<SEC-DOCUMENT>0001193125-12-162582.txt : 20120413
<SEC-HEADER>0001193125-12-162582.hdr.sgml : 20120413
<ACCEPTANCE-DATETIME>20120413160527
ACCESSION NUMBER:		0001193125-12-162582
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20120229
FILED AS OF DATE:		20120413
DATE AS OF CHANGE:		20120413

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:		12758761

	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>d332947d10q.htm
<DESCRIPTION>10-Q
<TEXT>
<HTML><HEAD>
<TITLE>10-Q</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <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:6px;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:6px;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:6px;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:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">(Mark One) </FONT></P> <P STYLE="font-size:4px;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><U></U></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT><B></B><B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><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></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>For the quarterly period ended: February&nbsp;29, 2012 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>or </B></FONT></P> <P STYLE="font-size:12px;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"><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></TD></TR></TABLE>
<P STYLE="margin-top:12px;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:12px;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:6px;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:6px;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:6px;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:6px;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>
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<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="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1490 Lafayette Street, Suite 203, Denver, CO</B></FONT></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:12px;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:24px;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:6px;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:6px;margin-bottom:0px"><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">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><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">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><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:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


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<TD WIDTH="16%"></TD>
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<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accelerated&nbsp;filer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="2">Non-accelerated filer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp; (Do not check if a smaller reporting company)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Smaller&nbsp;Reporting&nbsp;Company</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;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">&#120;</FONT> </FONT></P> <P STYLE="margin-top:12px;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 April&nbsp;11, 2012: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Common stock, 1/3 of $.01 par value</U></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"><U>24,037,596</U></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">(Class)</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">(Number of 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">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A NAME="toc"></A>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 FEBRUARY 29, 2012 FORM 10-Q </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<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">Page</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PART I - FINANCIAL INFORMATION</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" 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">Item&nbsp;1 &#150; Financial Statements (unaudited)</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">&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="8"></TD>
<TD HEIGHT="8" 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="#tx332947_2">Balance Sheets: </A></FONT></P></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">February&nbsp;29, 2012 and August&nbsp;31, 2011</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">&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="8"></TD>
<TD HEIGHT="8" 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="#tx332947_3">Statements of Operations: </A></FONT></P></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">For the three and six months ended February&nbsp;29, 2012 and February&nbsp;28, 2011</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">&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="8"></TD>
<TD HEIGHT="8" 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="#tx332947_4">Statements of Cash Flows: </A></FONT></P></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">For the six months ended February&nbsp;29, 2012 and February&nbsp;28, 2011</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">&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="8"></TD>
<TD HEIGHT="8" 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="#tx332947_5">Notes to Financial Statements </A></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">&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;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" 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="#tx332947_6">Item&nbsp;
2 &#150; Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</A></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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" 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="#tx332947_7">Item&nbsp;3 &#150; Quantitative and Qualitative Disclosures About Market Risk</A></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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" 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="#tx332947_8">Item&nbsp;4 &#150; Controls and Procedures</A></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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A HREF="#tx332947_9">PART II &#150; OTHER INFORMATION</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" 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="#tx332947_10">Item&nbsp;1 &#150; Legal Proceedings</A></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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" 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="#tx332947_11">Item&nbsp;6 &#150; Exhibits</A></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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" 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="#tx332947_12">Signature Page</A></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">&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;&nbsp;</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A NAME="tx332947_2"></A>PURE CYCLE CORPORATION </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">BALANCE SHEETS </FONT></P> <P STYLE="font-size:12px;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="78%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom">&nbsp;<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">February&nbsp;29,&nbsp;2012</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">August&nbsp;31, 2011</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;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">(unaudited)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90,392</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,509,465</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">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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">46,147</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">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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">213,268</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">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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,924,055</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">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="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" 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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106,333,035</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">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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,783,683</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">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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">268,336</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">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 - related party:</FONT></P></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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">537,876</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">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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">16,495</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">114,863,480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</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;</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;</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 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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">32,609</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100,404</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">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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">603,293</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">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="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" 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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,306,600</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">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">431,752</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">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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,211,151</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">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 $54.0 million and $48.2 million discount, respectively</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,598,423</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">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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">70,151,219</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">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;</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;</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">Commitments and contingencies</FONT></P></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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" 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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Series B - 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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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:5.00em; 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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,320,428</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">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 income (loss)</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">532</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">(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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(58,689,262</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">(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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,712,261</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">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;</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;</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;</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">114,863,480</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;</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;</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;</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:12px;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">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A NAME="tx332947_3"></A>PURE CYCLE CORPORATION </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">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:12px;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="76%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<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"><FONT STYLE="font-family:Times New Roman" SIZE="1">Three months ended:</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;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">February&nbsp;29,&nbsp;2012</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">February&nbsp;28,&nbsp;2011</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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24,439</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25,285</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,582</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">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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">49,972</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">56,955</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;</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;</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">Cost of revenues:</FONT></P></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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(12,596</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">(7,154</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4,585</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">(4,606</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(22,063</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">(22,069</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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(39,244</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">(33,829</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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,728</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">23,126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" 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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">General and administrative expenses</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(583,730</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">(767,095</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">Depreciation</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(55,020</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">(53,121</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;</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;</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">Operating loss</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(628,022</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">(797,090</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" 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">Other income (expense):</FONT></P></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;</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">Interest income</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,791</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">10,344</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 oil and gas lease deferred income</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,618</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">&#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">Other</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,414</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">20,455</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">Interest imputed on the Tap Participation Fee payable to HP A&amp;M</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(862,400</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(954,000</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 expense on Convertible Note - related party</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">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(60,667</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;</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;</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">Net loss</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,363,599</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,780,958</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;</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;</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss per common share &#150; basic and diluted</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.08</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;</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;</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 VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Weighted average common shares outstanding &#150; basic and diluted</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">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,112,616</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;</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;</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:12px;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">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <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">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:12px;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="76%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<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"><FONT STYLE="font-family:Times New Roman" SIZE="1">Six Months Ended:</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;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">February&nbsp;29,&nbsp;2012</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">February&nbsp;28,&nbsp;2011</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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">61,601</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,629</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">35,438</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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20,754</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">20,754</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,148</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">7,148</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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">117,531</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">124,941</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;</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;</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">Cost of revenues:</FONT></P></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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(31,717</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">(21,709</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10,515</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">(9,416</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(44,190</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">(44,200</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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(86,422</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">(75,325</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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,109</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">49,616</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" 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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">General and administrative expenses</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,183,231</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">(1,188,565</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">Depreciation</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(108,492</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">(106,194</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;</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;</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">Operating loss</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,260,614</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">(1,245,143</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" 