using Significant Unobservable Inputs
            (Level 3)</font>
          </div>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
      </tr>
      <tr>
        <td style="PADDING-BOTTOM: 2px" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2">
          <div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gross
            Estimated Tap Participation Fee Liability</font>
          </div>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2">
          <div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tap
            Participation Fee Reported Liability</font>
          </div>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
        colspan="2">
          <div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Discount
            - to be imputed as interest expense in future
            periods</font>
          </div>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
      </tr>
      <tr bgcolor="#C0FFFF">
        <td width="64%" valign="bottom" align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance
            at August 31, 2011</font>
          </div>
        </td>
        <td width="1%" valign="bottom" align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">113,147,700</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td width="1%" valign="bottom" align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">64,988,300</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">48,159,400</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
      </tr>
      <tr bgcolor="white">
        <td width="64%" valign="bottom" align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total
            gains and losses (realized and unrealized):</font>
          </div>
        </td>
        <td width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
      </tr>
      <tr bgcolor="#C0FFFF">
        <td width="64%" valign="bottom" align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;&nbsp;Imputed
            interest recorded as "Other Expense"</font>
          </div>
        </td>
        <td width="1%" valign="bottom" align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td width="1%" valign="bottom" align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">851,400</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(851,400</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
      </tr>
      <tr bgcolor="white">
        <td width="64%" valign="bottom" align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;&nbsp;Increase
            in estimated value (to be realized in future
            periods)</font>
          </div>
        </td>
        <td width="1%" valign="bottom" align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,468,200</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td width="1%" valign="bottom" align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,468,200</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
      </tr>
      <tr bgcolor="#C0FFFF">
        <td width="64%" valign="bottom" align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Purchases,
            sales, issuances, payments, and settlements</font>
          </div>
        </td>
        <td width="1%" valign="bottom" align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td width="1%" valign="bottom" align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(47,400</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">47,400</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
      </tr>
      <tr bgcolor="white">
        <td style="PADDING-BOTTOM: 2px" width="64%" valign="bottom"
        align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Transfers
            in and/or out of Level 3</font>
          </div>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="9%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
      </tr>
      <tr bgcolor="#C0FFFF">
        <td style="PADDING-BOTTOM: 4px" width="64%" valign="bottom"
        align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance
            at November 30, 2011</font>
          </div>
        </td>
        <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
        </td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom">
          <font
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          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
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        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
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        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
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          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">54,823,600</font>
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&nbsp;</div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6925170&amp;loc=d3e19296-110258<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 159<br><br> -Paragraph 17-22, 27, 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13433-108611<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15C, 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13504-108611<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15A<br><br> -Subparagraph a-d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13537-108611<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44A, 44B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6925170&amp;loc=d3e19207-110258<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 3, 10, 14, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15B<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 32, 33, 34<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ETCAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Balance Sheets (Parentheticals) (USD $)<br>In Millions, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Nov. 30, 2011</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsOther', window );">Tap Participation Fee payable to HP A&amp;M discount</a></td>
        <td class="nump">$ 54.8<span></span></td>
        <td class="nump">$ 48.2<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>SHAREHOLDERS'EQUITY:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Series B - par value</a></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Series B - shares authorized</a></td>
        <td class="nump">25,000,000<span></span></td>
        <td class="nump">25,000,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Series B - shares issued</a></td>
        <td class="nump">432,513<span></span></td>
        <td class="nump">432,513<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Series B - shares outstanding</a></td>
        <td class="nump">432,513<span></span></td>
        <td class="nump">432,513<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockLiquidationPreference', window );">Series B - liquidation preference</a></td>
        <td class="nump">$ 432,513<span></span></td>
        <td class="nump">$ 432,513<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
        <td class="nump">$ 0.0034<span></span></td>
        <td class="nump">$ 0.0034<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
        <td class="nump">40,000,000<span></span></td>
        <td class="nump">40,000,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
        <td class="nump">24,037,596<span></span></td>
        <td class="nump">24,037,596<span></span></td>
      </tr>
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    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
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                <p>The per share liquidation preference (or restrictions) of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(d)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph d<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 6<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockLiquidationPreference</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesAuthorized</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesIssued</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesOutstanding</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityAbstract</nobr></td>
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                  <tr>
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                    <td>us-gaap_</td>
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                    <td>na</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsOther">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects the cumulative amount of fees paid by borrowers, which relationship is not otherwise defined (such as commercial, consumer, or foreign), which have not yet been taken into income and unamortized costs incurred to originate loans and leases, not otherwise categorized (such as commercial, consumer, or foreign), unamortized loan commitments and loan syndication fees, and premiums over or discounts from face amounts of loans, not otherwise categorized (such as commercial, consumer, or foreign), that are being amortized into income as an adjustment to yield.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 91<br><br> -Paragraph 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6378536&amp;loc=d3e10092-111533<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsOther</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td>debit</td>
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          <div style="width: 200px;"><strong>Document And Entity Information<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Nov. 30, 2011</div>
        </th>
        <th class="th">
          <div>Jan. 06, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
        <td class="text">PURE CYCLE CORPORATION<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
        <td class="text">0000276720<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
        <td class="text">--08-31<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
        <td class="text">Smaller Reporting Company<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
        <td class="text">Yes<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
        <td class="text">No<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
        <td class="text">No<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">24,037,596<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
        <td class="text">10-Q<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
        <td class="text">false<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
        <td class="text">Nov. 30,
         2011<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
        <td class="text">2011<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
        <td class="text">Q1<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>If the value is true, then the document as an amendment to previously-filed/accepted document.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_AmendmentFlag</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:booleanItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_CurrentFiscalYearEndDate</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gMonthDayItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:fiscalPeriodItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalYearFocus</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gYearItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentInformationLineItems</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentPeriodEndDate</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, and Other.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCentralIndexKey</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>dei:centralIndexKeyItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
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                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCurrentReportingStatus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityFilerCategory</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInformationLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityInformationLineItems</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityRegistrantName</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityVoluntaryFilers</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityWellKnownSeasonedIssuer</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EX5AE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Statements of Operations (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Nov. 30, 2011</div>
        </th>
        <th class="th">
          <div>Nov. 30, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenues:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNet', window );">Metered water usage</a></td>
        <td class="nump">$ 41,561<span></span></td>
        <td class="nump">$ 36,316<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FeesAndCommissions', window );">Wastewater treatment fees</a></td>
        <td class="nump">12,047<span></span></td>
        <td class="nump">17,719<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueAbstract', window );"><strong>Recognition of deferred revenues:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RecognitionOfDeferredConstructionFunding', window );">Special Facility funding</a></td>
        <td class="nump">10,377<span></span></td>
        <td class="nump">10,377<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_RecognitionOfDeferredWaterTapFees', window );">Water tap fees</a></td>
        <td class="nump">3,574<span></span></td>
        <td class="nump">3,574<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenues</a></td>
        <td class="nump">67,559<span></span></td>
        <td class="nump">67,986<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>Expenses:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfServices', window );">Water service operations</a></td>
        <td class="num">(19,121)<span></span></td>
        <td class="num">(14,555)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCostOfServices', window );">Wastewater service operations</a></td>
        <td class="num">(5,930)<span></span></td>
        <td class="num">(4,810)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization', window );">Depletion and depreciation</a></td>
        <td class="num">(22,127)<span></span></td>