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">Other income (expense):</FONT></P></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;</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">Interest income</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29,578</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">27,094</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 oil and gas lease deferred income</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">207,238</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">&#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">Other</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,264</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">21,945</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">Interest imputed on the Tap Participation Fee payable to HP A&amp;M</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,713,800</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,894,000</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 expense on Convertible Note - related party</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">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(151,667</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;</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;</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">Net loss</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,725,334</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,241,771</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;</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;</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net loss per common share &#150; basic and diluted</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.15</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;</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;</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 VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Weighted average common shares outstanding &#150; basic and diluted</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">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22,284,899</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;</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;</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:12px;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">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A NAME="tx332947_4"></A>PURE CYCLE CORPORATION </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">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:12px;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="76%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<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"><FONT STYLE="font-family:Times New Roman" SIZE="1">Six months ended:</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;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">February&nbsp;29,&nbsp;2012</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">February&nbsp;28,&nbsp;2011</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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,725,334</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,241,771</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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,713,800</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,894,000</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">155,210</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">144,968</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 included with general and administrative expenses</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,115</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">44,050</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 expense on Convertible Note - related party</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">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">151,667</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10,092</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">(11,893</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 notes receivable &#150; related parties:</FONT></P></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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,003</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">(5,970</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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">52,337</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">16,400</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">Prepaid expenses</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28,732</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">42,773</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(54,966</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">107,360</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 and oil and gas lease income</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(235,141</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">(27,902</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;</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;</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 used by operating activities</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,041,342</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">(886,318</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;</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;</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 flows from investing activities:</FONT></P></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;</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">Sales and maturities of marketable securities</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,316,749</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">531,157</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">Purchase of marketable securities</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,234,244</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">(3,252,209</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">Investments in land, water and water systems</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(53,715</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">(6,820,409</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;</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;</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 provided (used) by investing activities</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,028,790</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">(9,541,461</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;</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;</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">Cash flows from financing activities:</FONT></P></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;</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">Arapahoe County construction proceeds</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34,249</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">34,249</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">Payments to contingent liability holders</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,100</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,229</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">Issuance of Convertible Note Payable - related party</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">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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>
<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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,401,606</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;</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;</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 provided by financing activities</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,149</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">10,633,626</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;</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;</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">Net change in cash and cash equivalents</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">18,597</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">205,847</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">Cash and cash equivalents &#150; beginning of year</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">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</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;</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">Cash and cash equivalents &#150; end of year</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90,392</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">217,864</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;</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;</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:12px;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">6 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A NAME="tx332947_5"></A>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">FEBRUARY 29, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 1 &#150; PRESENTATION OF INTERIM INFORMATION </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The February&nbsp;29, 2012 balance sheet, the statements of operations for the three and six months ended February&nbsp;29, 2012 and February&nbsp;28,
2011, and the statements of cash flows for the six months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, 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 February&nbsp;29, 2012, and for all periods presented have been made appropriately. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><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:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Use of Estimates. </I></B>The preparation of financial statements 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:12px;margin-bottom:0px"><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 February&nbsp;29, 2012 or August&nbsp;31, 2011. The Company maintains its cash balances at a high quality financial institution in accounts which are federally insured.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><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. At no time during the three and six months ended February&nbsp;29, 2012, 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:12px;margin-bottom:0px"><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:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Current Assets and Liabilities </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The amounts reported on the balance sheets for cash, 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:12px;margin-bottom:0px"><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 February&nbsp;29, 2012 and August&nbsp;31, 2011. The Company has accumulated net unrealized gains totaling $500 and net unrealized losses totaling $2,900 as of February&nbsp;29, 2012 and August&nbsp;31, 2011,
respectively. These securities include only federally insured certificates of deposit. The unrealized gain at February&nbsp;29, 2012 and the unrealized loss at August&nbsp;31, 2011 were the result of changes in interest rates in the market.
</FONT></P> <P STYLE="margin-top:18px;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:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The amounts reported on the balance sheets for the construction proceeds receivable approximate fair value as it bears interest at a rate which is comparable to current market rates. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The fair value of the Note Receivable &#150; related party is not practical to estimate due to the related party nature of the underlying transaction.
</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'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <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">FEBRUARY 29, 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"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Long-term Financial Liabilities </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Comprehensive Amendment Agreement No.&nbsp;1 (the &#147;CAA&#148; as further described 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:12px;margin-bottom:0px"><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:12px;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:12px;margin-bottom:0px"><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 and six months ended February&nbsp;29, 2012 or February&nbsp;28, 2011. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the three and six months ended February&nbsp;29, 2012, the Company allocated farm revenue of $51,900 and $103,700, respectively, 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 12 and 24 water taps, respectively. 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:12px;margin-bottom:0px"><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 $862,400 and $954,000 during the three months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, respectively. The Company imputed interest of $1.7 million and $1.9 million
during the six months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">At February&nbsp;29, 2012, there remain 19,445
water taps subject to the Tap Participation Fee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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 February&nbsp;29, 2012 and
February&nbsp;28, 2011, respectively. The Company recognized $7,100 of water tap fee revenues during each of the six months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, 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:12px;margin-bottom:0px"><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 February&nbsp;29, 2012 and February&nbsp;28, 2011, respectively. The Company recognized $20,800 of Special Facilities funding as revenue during each of the six months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, 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:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As of February&nbsp;29, 2012, 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: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'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <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">FEBRUARY 29, 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"><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:12px;margin-bottom:0px"><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 &#147;Sky Ranch&#148; 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 and six months ended February&nbsp;29, 2012, the Company recognized $111,200 and
$214,800 of income related to the up-front payments received pursuant to the O&amp;G Lease, respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of February&nbsp;29, 2012, the
Company has deferred recognition of $846,200 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:12px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company recognized $21,400 and $21,800 of share-based compensation expense during the three months ended February&nbsp;29, 2012 and February&nbsp;28,
2011, respectively. The Company recognized $40,100 and $44,100 of share-based compensation expense during the six months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><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 February&nbsp;29, 2012. <I> </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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 February&nbsp;29, 2012, 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 and six months ended February&nbsp;29, 2012 and February&nbsp;28, 2011. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><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 280,100, common share equivalents
as of February&nbsp;29, 2012 and February&nbsp;28, 2011, respectively. </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'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <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">FEBRUARY 29, 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"><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:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<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"><FONT STYLE="font-family:Times New Roman" SIZE="1">Three Months Ended:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Six Months Ended:</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;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">February&nbsp;29,&nbsp;2012</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">February&nbsp;28,&nbsp;2011</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">February&nbsp;29,&nbsp;2012</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">February&nbsp;28,&nbsp;2011</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,363,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,781,000</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,725,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,241,800</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,000</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">&nbsp;</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;</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">3,400</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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</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;</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;</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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,362,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,782,400</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,721,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,247,000</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;</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;</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;</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;</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:12px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 2 &#150; FAIR VALUE MEASUREMENTS </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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 February&nbsp;29, 2012. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><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 February&nbsp;29, 2012, 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:12px;margin-bottom:0px"><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 February&nbsp;29, 2012, the Tap Participation Fee liability, which is described in greater detail in Note 4
below. </FONT></P> <P STYLE="margin-top:12px;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="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">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <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">FEBRUARY 29, 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"><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 February&nbsp;29, 2012: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


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<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<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>
<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>
<TD VALIGN="bottom"><FONT SIZE="1">&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">Fair Value Measurement Using:</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>
<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>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Cost / Other</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"><FONT STYLE="font-family:Times New Roman" SIZE="1">Quoted&nbsp;Prices<BR>in Active<BR>Markets for<BR>Identical<BR>Assets</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"><FONT STYLE="font-family:Times New Roman" SIZE="1">Significant<BR>Other<BR>Observable<BR>Inputs</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"><FONT STYLE="font-family:Times New Roman" SIZE="1">Significant<BR>Unobservable<BR>Inputs</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"><FONT STYLE="font-family:Times New Roman" SIZE="1">Accumulated<BR>Unrealized<BR>Gains and</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;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Fair Value</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">Value</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">(Level 1)</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">(Level 2)</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">(Level 3)</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">(Losses)</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,509,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,509,000</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,509,500</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">500</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 liability</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,598,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,598,400</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,598,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</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:12px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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:12px;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 and six months ended