        <td class="num">(22,131)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenue', window );">Total cost of revenues</a></td>
        <td class="num">(47,178)<span></span></td>
        <td class="num">(41,496)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross margin</a></td>
        <td class="nump">20,381<span></span></td>
        <td class="nump">26,490<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
        <td class="num">(599,501)<span></span></td>
        <td class="num">(421,470)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
        <td class="num">(53,472)<span></span></td>
        <td class="num">(53,073)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating loss</a></td>
        <td class="num">(632,592)<span></span></td>
        <td class="num">(448,053)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncomeAndExpensesAbstract', window );"><strong>Other income (expense):</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OilAndGasRevenue', window );">Oil and gas lease</a></td>
        <td class="nump">103,620<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Interest income</a></td>
        <td class="nump">15,787<span></span></td>
        <td class="nump">16,750<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncome', window );">Other</a></td>
        <td class="nump">2,850<span></span></td>
        <td class="nump">1,490<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseOther', window );">Interest imputed on the Tap Participation Fee payable to HP A&amp;M</a></td>
        <td class="num">(851,400)<span></span></td>
        <td class="num">(940,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseRelatedParty', window );">Interest expense on Convertible Note - related party</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(91,000)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">$ (1,361,735)<span></span></td>
        <td class="num">$ (1,460,813)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Net loss per common share -basic and diluted</a></td>
        <td class="num">$ (0.06)<span></span></td>
        <td class="num">$ (0.07)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average common shares outstanding -basic and diluted</a></td>
        <td class="nump">24,037,596<span></span></td>
        <td class="nump">21,466,277<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_RecognitionOfDeferredConstructionFunding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of previously reported deferred or unearned revenue related to construction funding that was recognized as revenue during the period. For cash flows, this element primarily pertains to amortization of deferred credits on long-term arrangements. As a noncash item, it is deducted from net income when calculating cash provided by or used in operations using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_RecognitionOfDeferredConstructionFunding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_RecognitionOfDeferredWaterTapFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of previously reported deferred or unearned revenue related to water taps sold that was recognized as revenue during the period. For cash flows, this element primarily pertains to amortization of deferred credits on long-term arrangements. As a noncash item, it is deducted from net income when calculating cash provided by or used in operations using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_RecognitionOfDeferredWaterTapFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate depreciation, depletion and amortization expense in the current period for the cost of tangible assets, intangible assets, or depleting assets directly related to goods produced and sold during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate cost of goods produced and sold and services rendered during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 2<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfServices">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs related to services rendered by an entity during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 2<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfServices</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostsAndExpensesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredRevenueAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Depreciation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FeesAndCommissions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total fees and commissions earned from providing services such as leasing of space or maintaining: (1) depositor accounts; (2) transfer agent; (3) fiduciary and trust; (4) brokerage and underwriting; (5) mortgage; (6) credit cards; (7) correspondent clearing; and (8) other such services and activities performed for others.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Chapter V<br><br> -Section 563c.102<br><br> -Paragraph 13<br><br> -Subsection II<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 13<br><br> -Article 9<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FeesAndCommissions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1,2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GrossProfit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Chapter V<br><br> -Section 563c.102<br><br> -Paragraph 6<br><br> -Subsection II<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Audit and Accounting Guide (AAG)<br><br> -Number AAG-BRD<br><br> -Chapter 4<br><br> -Paragraph 55<br><br> -IssueDate 2006-05-01<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpenseOther</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseRelatedParty">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of interest expense incurred during the period on a debt or other obligation to a related party.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpenseRelatedParty</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentIncomeInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OilAndGasRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue during the period related to oil and gas business activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 932<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6821537&amp;loc=d3e62246-109447<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 1<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 932<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 23<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6821537&amp;loc=d3e62136-109447<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OilAndGasRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCostOfServices">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other costs incurred and are directly related to services rendered by an entity during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherCostOfServices</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 7<br><br> -Section 04<br><br> -Paragraph 4<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncomeAndExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherIncomeAndExpensesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 1<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Revenues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenuesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenuesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
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                <p>Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 1<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
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                <p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1505-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br></p>
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          <div style="width: 200px;"><strong>Note 7 - Significant Customer<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
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      <tr>
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          <div>Nov. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_Note7SignificantCustomerDisclosure', window );"><strong>Note 7 - Significant Customer Disclosure</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskDisclosureTextBlock', window );">Note 7 - Significant Customer</a></td>
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  <br />
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  <font
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  Company sells wholesale water and wastewater services to the
  District pursuant to the Rangeview Water Agreements (defined in
  Note 4 to the 2011 Annual Report).&nbsp;&nbsp;Sales to the
  District accounted for 71% and 74% of the Company&rsquo;s total
  revenues for the three months ended November 30, 2011 and 2010,
  respectively.&nbsp;&nbsp;The District had one significant
  customer, the Ridgeview Youth Services
  Center.&nbsp;&nbsp;Pursuant to the Rangeview Water Agreements the
  Company is providing water and wastewater services to this
  customer on behalf of the District.&nbsp;&nbsp;The
  District&rsquo;s significant customer accounted for 68% and 71%
  of the Company&rsquo;s total revenues for the three months ended
  November 30, 2011 and 2010, respectively.</font>
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
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  <font
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  Company had accounts receivable from the District which accounted
  for 81% and 87% of the Company&rsquo;s trade receivables balances
  at November 30, 2011 and August 31, 2011,
  respectively.&nbsp;&nbsp;Accounts receivable from the
  District&rsquo;s largest customer accounted for 73% and 74% of
  the Company&rsquo;s trade receivables as of November 30, 2011 and
  August 31, 2011, respectively.</font>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6404-108592<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 94-6<br><br> -Paragraph 21, 22, 24<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13537-108611<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15A<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6442-108592<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13531-108611<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6327-108592<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 18<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6351-108592<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Note 6 - Related Party Transactions<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Nov. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_Note6RelatedPartyTransactionsDisclosure', window );"><strong>Note 6 - Related Party Transactions Disclosure</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Note 6 - Related Party Transactions</a></td>
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  6&nbsp;- RELATED PARTY TRANSACTIONS</font>
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  <font
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  party. The loan provided for borrowings of up to $250,000, is
  unsecured, bears interest based on the prevailing prime rate plus
  2% (5.25% at November 30, 2011) and matures on December 31, 2012.
  The $534,900 balance of the note receivable at November 30, 2011
  includes borrowings of $229,300 and accrued interest of
  $305,600.&nbsp;&nbsp;The $531,900 balance of the note receivable
  at August 31,&nbsp;&nbsp;2011 includes borrowings of $229,300 and
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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
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  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">HP
  A&amp;M paid the Company $10,500 during each of the three months
  in the periods ended November 30, 2011 and 2010,
  respectively.&nbsp;&nbsp;This is to reimburse the Company for 50%
  of the salary and expenses of a Company employee that performs
  various farm management duties which are for the benefit of HP
  A&amp;M since HP A&amp;M manages the farm leases as described in
  Note 4 above.</font>
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&nbsp;</div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 3A<br><br> -Section 04<br><br> -Paragraph b<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 1-4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph k<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Note 10 - Subsequent Event<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
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      <tr>
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          <div>Nov. 30, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_Note10SubsequentEventDisclosure', window );"><strong>Note 10 - Subsequent Event Disclosure</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Note 10 - Subsequent Event</a></td>
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  <font
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  disclosed in a Form 8-K filed on December 19, 2011, on that date,
  the Company and the District filed a lawsuit against the State of
  Colorado by and through the Land Board. The complaint was filed
  with the District Court, City and County of Denver, Colorado. The
  Company and the District are claiming that the Land Board
  breached, and will breach, agreements entered into by the Land
  Board with the Company and the District in connection with a 1996
  settlement agreement. Those agreements include the Amended and
  Restated Water Lease, dated as of April 4, 1996, between the Land
  Board and the District and the Service Agreement of the same date
  between the Company and the District. As initially reported in a
  Current Report on Form 8-K filed by the Company on November 29,
  2011, the Land Board issued a Request for Proposal that included
  a draft lease agreement related to oil and gas rights at the Land
  Board&rsquo;s Lowry Range.&nbsp;&nbsp;The Company believes the
  draft lease agreement does not adequately address or protect its
  exclusive right to provide water to the Lowry Range. As a result
  of this breach, the Company and the District are claiming damages
  which will be proven at trial.</font>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <font
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  $117,400, of which $91,300 was for estimated property taxes and