February&nbsp;29, 2012: </FONT></P> <P STYLE="font-size:12px;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="69%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">Fair&nbsp;Value&nbsp;Measurement&nbsp;using&nbsp;Significant&nbsp;Unobservable<BR>Inputs (Level 3)</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;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Gross&nbsp;Estimated<BR>Tap&nbsp;Participation<BR>Fee Liability</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">Tap<BR>Participation<BR>Fee Reported<BR>Liability</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">Discount - to<BR>be imputed as<BR>interest<BR>expense in<BR>future periods</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">113,147,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</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;</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;</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;</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">Imputed interest recorded as &#147;Other Expense&#148;</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">&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">1,713,800</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,713,800</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:3.00em; 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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,450,000</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">&#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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,450,000</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: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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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">(103,700</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,700</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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>
<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">&#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;</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;</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 February&nbsp;29, 2012</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">120,597,700</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,598,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">53,999,300</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;</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;</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:18px;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:6px;margin-bottom:0px"><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 and six months ended February&nbsp;29, 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">11 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <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">FEBRUARY 29, 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"><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 February&nbsp;29, 2012 and August&nbsp;31, 2011: </FONT></P> <P STYLE="font-size:12px;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="58%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<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">February&nbsp;29, 2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">August&nbsp;31, 2011</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;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Costs</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">Accumulated<BR>Depreciation<BR>and Depletion</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">Costs</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">Accumulated<BR>Depreciation<BR>and Depletion</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81,318,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,230,000</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81,318,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14,306,400</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">(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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</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;</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">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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(490,500</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(65,000</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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 &#150; other</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">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(16,100</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</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;</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">Totals</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">108,177,600</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">(1,844,600</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</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;</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 investments in water and water systems</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">106,333,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" 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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,786,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</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;</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">Total net investments in water, water systems, land and improvements</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">110,116,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">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;</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;</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;</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:12px;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:12px;margin-bottom:0px"><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 February&nbsp;29,
2012 and February&nbsp;28, 2011, respectively. The Company recorded $200 of depletion charges during each of the six month periods ended February&nbsp;29, 2012 and February&nbsp;28, 2011, 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 February&nbsp;29, 2012.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company recorded $77,000 and $75,100 of depreciation expense during the three months ended February&nbsp;29, 2012 and February&nbsp;28,
2011, respectively. The Company recorded $152,700 and $150,200 of depreciation expense during the six months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, respectively. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOTE 4 &#150; LONG-TERM OBLIGATIONS AND OPERATING LEASE </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">At February&nbsp;29, 2012 and
August&nbsp;31, 2011, the Company had no debt obligations with contractual maturity dates. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><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:18px;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:6px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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="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">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <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">FEBRUARY 29, 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"><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 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:12px;margin-bottom:0px"><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 and six months ended February&nbsp;29, 2012 and
February&nbsp;28, 2011. 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 February&nbsp;29, 2012 is $3.5 million: </FONT></P>
<P STYLE="font-size:12px;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="52%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<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">Export&nbsp;Water<BR>Proceeds<BR>Received</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">Initial Export<BR>Water&nbsp;Proceeds<BR>to Pure Cycle</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">Total Potential<BR>Third party<BR>Obligation</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">Paticipating<BR>Interests<BR>Liability</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">Contingency</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,807,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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">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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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 - Sky Ranch and The Hills at Sky Ranch</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">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</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;</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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,300</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">(7,200</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3,100</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,000</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;</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;</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;</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;</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 February&nbsp;29, 2012</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">738,800</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,813,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,473,600</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,211,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,262,400</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;</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;</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;</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;</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:12px;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"><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></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><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 February&nbsp;29, 2012). </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Arkansas River Agreement Obligations </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The Tap Participation Fee </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The $66.6
million Tap Participation Fee liability at February&nbsp;29, 2012, 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 19,445 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 19,445 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 26.9% 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">13 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <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">FEBRUARY 29, 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"><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:6px;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="left"><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:6px;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="left"><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:6px;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="left"><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:6px;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="left"><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:6px;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="left"><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 26.9% of the Net Revenues against the Tap Participation Fee through September 2014.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><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 the water taps subject to the Tap Participation Fee at the date of the revaluation, which was September&nbsp;1, 2011. The estimated proceeds generated from the sale of those 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 most recent valuation 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 and six months ended February&nbsp;29, 2012, decreased $152,600 and $299,900, respectively, 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 for both the three and six months ended February&nbsp;29, 2012. 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 based on the weighted average shares outstanding at February&nbsp;29, 2012. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The $66.6 million balance at
February&nbsp;29, 2012, includes $22.0 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:12px;margin-bottom:0px"><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">14 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <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">FEBRUARY 29, 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"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Extension of the farm management agreement </I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><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. During the extended term, all Net Revenue retained by HP A&amp;M is required to be applied to repayment of the outstanding promissory notes owed by HP A&amp;M. These
promissory notes 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 allocation rate is calculated as the total consideration paid to HP A&amp;M pursuant to the Arkansas River Agreement divided by $50.0 million. The total
consideration is calculated as any Tap Participation Fee payments made to HP A&amp;M plus the value of the Company&#146;s common stock granted to HP A&amp;M over a defined six month period between the date of the Arkansas River Agreement and
August&nbsp;31, 2011. The value of the common stock is based on the average closing price of the common stock during a defined six months period. This calculation resulted in a 26.9% 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:18px;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:6px;margin-bottom:0px"><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 $9.5 million and $10.0 million at February&nbsp;29, 2012 and August&nbsp;31, 2011, respectively. In addition, HP A&amp;M has balloon payments totaling $5.5 million due within twelve months of February&nbsp;29, 2012. 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 February&nbsp;29, 2012, 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:12px;margin-bottom:0px"><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:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Operating Lease
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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 two
year term with payments of $1,500 per month. </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">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <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">FEBRUARY 29, 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"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 5 &#150; SHAREHOLDERS&#146; EQUITY </FONT></P> <P STYLE="margin-top:6px;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 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 February&nbsp;29, 2012, 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:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table summarizes the stock option activity for the Equity Plan
for the six months ended February&nbsp;29, 2012: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<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">Number&nbsp;of<BR>Options</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">Weighted-<BR>Average<BR>Exercise&nbsp;Price</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">Weighted-<BR>Average<BR>Remaining<BR>Contractual<BR>Term</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">Approximate<BR>Aggregate<BR>Instrinsic<BR>Value</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.85</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"></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">Exercised</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">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Forfeited or expired</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(17,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.99</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"></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 STYLE="font-size:1px">
<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;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></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">Outstanding at February&nbsp;29, 2012</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">&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;</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">5.92</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">5.6</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</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;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&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 February&nbsp;29, 2012</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">230,500</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">6.52</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">5.1</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">*</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:12px;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"><FONT STYLE="font-family:Times New Roman" SIZE="2">Intrinisic value less than $0 </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><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 and six months ended February&nbsp;29, 2012: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<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">Number&nbsp;of<BR>Options</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">Weighted-<BR>Average&nbsp;Grant<BR>Date Fair<BR>Value</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.86</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.23</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Forfeited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</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;</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;</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 February 29, 2012</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">44,500</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">2.30</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;</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;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><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 and six months ended
February&nbsp;29, 2012 and February&nbsp;28, 2011 was $38,900 and $31,200, respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stock-based compensation expense for the three
months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, was $21,300 and $22,600, respectively. Stock-based compensation expense for the six months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, was $40,100 and $44,100,
respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">At February&nbsp;29, 2012, the Company has unrecognized expenses relating to non-vested options that are expected to vest
totaling $52,100, 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: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>



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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">FEBRUARY 29, 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"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 6 &#150; RELATED PARTY TRANSACTIONS </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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
February&nbsp;29, 2012) and matures on December&nbsp;31, 2012. The $537,900 balance of the note receivable at February&nbsp;29, 2012 includes borrowings of $229,300 and accrued interest of $308,600. 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="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">HP A&amp;M paid the Company $10,500 and $21,000 during
each of the three and six months in the periods ended February&nbsp;29, 2012 and February&nbsp;28, 2011, 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:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 7 &#150;
SIGNIFICANT CUSTOMER </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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 93% and 94% of the Company&#146;s total water and wastewater revenues for the three months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, respectively.