  $26,100 was for professional fees.</font>
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  <font
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  August 31, 2011, the Company had accrued liabilities of $118,600,
  of which $62,400 was for estimated property taxes on the Sky
  Ranch property, $49,500 was for professional fees, and the
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                <p>The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 24<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(a),20,24)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
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          <div style="width: 200px;"><strong>Note 9 - Supplemental Disclosures of Non-Cash Activities<br></strong></div>
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            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Increase
            in estimated Tap Participation Fee liability and
            related discount</font>
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        </td>
        <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right">
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          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_Note9SupplementalDisclosuresOfNonCashActivitiesDisclosure">
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        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_Note9SupplementalDisclosuresOfNonCashActivitiesDisclosure</nobr></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashFlowSupplementalDisclosuresTextBlock">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 32<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ECHAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Statements of Cash Flows (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Nov. 30, 2011</div>
        </th>
        <th class="th">
          <div>Nov. 30, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">$ (1,361,735)<span></span></td>
        <td class="num">$ (1,460,813)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash used for operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseOther', window );">Imputed interest on Tap Participation Fee payable to HP A&amp;M</a></td>
        <td class="nump">851,400<span></span></td>
        <td class="nump">940,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation, depletion and other non-cash items</a></td>
        <td class="nump">77,256<span></span></td>
        <td class="nump">76,365<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock-based compensation expense</a></td>
        <td class="nump">18,769<span></span></td>
        <td class="nump">21,380<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseRelatedParty', window );">Interest expensed on Convertible Note - Related Party</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">91,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndFeeIncomeLoansRealEstateConstruction', window );">Interest added to construction proceeds receivable</a></td>
        <td class="num">(5,161)<span></span></td>
        <td class="num">(6,056)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndFeeIncomeOtherLoans', window );">Interest added to note receivable -related party: Rangeview Metropolitan District</a></td>
        <td class="num">(3,001)<span></span></td>
        <td class="num">(3,002)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingAssetsAndLiabilitiesNetAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Trade accounts receivable</a></td>
        <td class="nump">25,857<span></span></td>
        <td class="num">(4,904)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_IncreaseDecreaseInAccruedInterestReceivableNetAndPrepaidAssets', window );">Interest receivable and prepaid expenses</a></td>
        <td class="nump">84,455<span></span></td>
        <td class="nump">84,406<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued liabilities</a></td>
        <td class="num">(2,841)<span></span></td>
        <td class="nump">9,981<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenues</a></td>
        <td class="num">(13,953)<span></span></td>
        <td class="num">(13,950)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherDeferredLiability', window );">Deferred income on oil and gas lease</a></td>
        <td class="num">(103,620)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used by operating activities</a></td>
        <td class="num">(432,574)<span></span></td>
        <td class="num">(265,593)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities', window );">Sales and maturities of marketable securities</a></td>
        <td class="nump">1,164,511<span></span></td>
        <td class="nump">767,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireOtherInvestments', window );">Investments in water, water systems and land</a></td>
        <td class="num">(38,975)<span></span></td>
        <td class="num">(6,703,933)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireMarketableSecurities', window );">Purchase of marketable securities</a></td>
        <td class="num">(426,251)<span></span></td>
        <td class="num">(3,829,349)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash provided (used) by investing activities</a></td>
        <td class="nump">699,285<span></span></td>
        <td class="num">(9,766,282)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromConstructionLoansPayable', window );">Arapahoe County construction proceeds</a></td>
        <td class="nump">13,699<span></span></td>
        <td class="nump">13,699<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_PaymentsToContingentObligationHolders', window );">Payments to contingent liability holders</a></td>
        <td class="num">(2,113)<span></span></td>
        <td class="num">(1,300)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity', window );">Net proceeds from sale of common stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,426,606<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRelatedPartyDebt', window );">Issuance of Convertible Note - Related Party</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,200,000<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by financing activities</a></td>
        <td class="nump">11,586<span></span></td>
        <td class="nump">10,639,005<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net change in cash and cash equivalents</a></td>
        <td class="nump">278,297<span></span></td>
        <td class="nump">607,130<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents -beginning of year</a></td>
        <td class="nump">71,795<span></span></td>
        <td class="nump">12,017<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents -end of year</a></td>
        <td class="nump">$ 350,092<span></span></td>
        <td class="nump">$ 619,147<span></span></td>