Sales to the District accounted for 91% and 94% of the Company&#146;s total water and wastewater revenues for the six months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, 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 80% and 83% of the
Company&#146;s total water and wastewater revenues for the three months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, respectively. The District&#146;s significant customer accounted for 71% and 82% of the Company&#146;s total water and
wastewater revenues for the six months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company had accounts
receivable from the District which accounted for 95% and 87% of the Company&#146;s trade receivables balances at February&nbsp;29, 2012 and August&nbsp;31, 2011, respectively. Accounts receivable from the District&#146;s largest customer accounted
for 84% and 74% of the Company&#146;s trade receivables as of February&nbsp;29, 2012 and August&nbsp;31, 2011, respectively. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 8 &#150;
ACCRUED LIABILITIES </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">At February&nbsp;29, 2012, the Company had accrued liabilities of $100,400, of which $59,500 was for estimated property
taxes and $40,800 was for professional fees. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><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:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOTE 9 &#150; LEGAL PROCEEDINGS </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">On December&nbsp;19, 2011, 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 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 did not adequately address or protect the Company&#146;s 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: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>



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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">FEBRUARY 29, 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"><FONT STYLE="font-family:Times New Roman" SIZE="2">As disclosed in two Form 8-K&#146;s, one filed on February&nbsp;16, 2012 and one filed on
February&nbsp;29, 2012, HP A&amp;M initiated a lawsuit against the Company alleging breaches of representations made in connection with the Arkansas River Agreement. HP A&amp;M claims relate to the issues currently being litigated between the
Company and the Land Board regarding the Company&#146;s exclusive right to provide water service to the Land Board&#146;s Lowry Range property. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOTE 10 &#150; SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<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"><FONT STYLE="font-family:Times New Roman" SIZE="1">Six Months Ended:</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;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">February&nbsp;29,&nbsp;2012</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">February&nbsp;28,&nbsp;2011</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,450,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#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;</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 VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Farm revenue allocated against the Tap Participation Fee liability and additional paid in capital</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#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;</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">Issuance of shares of restricted common stock upon conversion of the Convertible Note - Related Party</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,351,700</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;</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:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>***** </B></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>



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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx332947_6"></A>Item&nbsp;2. <U>Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations</U> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Overview </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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:6px;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="left"><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:6px;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="left"><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:6px;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="left"><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:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our MD&amp;A section includes the following items: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><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:6px;margin-bottom:0px; margin-left:4%"><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:6px;margin-bottom:0px; margin-left:4%"><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:6px;margin-bottom:0px; margin-left:4%"><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:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Forward-looking statements &#150; an identification of forward-looking statements and a description
of risks that could cause actual results to differ materially from those discussed in forward-looking statements. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Our Business
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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: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>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Results of operations </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Executive Summary </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The results of our operations for the three and six months ended
February&nbsp;29, 2012 and February&nbsp;28, 2011 are as follows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="16" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Summary Table 1</I></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD></TR>
<TR>
<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"><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;</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>February&nbsp;29,&nbsp;2012</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>February&nbsp;28,&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>$ Change</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>%&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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.1</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.5</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.4</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-11</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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">24,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">25,300</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating costs to deliver water</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,600</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,400</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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">75</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">(excluding depreciation and depletion)</FONT></P></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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></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;</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 delivery gross margin %</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">48</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">72</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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" 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">Wastewater treatment revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP 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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating costs to treat wastewater</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,600</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP 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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP 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: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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP 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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">74</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;</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">General and administrative expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">583,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">767,100</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(183,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net losses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,363,600</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,781,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(417,400</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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP 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>
<TD HEIGHT="16" COLSPAN="17"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="16" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Summary Table 1a</I></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD></TR>
<TR>
<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"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Six 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;</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>February&nbsp;29, 2012</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>February&nbsp;28, 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>$ Change</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></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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.6</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.1</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(0.5</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP 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;</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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">66,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">61,600</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating costs to deliver water</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,700</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,000</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">46</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">(excluding depreciation and depletion)</FONT></P></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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></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;</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 delivery gross margin %</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">52</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">65</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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" 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">Wastewater treatment revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">23,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35,400</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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(11,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating costs to treat wastewater</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,500</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP 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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP 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>
<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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">56</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP 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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" 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">General and administrative expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,183,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,188,600</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Net losses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,725,300</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,241,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(516,500</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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Water Usage Revenues </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Water deliveries decreased
11% and 5% during the three and six months ended February&nbsp;29, 2012, compared to the three and six months ended February&nbsp;28, 2011. The declines in the water usage were due to our largest customer closing dormitories as a result of budget
cutbacks resulting in less water required for students living at the facility. Water revenues decreased 4% and increased 7% during the three and six months ended February&nbsp;29, 2012, compared to the three and six months ended February&nbsp;28,
2011, respectively. The decline in the three months ended February&nbsp;29, 2012 water revenues is due to the reduction in water delivered. The increase in the six months ended February&nbsp;29, 2012 is due to increased water usage fees effective
July&nbsp;1, 2011 and large industrial customers buying bulk water deliveries in fiscal 2012 resulting in charges at the higher end of our tiered pricing structure. The gross margins on delivering water decreased during the three and six months
ended February&nbsp;29, 2012, compared to the three and six months ended February&nbsp;28, 2011, 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 and
the acquisition of additional water to meet the short term demands of such 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">20 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <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:6px;margin-bottom:0px"><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:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wastewater fees decreased 34% and 33% during the three and six months
ended February&nbsp;29, 2012, compared to the three and six months ended February&nbsp;28, 2011, which was primarily a result of the change in how our wastewater customer is charged as described above. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Tap Fees </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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 and $7,200 of water tap fee revenues during each of the three and six months ended February&nbsp;29, 2012 and
February&nbsp;28, 2011, 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:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We recognized $10,400 and $20,800 of
&#147;Special Facilities&#148; (defined in the 2011 Annual Report) funding as revenue during each of the three and six months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, 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:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">At February&nbsp;29, 2012, 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:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We did not sell any water or wastewater taps
during the three and six months ended February&nbsp;29, 2012 or February&nbsp;28, 2011. We did reduce the Tap Participation Fee (as defined in Note 1 to the accompanying financial statements) by the equivalent of 12 and 24 taps during the three and
six months ended February&nbsp;29, 2012, as described in Note 4 to the accompanying financial statements. </FONT></P> <P STYLE="margin-top:18px;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:6px;margin-bottom:0px"><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 and six months
ended February&nbsp;29, 2012 and February&nbsp;28, 2011, were: </FONT></P> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="16" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Table 2 - Signficant Balances in G&amp;A</I></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD></TR>
<TR>
<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"><FONT STYLE="font-family:Times New Roman" SIZE="1">Three Months Ended:</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"><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;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">February&nbsp;29,&nbsp;2012</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">February&nbsp;28,&nbsp;2011</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">$ Change</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">%&nbsp;Change</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;</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;</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">Including share-based compensation</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">159,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">349,800</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(189,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Excluding share-based compensation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">138,600</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">327,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(188,500</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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-58</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">127,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85,500</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">41,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Water assessment fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,600</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP 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>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Directors fees (including insurance)</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">82,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92,500</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Public entity related expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35,700</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,300</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP 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: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">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="16" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Table 2a - Signficant Balances in G&amp;A</I></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD></TR>
<TR>
<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"><FONT STYLE="font-family:Times New Roman" SIZE="1">Six Months Ended:</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"><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;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">February&nbsp;29,&nbsp;2012</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">February&nbsp;28,&nbsp;2011</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">$ Change</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">%&nbsp;Change</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;</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;</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">Including share-based compensation</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">361,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">499,600</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(138,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Excluding share-based compensation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">321,300</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">455,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(134,200</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">319,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">189,400</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">130,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Water assessment fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">176,400</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">170,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,500</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">&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;</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">Directors fees (including insurance)</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">94,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">108,700</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Public entity related expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">49,900</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">50,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Salary and salary related expenses including share-based compensation decreased 54% and 28% for the three and six months
ended February&nbsp;29, 2012, as compared to the three and six months ended February&nbsp;28, 2011, respectively. The decrease is mainly a result of bonuses paid to employees. In the first quarter of fiscal 2011, we paid bonuses totaling $180,000 to
employees, and in the first quarter of fiscal 2012, we paid bonuses totaling $47,000 to employees. The salary and salary related expenses noted above include $21,300 and $22,700 of share-based compensation expenses for the three months ended
February&nbsp;29, 2012 and February&nbsp;28, 2011, respectively. The salary and salary related expenses noted above include $40,100 and $44,100 of share-based compensation expenses for the six months ended February&nbsp;29, 2012 and
February&nbsp;28, 2011, respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Professional fees (legal and accounting) increased 49% and 69% during the three and six months ended
February&nbsp;29, 2012, as compared to the three and six months ended February&nbsp;28, 2011, respectively. This is mainly due to additional legal fees related to the lawsuit we filed against the State of Colorado by and through the Land Board in
December 2011, and the lawsuit filed against us by HP A&amp;M. Both lawsuits are explained in greater detail in Part II, Item&nbsp;1 below. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Water assessment fees, which are mainly paid to the Fort Lyon Canal Company (&#147;FLCC&#148;), are the fees we pay for our share of the maintenance of
the canals in the Arkansas River Valley. The fees are approved by the shareholders of the canal companies. As of February&nbsp;29, 2012, we hold approximately 26% of the voting shares of the FLCC, and in December 2011, the FLCC shareholders approved
an increase in the fees from $15.50 per share to $17.00 per share. This increase went into effect January&nbsp;1, 2012. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Directors fees,
including insurance, decreased 11% and 13% for the three and six months ended February&nbsp;29, 2012, as compared to February&nbsp;28, 2011, respectively. The decreases were due to a board member resigning from the board in September 2011, which
reduced the total annual fees paid to directors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Costs associated with corporate governance and costs associated with being a publicly traded
entity increased 7% during the three months ended February&nbsp;29, 2012, but decreased 1% during the six months ended February&nbsp;29, 2012, as to compared to the three and six months ended February&nbsp;28, 2011, respectively. The increase in the
three months ended February&nbsp;29, 2012 was primarily as a result of the additional filings and press releases associated with the lawsuit we filed against the State of Colorado and the lawsuit filed against us by HP A&amp;M. Both lawsuits are
explained in greater detail in Part II, Item&nbsp;1 below. </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>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Other income and Expense Items </I></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="16" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Table 3 - Other Items</I></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD></TR>
<TR>
<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"><FONT STYLE="font-family:Times New Roman" SIZE="1">Three Months Ended:</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"><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;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">February&nbsp;29,&nbsp;2012</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">February&nbsp;28,&nbsp;2011</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">$ Change</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">%&nbsp;Change</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">Expense items:</FONT></P></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>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">77,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP 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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Imputed interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">862,400</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">954,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(91,600</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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-10</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 - Related Party</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">60,700</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(60,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Income items:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oil and gas lease income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP 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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD NOWRAP 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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP 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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,300</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">3,500</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">&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 HEIGHT="32" COLSPAN="17"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="16" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Table 3a - Other Items</I></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD></TR>
<TR>
<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"><FONT STYLE="font-family:Times New Roman" SIZE="1">Six Months Ended:</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"><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;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">February 29, 2012</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">February 28, 2011</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">$ Change</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">% Change</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;</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;</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">152,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">150,400</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Imputed interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,713,800</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,894,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(180,200</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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</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 - Related Party</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">151,700</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(151,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other income items:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Oil and gas lease income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">207,200</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">207,200</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">27,100</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">2,500</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">&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>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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 and six months ended
February&nbsp;28, 2011, which bore simple interest at 10%&nbsp;per annum. This was not an expense item for fiscal 2012, as 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:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The oil and gas lease income amounts 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 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. The income received from Anadarko is being recognizing to income over the initial three year term of the O&amp;G Lease, which began on March&nbsp;10, 2011. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest income represents interest earned on the temporary investment of capital in available-for-sale securities, interest accrued on the note payable
by the District and interest accrued on the Special Facilities construction proceeds receivable from the County. The increases are due to increases in interest 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">23 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <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:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">At February&nbsp;29, 2012, our working capital, defined as current assets less current liabilities, was approximately $3.3 million. As of
February&nbsp;29, 2012, we had approximately $3.6 million of cash 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 February&nbsp;29, 2012, we have sufficient working capital to fund our operations
for the next fiscal year. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The Tap Participation Fee </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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 26.9% 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:12px;margin-bottom:0px"><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:6px;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="left"><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
fiscal 2012 is now an obligation to pay 20% of the gross proceeds, or the equivalent thereof, from the sale of the next 19,445 water taps. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;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="left"><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 and six months ended February&nbsp;29, 2012 was $862,400 and $1.7 million,
respectively. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;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="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The $66.6 million Tap Participation Fee payable at February&nbsp;29, 2012, includes $22.0 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:6px;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="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the three and six months ended February&nbsp;29, 2012, we allocated $51,900 and $103,700, respectively, 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 12 and 24 water taps, respectively. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>FLCC Water Assessment Fees </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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">24 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <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="font-size:12px;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="58%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="16" NOWRAP ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Table 5 - Summary Cash Flows Table</I></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD></TR>
<TR>
<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"><FONT STYLE="font-family:Times New Roman" SIZE="1">Six Months Ended:</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;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">February&nbsp;29,&nbsp;2012</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">February&nbsp;28,&nbsp;2011</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">$ Change</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">%&nbsp;Change</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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></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;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,041,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(886,300</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(155,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,028,800</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9,541,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,570,300</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 NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-111</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;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">10,633,600</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">(10,602,500</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;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP 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:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Changes in Operating Activities </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash used by operations increased 17% during the six months ended February&nbsp;29, 2012 compared to February&nbsp;28, 2011.
This was mainly as a result of increased professional fees related to the work done to file the lawsuit against the Land Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><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:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Changes in Investing Activities </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investing activities during the six months ended February&nbsp;29, 2012, consisted of us investing $53,800 into our water and
wastewater infrastructure and us selling a net $1.1 million of marketable securities. Investing activities during the six months ended February&nbsp;28, 2011, consisted of the use of approximately $6.8 million for the acquisition of Sky Ranch
(approximately $12,000 of costs were accrued but unpaid at February&nbsp;28, 2011, which were paid subsequent to February&nbsp;28, 2011), and we invested approximately $3.3 million into certificates of deposit. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Changes in Financing Activities </I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Financing activities for the six months ended February&nbsp;29, 2012 consisted mainly of the receipt of $34,200 from the County related to the
Construction Note. Financing activities for the six months ended February&nbsp;28, 2011 consisted mainly of the issuance of the $5.2 million Convertible Note and the sale of approximately $5.4 million of common stock (net of issuance costs).