      </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amount due from borrowers for interest payments and the increase (decrease) in prepaid assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_IncreaseDecreaseInAccruedInterestReceivableNetAndPrepaidAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_PaymentsToContingentObligationHolders">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Payments made to contingent obligation holders upon sale of "Export Water".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_PaymentsToContingentObligationHolders</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationDepletionAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDeferredRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherDeferredLiability">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other obligations not otherwise defined in the taxonomy where the payments will be made in future periods.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherDeferredLiability</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherOperatingAssetsAndLiabilitiesNetAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherOperatingAssetsAndLiabilitiesNetAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndFeeIncomeLoansRealEstateConstruction">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest and fee income from loans used for real estate development and construction costs. Such loans are referred to as "Construction" loans or mortgages.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 1<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestAndFeeIncomeLoansRealEstateConstruction</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest and fee income derived from loans not otherwise specified in the existing taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 1<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestAndFeeIncomeOtherLoans</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Chapter V<br><br> -Section 563c.102<br><br> -Paragraph 6<br><br> -Subsection II<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Audit and Accounting Guide (AAG)<br><br> -Number AAG-BRD<br><br> -Chapter 4<br><br> -Paragraph 55<br><br> -IssueDate 2006-05-01<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpenseOther</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseRelatedParty">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of interest expense incurred during the period on a debt or other obligation to a related party.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpenseRelatedParty</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td>na</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireMarketableSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow from purchases of trading, available-for-sale securities and held-to-maturity securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26853-111562<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireMarketableSecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireOtherInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with other investments held by the entity for investment purposes not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireOtherInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromConstructionLoansPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from borrowings to finance the cost of construction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromConstructionLoansPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOrSaleOfEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRelatedPartyDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a long-term borrowing made from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Proceeds from Advances from Affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromRelatedPartyDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the aggregate amount received by the entity through sale or maturity of marketable securities  (held-to-maturity or available-for-sale) during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26853-111562<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 16<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 16<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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            </div>
          </td>
        </tr>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Note 5 - Shareholders' Equity<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Nov. 30, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_Note5ShareholdersEquityDisclosure', window );"><strong>Note 5 - Shareholders' Equity Disclosure</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">Note 5 - Shareholders' Equity</a></td>
        <td class="text"><div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NOTE
  5&nbsp;- SHAREHOLDERS&rsquo; EQUITY</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  Company maintains the 2004 Incentive Plan (the &ldquo;Equity
  Plan&rdquo;), which was approved by shareholders in April
  2004.&nbsp;&nbsp;Executives, eligible employees, consultants and
  non-employee directors are eligible to receive options and stock
  grants pursuant to the Equity Plan. Pursuant to the Equity Plan,
  options to purchase shares of stock and restricted stock awards
  can be granted with exercise prices, vesting conditions and other
  performance criteria determined by the Compensation Committee of
  the Board.&nbsp;&nbsp;The Company initially reserved 1.6 million
  shares of common stock for issuance under the Equity Plan. At
  November 30, 2011, the Company had 1,290,800 common shares that
  can be granted to eligible participants pursuant to the Equity
  Plan.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
&nbsp;</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  following table summarizes the stock option activity for the
  Equity Plan for the three months ended November 30, 2011:</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="left"
style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <table
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
   width="100%" cellspacing="0" cellpadding="0">
    <tr>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">&nbsp;</td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">&nbsp;</td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Number
          of Options</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">&nbsp;</td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">&nbsp;</td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="3">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted-Average
          Exercise Price</font>
        </div>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">&nbsp;</td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted-Average
          Remaining Contractual Term</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">&nbsp;</td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">&nbsp;</td>
      <td style="BORDER-BOTTOM: black 2px solid" valign="bottom"
      colspan="2">
        <div align="center"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Approximate
          Aggregate Instrinsic Value</font>
        </div>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr bgcolor="#C0FFFF">
      <td valign="bottom" align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Oustanding
          at beginning of period</font>
        </div>
      </td>
      <td valign="bottom" align="right">&nbsp;</td>