</FONT></P> <P STYLE="margin-top:18px;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:6px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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>
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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:6px;margin-bottom:0px"><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 and six months ended February&nbsp;29, 2012 or
February&nbsp;28, 2011. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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 February&nbsp;29, 2012 and February&nbsp;28, 2011, we recognized $103,600 and $0 of income
related to the up-front payments received pursuant to the O&amp;G Lease, respectively. During the six months ended February&nbsp;29, 2012 and February&nbsp;28, 2011, we recognized $207,200 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:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of February&nbsp;29, 2012, we have deferred recognition of $846,200 of income related to the
O&amp;G Lease, which is being recognized into income ratably through February 2014. </FONT></P> <P STYLE="margin-top:18px;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:6px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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 February&nbsp;29, 2012. </FONT></P> <P STYLE="margin-top:18px;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:6px;margin-bottom:0px"><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 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, which are 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 $100.8 million as of February&nbsp;29, 2012. 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:6px;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%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" 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="left"><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>
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<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" 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="left"><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:6px;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%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" 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="left"><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:12px;margin-bottom:0px"><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:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Our Paradise Water Rights </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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:12px;margin-bottom:0px"><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 February&nbsp;29, 2012, the Paradise Water Supply is not impaired and the costs are deemed recoverable. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Tap Participation
Fee </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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 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: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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 <P STYLE="margin-top:0px;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:6px;margin-bottom:0px"><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 $9.5 million and $10.0 million at
February&nbsp;29, 2012 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 February&nbsp;29, 2012. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Share-based compensation </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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:18px;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:6px;margin-bottom:0px"><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="margin-top:18px;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:6px;margin-bottom:0px"><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;21E 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. Forward-looking
statements include statements relating to, among other things: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<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="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the impact of housing and economic cycles on the number of connections we can serve with our water; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;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="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the number of new water connections needed to recover the costs of our Rangeview Water Supply and Arkansas River water assets;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;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="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">recoverability of the costs of our Paradise Water Supply assets; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<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="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">increases in future water tap fees; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;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="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the amount of the &#147;Tap Participation Fee&#148; liability; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;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="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the existence and likelihood of a default by &#147;HP A&amp;M&#148; on its promissory notes; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<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="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the sufficiency of our working capital and financing sources to fund our operations; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;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="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">intent not to hold marketable securities until maturity; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<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="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">impairments in carrying amounts of long-lived assets; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<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="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">changes in unrecognized tax positions; </FONT></P></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">28 </FONT></P>



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<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="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">forfeitures of option grants and vesting of non-vested options; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the impact of new accounting pronouncements; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<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="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the effectiveness of our disclosure controls and procedures and our internal controls over financial reporting. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Forward-looking 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; uncertainties in water court rulings; adverse rulings in our pending lawsuit against the Land Board;
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;). We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are expressly qualified by these cautionary statements. </FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx332947_7"></A>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></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>General </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Interest Rates </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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 February&nbsp;29, 2012, 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="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx332947_8"></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:6px;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:6px;margin-bottom:0px"><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
February&nbsp;29, 2012, 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: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">29 </FONT></P>



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 <P STYLE="margin-top:0px;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:6px;margin-bottom:0px"><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:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx332947_9"></A>PART II
</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx332947_10"></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:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As disclosed in two
Form 8-K&#146;s, one filed on February&nbsp;16, 2012 and one filed on February&nbsp;29, 2012, HP A&amp;M initiated a lawsuit against us alleging breaches of representations made in connection with the Arkansas River Agreement. HP A&amp;M&#146;s
claims relate to the issues currently being litigated between us and the Land Board regarding our exclusive right to provide water service to the Land Board&#146;s Lowry Range property, as disclosed in a Form 8-K filed on December&nbsp;19, 2011.
</FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx332947_11"></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="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Exhibits
</U></FONT></P>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">31</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><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 HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">32</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certification pursuant to section 906 of the Sarbanes-Oxley Act of 2002.*</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">101</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following financial information from our Quarterly Report on Form 10-Q for the second quarter of fiscal 2012, filed with the SEC on April 13, 2012, formatted in eXtensible
Business Reporting Language (&#147;XBRL&#148;): (i) the balance sheets as of February 29, 2012 and August 31, 2011, (ii) the statements of operations for the three and six months ended February 29, 2012 and February 28, 2011, (iii) the statements of
cash flows for the six months ended February 29, 2012 and February 28, 2011, and (iv) the notes to the financial statements.</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><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">30 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A NAME="tx332947_12"></A>SIGNATURES </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><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:12px;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="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Mark W. Harding</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><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:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">April&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">31 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">EXHIBIT 31 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>CERTIFICATIONS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I, Mark W. Harding, certify that: </FONT></P>
<P STYLE="font-size:6px;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"><FONT STYLE="font-family:Times New Roman" SIZE="2">I have reviewed this quarterly report on Form 10-Q of Pure Cycle Corporation; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<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"><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></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<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"><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></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<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"><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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<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"><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></TD></TR></TABLE> <P STYLE="font-size:6px;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">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<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"><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></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<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"><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></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dated: April&nbsp;13, 2012 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Mark W. Harding</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mark W. Harding</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Principal Executive Officer and Principal Financial Officer</FONT></TD></TR>