      <td style="TEXT-ALIGN: left" valign="bottom">&nbsp;</td>
      <td style="TEXT-ALIGN: right" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">280,000</font>
      </td>
      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
      &nbsp;</td>
      <td valign="bottom" align="right">&nbsp;</td>
      <td style="TEXT-ALIGN: left" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.10</font>
      </td>
      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
      &nbsp;</td>
      <td valign="bottom">&nbsp;</td>
      <td valign="bottom" colspan="2">&nbsp;</td>
      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
      &nbsp;</td>
      <td valign="bottom">&nbsp;</td>
      <td valign="bottom" colspan="2">&nbsp;</td>
      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
      &nbsp;</td>
    </tr>
    <tr bgcolor="white">
      <td style="TEXT-INDENT: 9pt" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Granted</font>
      </td>
      <td valign="bottom" align="right">&nbsp;</td>
      <td style="TEXT-ALIGN: left" valign="bottom">&nbsp;</td>
      <td style="TEXT-ALIGN: right" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&ndash;</font>
      </td>
      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
      &nbsp;</td>
      <td valign="bottom" align="left">&nbsp;</td>
      <td style="TEXT-ALIGN: left" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&ndash;</font>
      </td>
      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
      &nbsp;</td>
      <td valign="bottom">&nbsp;</td>
      <td valign="bottom" colspan="2">&nbsp;</td>
      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
      &nbsp;</td>
    </tr>
    <tr bgcolor="#C0FFFF">
      <td style="TEXT-INDENT: 9pt" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Exercised</font>
      </td>
      <td valign="bottom" align="right">&nbsp;</td>
      <td style="TEXT-ALIGN: left" valign="bottom">&nbsp;</td>
      <td style="TEXT-ALIGN: right" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&ndash;</font>
      </td>
      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
      &nbsp;</td>
      <td valign="bottom" align="left">&nbsp;</td>
      <td style="TEXT-ALIGN: left" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&ndash;</font>
      </td>
      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
      &nbsp;</td>
      <td valign="bottom">&nbsp;</td>
      <td valign="bottom" colspan="2">&nbsp;</td>
      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
      &nbsp;</td>
    </tr>
    <tr bgcolor="white">
      <td style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"
      valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Forfeited
        or expired</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom"
      align="right">&nbsp;</td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
      valign="bottom">&nbsp;</td>
      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
      valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5,000</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
      </td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom" align="left">
      &nbsp;</td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"
      valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.67</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">&nbsp;</td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">&nbsp;</td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom" colspan="2">
      &nbsp;</td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">&nbsp;</td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom">&nbsp;</td>
      <td style="PADDING-BOTTOM: 2px" valign="bottom" colspan="2">
      &nbsp;</td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
      valign="bottom" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr bgcolor="#C0FFFF">
      <td style="PADDING-BOTTOM: 4px" width="52%" valign="bottom"
      align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Outstanding
          at November 30, 2011</font>
        </div>
      </td>
      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
      align="right">&nbsp;</td>
      <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
      width="1%" valign="bottom">&nbsp;</td>
      <td
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
      width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">275,000</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap">&nbsp;</td>
      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
      align="right">&nbsp;</td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px" width="9%"
      valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.15</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap">&nbsp;</td>
      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom">
      &nbsp;</td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
      &nbsp;</td>
      <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px" width="9%"
      valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.6</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap">&nbsp;</td>
      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom">
      &nbsp;</td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
      &nbsp;</td>
      <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px" width="9%"
      valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">*</font>
      </td>
      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"
      valign="bottom" nowrap="nowrap">&nbsp;</td>
    </tr>
    <tr bgcolor="white">
      <td width="52%" valign="bottom" align="left">
        <div align="left"
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Options
          exercisable at November 30, 2011</font>
        </div>
      </td>
      <td width="1%" valign="bottom" align="right">&nbsp;</td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
      &nbsp;</td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">243,000</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">&nbsp;</td>
      <td width="1%" valign="bottom" align="right">&nbsp;</td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
      </td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.54</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">&nbsp;</td>
      <td width="1%" valign="bottom">&nbsp;</td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
      &nbsp;</td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.4</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">&nbsp;</td>
      <td width="1%" valign="bottom">&nbsp;</td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
      &nbsp;</td>
      <td style="TEXT-ALIGN: right" width="9%" valign="bottom">
        <font
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">*</font>
      </td>
      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
      nowrap="nowrap">&nbsp;</td>
    </tr>
  </table>
</div>
<div
style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*

  <font
  style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Intrinisic
  value less than $0</font></font>
</div>
<div
style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font>
</div>
<div