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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:12px;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:12px;margin-bottom:0px"><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 and six months ended February&nbsp;29, 2012, 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:6px;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"><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></TD></TR></TABLE>
<P STYLE="font-size:6px;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"><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></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Mark W. Harding</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mark W. Harding</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Principal Executive Officer and Principal Financial Officer</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">April&nbsp;13, 2012</FONT></TD></TR>
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  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;NOTE&#13;
  1 &amp;#150; PRESENTATION OF INTERIM INFORMATION&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  February 29, 2012 balance sheet, the statements of operations for&#13;
  the three and six months ended February 29, 2012 and February 28,&#13;
  2011, and the statements of cash flows for the six months ended&#13;
  February 29, 2012 and February 28, 2011, respectively, have been&#13;
  prepared by Pure Cycle Corporation (the &amp;#147;Company&amp;#148;) and&#13;
  have not been audited. In the opinion of management, all&#13;
  adjustments, necessary to present fairly the financial position,&#13;
  results of operations and cash flows at February 29, 2012, and&#13;
  for all periods presented have been made appropriately.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Certain&#13;
  information and footnote disclosures normally included in&#13;
  financial statements prepared in accordance with accounting&#13;
  principles generally accepted in the United States of America&#13;
  (&amp;#147;GAAP&amp;#148;) have been condensed or omitted. It is&#13;
  suggested that these financial statements be read in conjunction&#13;
  with the financial statements and notes thereto included in the&#13;
  Company's 2011 Annual Report on Form 10-K (the &amp;#147;2011 Annual&#13;
  Report&amp;#148;) filed with the Securities and Exchange Commission&#13;
  (the &amp;#147;SEC&amp;#148;) on November 14, 2011.&amp;nbsp;&amp;nbsp;The&#13;
  results of operations for interim periods presented are not&#13;
  necessarily indicative of the operating results for the full&#13;
  fiscal year.&amp;nbsp;&amp;nbsp;The August 31, 2011 balance sheet was&#13;
  taken directly from the Company&amp;#146;s audited financial&#13;
  statements.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Use&#13;
  of Estimates.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The preparation of financial&#13;
  statements requires management to make estimates and assumptions&#13;
  that affect the reported amounts of assets and liabilities and&#13;
  disclosure of contingent assets and liabilities at the date of&#13;
  the financial statements and the reported amounts of revenues and&#13;
  expenses during the reporting period. Actual results could differ&#13;
  from those estimates.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Cash&#13;
  and cash equivalents.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The Company considers all&#13;
  highly liquid instruments with original maturities of three&#13;
  months or less when acquired to be cash&#13;
  equivalents.&amp;nbsp;&amp;nbsp;The Company had no cash equivalents at&#13;
  February 29, 2012 or August 31, 2011.&amp;nbsp;&amp;nbsp;The Company&#13;
  maintains its cash balances at a high quality financial&#13;
  institution in accounts which are federally insured.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Financial&#13;
  Instruments &amp;#150; Concentration of Credit Risk and Fair&#13;
  Value.&amp;nbsp;&amp;nbsp;&lt;/font&gt;Financial instruments that potentially&#13;
  subject the Company to concentrations of credit risk consist&#13;
  primarily of cash equivalents and marketable&#13;
  securities.&amp;nbsp;&amp;nbsp;&amp;nbsp;At no time during the three and six&#13;
  months ended February 29, 2012, did the Company&amp;#146;s marketable&#13;
  securities exceed federally insured limits. From time-to-time the&#13;
  Company places its cash in money market instruments, commercial&#13;
  paper obligations, corporate bonds and US government treasury&#13;
  obligations. To date, the Company has not experienced significant&#13;
  losses on any of these investments.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  following methods and assumptions were used to estimate the fair&#13;
  value of each class of financial instruments for which it is&#13;
  practicable to estimate that value.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Current&#13;
  Assets and Liabilities&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  amounts reported on the balance sheets for cash, cash&#13;
  equivalents, trade receivables, and trade payables approximate&#13;
  their fair values because of the short maturity of these&#13;
  instruments.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  amounts reported on the balance sheets for marketable securities&#13;
  are the fair values of the instruments as reported by the&#13;
  financial institutions where the funds are held at February 29,&#13;
  2012 and August 31, 2011.&amp;nbsp;&amp;nbsp;The Company has accumulated&#13;
  net unrealized gains totaling $500 and net unrealized losses&#13;
  totaling $2,900 as of February 29, 2012 and August 31, 2011,&#13;
  respectively.&amp;nbsp;&amp;nbsp;These securities include only federally&#13;
  insured certificates of deposit.&amp;nbsp;&amp;nbsp;The unrealized gain&#13;
  at February 29, 2012 and the unrealized loss at August 31, 2011&#13;
  were the result of changes in interest rates in the&#13;
  market.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Notes&#13;
  Receivable and Construction Proceeds Receivable&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  amounts reported on the balance sheets for the construction&#13;
  proceeds receivable approximate fair value as it bears interest&#13;
  at a rate which is comparable to current market rates.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  fair value of the Note Receivable &amp;#150; related party is not&#13;
  practical to estimate due to the related party nature of the&#13;
  underlying transaction.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;font&#13;
    style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
  &lt;/div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;font&#13;
    style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Long-term&#13;
    Financial Liabilities&lt;/font&gt;&#13;
  &lt;/div&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  Comprehensive Amendment Agreement No. 1 (the &amp;#147;CAA&amp;#148; as&#13;
  further described in Note 4 below) is comprised of a recorded&#13;
  balance and an off-balance sheet or &amp;#147;contingent&amp;#148;&#13;
  obligation.&amp;nbsp;&amp;nbsp;The amount payable is a fixed amount but&#13;
  is repayable only upon the sale of &amp;#147;Export Water&amp;#148;&#13;
  (defined in Note 4 to the 2011 Annual Report).&amp;nbsp;&amp;nbsp;Because&#13;
  of the uncertainty of the sale of Export Water, the Company has&#13;
  determined that the contingent portion of the CAA does not have a&#13;
  determinable fair value.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  recorded balance of the &amp;#147;Tap Participation Fee&amp;#148;&#13;
  liability (as described below and in Note 4) is its estimated&#13;
  fair value determined by projecting new home development in the&#13;
  Company&amp;#146;s targeted service area over an estimated&#13;
  development period.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Tap&#13;
  Participation Fee.&lt;/font&gt; This note should be read in conjunction&#13;
  with Note 4 below.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Pursuant to&#13;
  the Asset Purchase Agreement (the &amp;#147;Arkansas River&#13;
  Agreement&amp;#148;) dated May 10, 2006, the Company is obligated to&#13;
  pay High Plains A&amp;amp;M, LLC (&amp;#147;HP A&amp;amp;M&amp;#148;) a defined&#13;
  percentage of a defined number of water tap fees the Company&#13;
  receives after the date of the Arkansas River&#13;
  Agreement.&amp;nbsp;&amp;nbsp;The Tap Participation Fee is due and&#13;
  payable once the Company has sold a water tap and received the&#13;
  consideration due for such water tap. The Company did not sell&#13;
  any water taps during the three and six months ended February 29,&#13;
  2012 or February 28, 2011.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;During the&#13;
  three and six months ended February 29, 2012, the Company&#13;
  allocated farm revenue of $51,900 and $103,700, respectively, to&#13;
  the Tap Participation Fee liability and to additional paid in&#13;
  capital (due to HP A&amp;amp;M being deemed a related&#13;
  party).&amp;nbsp;&amp;nbsp;This is the equivalent of 12 and 24 water&#13;
  taps, respectively.&amp;nbsp;&amp;nbsp;The allocation was made pursuant&#13;
  to the Arkansas River Agreement and was based on the &amp;#147;Net&#13;
  Revenues&amp;#148; (defined in Note 4 below) earned by HP A&amp;amp;M&#13;
  related to the farm leasing operations which are described in&#13;
  greater detail in Note 4 to the 2011 Annual Report.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  Company imputes interest expense on the unpaid Tap Participation&#13;
  Fee using the effective interest method over an estimated period&#13;
  which is utilized in the valuation of the liability. The Company&#13;
  imputed interest of $862,400 and $954,000 during the three months&#13;
  ended February 29, 2012 and February 28, 2011,&#13;
  respectively.&amp;nbsp;&amp;nbsp;The Company imputed interest of $1.7&#13;
  million and $1.9 million during the six months ended February 29,&#13;
  2012 and February 28, 2011, respectively.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;At&#13;
  February 29, 2012, there remain 19,445 water taps subject to the&#13;
  Tap Participation Fee.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Revenue&#13;
  Recognition.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The Company&amp;#146;s revenue&#13;
  recognition policies have not changed since August 31, 2011, and&#13;
  are more fully described in Note 2 to the 2011 Annual&#13;
  Report.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;In&#13;
  August 2005, the Company entered into the Water Service Agreement&#13;
  (the &amp;#147;County Agreement&amp;#148;) with Arapahoe County (the&#13;
  &amp;#147;County&amp;#148;).&amp;nbsp;&amp;nbsp;In fiscal 2006, the Company began&#13;
  recognizing water tap fees as revenue ratably over the estimated&#13;
  service period upon completion of the &amp;#147;Wholesale&#13;
  Facilities&amp;#148; (defined in the 2011 Annual Report) constructed&#13;
  to provide service to the County.&amp;nbsp;&amp;nbsp;The Company&#13;
  recognized $3,600 of water tap fee revenues during each of the&#13;
  three months ended February 29, 2012 and February 28, 2011,&#13;
  respectively.&amp;nbsp;&amp;nbsp;The Company recognized $7,100 of water&#13;
  tap fee revenues during each of the six months ended February 29,&#13;
  2012 and February 28, 2011, respectively.&amp;nbsp;&amp;nbsp;The water&#13;
  tap fees to be recognized over this period are net of the royalty&#13;
  payments to the State of Colorado Board of Land Commissioners&#13;
  (the &amp;#147;Land Board&amp;#148;) and amounts paid to third parties&#13;
  pursuant to the CAA as further described in Note 4 below.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  Company recognized $10,400 of &amp;#147;Special Facilities&amp;#148;&#13;
  (defined in the 2011 Annual Report) funding as revenue during&#13;