style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
  following table summarizes the activity and value of non-vested
  options as of and for the three months ended November 30,
  2011:</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="center"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <div align="center">
    <table
    style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"
     width="90%" cellspacing="0" cellpadding="0">
      <tr>
        <td style="PADDING-BOTTOM: 2px" width="66%"
        valign="bottom">&nbsp;</td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="BORDER-BOTTOM: black 2px solid" width="15%"
        valign="bottom" colspan="2">
          <div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Number
            of Options</font>
          </div>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">&nbsp;</td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="BORDER-BOTTOM: black 2px solid" width="15%"
        valign="bottom" colspan="2">
          <div align="center"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Weighted-Average
            Grant Date Fair Value</font>
          </div>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">&nbsp;</td>
      </tr>
      <tr bgcolor="#C0FFFF">
        <td width="66%" valign="bottom" align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Non-vested
            options oustanding at beginning of period</font>
          </div>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="14%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">49,500</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right" width="14%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.86</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
      </tr>
      <tr bgcolor="white">
        <td style="TEXT-INDENT: 9pt" width="66%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Granted</font>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="14%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right" width="14%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
      </tr>
      <tr bgcolor="#C0FFFF">
        <td style="TEXT-INDENT: 9pt" width="66%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Vested</font>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
        &nbsp;</td>
        <td style="TEXT-ALIGN: right" width="14%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,500</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right" width="14%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.11</font>
        </td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom"
        nowrap="nowrap">&nbsp;</td>
      </tr>
      <tr bgcolor="white">
        <td style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"
        width="66%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Forfeited</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"
        width="1%" valign="bottom">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"
        width="14%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5,000</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>
        </td>
        <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"
        width="14%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.11</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"
        width="1%" valign="bottom" nowrap="nowrap">&nbsp;</td>
      </tr>
      <tr bgcolor="#C0FFFF">
        <td style="PADDING-BOTTOM: 4px" width="66%" valign="bottom"
        align="left">
          <div align="left"
          style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
            <font
            style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Options
            not vested at November 30, 2011</font>
          </div>
        </td>
        <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"
        width="1%" valign="bottom">&nbsp;</td>
        <td
        style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"
        width="14%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,000</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap">&nbsp;</td>
        <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"
        align="right">&nbsp;</td>
        <td style="TEXT-ALIGN: left" width="1%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>
        </td>
        <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"
        width="14%" valign="bottom">
          <font
          style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.72</font>
        </td>
        <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"
        width="1%" valign="bottom" nowrap="nowrap">&nbsp;</td>
      </tr>
    </table>
  </div>
  <div align="center">&nbsp;</div>
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All
  non-vested options are expected to vest.&nbsp;&nbsp;The total
  fair value of options vested during the three months ended
  November 30, 2011 and 2010 was $38,900 and $31,200,
  respectively.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Stock-based
  compensation expense for the three months ended November 30, 2011
  and 2010, was $18,800 and $21,400, respectively.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<div align="justify"
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
  <font
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At
  November 30, 2011, the Company has unrecognized expenses relating
  to non-vested options that are expected to vest totaling $58,100,
  which have a weighted average life of 1.5 years.&nbsp;&nbsp;The
  Company has not recorded any excess tax benefits to additional
  paid in capital.</font>
</div>
<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">
  <br />
</div>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_Note5ShareholdersEquityDisclosure">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pcyo_Note5ShareholdersEquityDisclosure</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pcyo_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable).  Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -Subparagraph (SAB TOPIC 4.C)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187143-122770<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Preferred Stock<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6521494<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Article 4<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section C<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21488-112644<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph d<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23285-112656<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(d),(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Chapter 1<br><br> -Section B<br><br> -Paragraph 7, 11A<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 20: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 21: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 22: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21506-112644<br><br><br><br>Reference 23: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21564-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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