  each of the three months ended February 29, 2012 and February 28,&#13;
  2011, respectively.&amp;nbsp;&amp;nbsp;The Company recognized $20,800 of&#13;
  Special Facilities funding as revenue during each of the six&#13;
  months ended February 29, 2012 and February 28, 2011,&#13;
  respectively.&amp;nbsp;&amp;nbsp;This is the ratable portion of the&#13;
  Special Facilities funding proceeds received from the County&#13;
  pursuant to the County Agreement as more fully described in Note&#13;
  4 to the 2011 Annual Report.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;As of&#13;
  February 29, 2012, the Company has deferred recognition of $1.4&#13;
  million of water tap and construction fee revenue from the&#13;
  County, which will be recognized as revenue ratably over the&#13;
  estimated useful accounting life of the assets constructed with&#13;
  the construction proceeds as described above.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;font&#13;
    style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
  &lt;/div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
    &lt;font&#13;
    style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Royalty&#13;
    and other obligations.&amp;nbsp;&amp;nbsp;&lt;/font&gt;Revenues from the sale&#13;
    of Export Water are shown net of royalties payable to the Land&#13;
    Board. Revenues from the sale of water on the &amp;#147;Lowry&#13;
    Range&amp;#148; (described in Note 4 to the 2011 Annual Report) are&#13;
    shown net of the royalties to the Land Board and the amounts&#13;
    retained by the Rangeview Metropolitan District (the&#13;
    &amp;#147;District&amp;#148;).&lt;/font&gt;&#13;
  &lt;/div&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Oil&#13;
  and Gas Lease Payments.&amp;nbsp;&amp;nbsp;&lt;/font&gt;As further described in&#13;
  Note 2 to the 2011 Annual Report, on March 10, 2011, the Company&#13;
  entered into a Paid-Up Oil and Gas Lease (the &amp;#147;O&amp;amp;G&#13;
  Lease&amp;#148;) and a Surface Use and Damage Agreement (the&#13;
  &amp;#147;Surface Use Agreement&amp;#148;) with Anadarko E&amp;amp;P Company,&#13;
  L.P. (&amp;#147;Anadarko&amp;#148;) a wholly owned subsidiary of Anadarko&#13;
  Petroleum Company.&amp;nbsp;&amp;nbsp;Pursuant to the O&amp;amp;G Lease,&#13;
  during the year ended August 31, 2011, the Company received&#13;
  up-front payments of $1,243,400 from Anadarko for the purpose of&#13;
  exploring for, developing, producing and marketing oil and gas on&#13;
  approximately 634 acres of mineral estate owned by the Company at&#13;
  its &amp;#147;Sky Ranch&amp;#148; property (described in Note 4 to the&#13;
  2011 Annual Report).&amp;nbsp;&amp;nbsp;The Company began recognizing the&#13;
  up-front payments from Anadarko as income on a straight-line&#13;
  basis over three years (the initial term of the O&amp;amp;G Lease) on&#13;
  March 10, 2011.&amp;nbsp;&amp;nbsp;During the three and six months ended&#13;
  February 29, 2012, the Company recognized $111,200 and $214,800&#13;
  of income related to the up-front payments received pursuant to&#13;
  the O&amp;amp;G Lease, respectively.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;As of&#13;
  February 29, 2012, the Company has deferred recognition of&#13;
  $846,200 of income related to the O&amp;amp;G Lease, which will be&#13;
  recognized into income ratably through February 2014.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Water&#13;
  and Wastewater Systems and Depletion and Depreciation of Water&#13;
  Assets.&lt;/font&gt; Costs to construct water and wastewater systems&#13;
  that meet the Company&amp;#146;s capitalization criteria are&#13;
  capitalized as incurred, including interest.&amp;nbsp;&amp;nbsp;The costs&#13;
  are depreciated on a straight-line basis over the estimated&#13;
  useful lives of the water and wastewater systems, up to thirty&#13;
  years.&amp;nbsp;&amp;nbsp;The Company capitalizes design and construction&#13;
  costs related to construction activities and it capitalizes&#13;
  certain legal, engineering and permitting costs relating to the&#13;
  adjudication and improvement of its water assets. The Company&#13;
  depletes its water assets that are being utilized on the basis of&#13;
  units produced divided by the total volume of water adjudicated&#13;
  in the water decrees.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Share-based&#13;
  Compensation.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The Company maintains a stock&#13;
  option plan for the benefit of its employees and&#13;
  directors.&amp;nbsp;&amp;nbsp;The Company records share-based&#13;
  compensation costs as expense over the applicable vesting period&#13;
  of the stock award using the straight-line method.&amp;nbsp;&amp;nbsp;The&#13;
  compensation costs to be expensed are measured at the grant date&#13;
  based on the fair value of the award.&amp;nbsp;&amp;nbsp;The Company has&#13;
  adopted the alternative transition method for calculating the tax&#13;
  effects of share-based compensation which allowed for a&#13;
  simplified method of calculating the tax effects of employee&#13;
  share-based compensation.&amp;nbsp;&amp;nbsp;Because the Company has a&#13;
  full valuation allowance on its deferred tax assets, at this&#13;
  time, the granting and exercise of stock options has no impact on&#13;
  the income tax provisions.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  Company recognized $21,400 and $21,800 of share-based&#13;
  compensation expense during the three months ended February 29,&#13;
  2012 and February 28, 2011, respectively.&amp;nbsp;&amp;nbsp;The Company&#13;
  recognized $40,100 and $44,100 of share-based compensation&#13;
  expense during the six months ended February 29, 2012 and&#13;
  February 28, 2011, respectively.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Income&#13;
  taxes.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The Company uses a&#13;
  "more-likely-than-not" threshold for the recognition and&#13;
  de-recognition of tax positions, including any potential interest&#13;
  and penalties relating to tax positions taken by the&#13;
  Company.&amp;nbsp;&amp;nbsp;The Company does not have any significant&#13;
  unrecognized tax benefits as of February 29, 2012.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  Company files income tax returns with the Internal Revenue&#13;
  Service and the State of Colorado. The tax years that remain&#13;
  subject to examination are fiscal 2009 through fiscal 2011. The&#13;
  Company does not believe there will be any material changes in&#13;
  its unrecognized tax positions over the next twelve&#13;
  months.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  Company's policy is to recognize interest and penalties accrued&#13;
  on any unrecognized tax benefits as a component of income tax&#13;
  expense.&amp;nbsp;&amp;nbsp;At February 29, 2012, the Company did not&#13;
  have any accrued interest or penalties associated with any&#13;
  unrecognized tax benefits, nor was any interest expense&#13;
  recognized during the three and six months ended February 29,&#13;
  2012 and February 28, 2011.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Loss&#13;
  per Common Share&lt;/font&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;.&amp;nbsp;&amp;nbsp;&lt;/font&gt;Loss&#13;
  per common share is computed by dividing net loss by the weighted&#13;
  average number of shares outstanding during each period. Common&#13;
  stock options and warrants aggregating 275,100 and 280,100,&#13;
  common share equivalents as of February 29, 2012 and February 28,&#13;
  2011, respectively.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;font&#13;
    style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
  &lt;/div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
    &lt;font&#13;
    style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Comprehensive&#13;
    Loss.&lt;/font&gt; In addition to net loss, comprehensive loss&#13;
    includes the unrecognized changes in the fair value of&#13;
    marketable securities that are classified as available-for-sale&#13;
    as noted in the following table:&lt;/font&gt;&#13;
  &lt;/div&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="left"&gt;&#13;
  &lt;table&#13;
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"&#13;
   width="100%" cellspacing="0" cellpadding="0"&gt;&#13;
    &lt;tr&gt;&#13;
      &lt;td valign="bottom" align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td valign="bottom" colspan="6"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Three&#13;
          Months Ended:&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td valign="bottom" colspan="6"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Six&#13;
          Months Ended:&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"&#13;
      colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;February&#13;
          29, 2012&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"&#13;
      colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;February&#13;
          28, 2011&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"&#13;
      colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;February&#13;
          29, 2012&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"&#13;
      colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;February&#13;
          28, 2011&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
      &lt;td width="32%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Net&#13;
          loss&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(1,363,600&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(1,781,000&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(2,725,300&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(3,241,800&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="white"&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="32%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Unrealized&#13;
          gain (loss) on marketable securities&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;1,000&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(1,400&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;3,400&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(5,200&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="32%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Comprehensive&#13;
          loss&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(1,362,600&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(1,782,400&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(2,721,900&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(3,247,000&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
  &lt;/table&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Recently&#13;
  Issued Accounting Pronouncements.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The Company&#13;
  continually assesses any new accounting pronouncements to&#13;
  determine their applicability.&amp;nbsp;&amp;nbsp;Where it is determined&#13;
  that a new accounting pronouncement affects the Company&amp;#146;s&#13;
  financial reporting, the Company undertakes a study to determine&#13;
  the consequence of the change to its financial statements and&#13;
  assures that there are proper controls in place to ascertain that&#13;
  the Company&amp;#146;s financials properly reflect the&#13;
  change.&amp;nbsp;&amp;nbsp;A variety of proposed or otherwise potential&#13;
  accounting standards are currently under study by&#13;
  standard-setting organizations and various regulatory agencies.&#13;
  Because of the tentative and preliminary nature of these proposed&#13;
  standards, the Company has not determined whether implementation&#13;
  of such proposed standards would be material to the&#13;
  Company&amp;#146;s financial statements.&amp;nbsp;&amp;nbsp;New&#13;
  pronouncements assessed by the Company recently are discussed&#13;
  below:&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;In&#13;
  June 2011, the Financial Accounting Standards Board&#13;
  (&amp;#147;FASB&amp;#148;) issued Accounting Standards Update&#13;
  (&amp;#147;ASU&amp;#148;) No. 2011-05,&lt;/font&gt; &#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Comprehensive&#13;
  Income (Topic 220) &amp;#150;&lt;/font&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Presentation&#13;
  of Comprehensive Income&lt;/font&gt; &#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;(&amp;#147;ASU&#13;
  2011-05&amp;#148;).&amp;nbsp;&amp;nbsp;&lt;/font&gt;ASU 2011-05 requires entities&#13;
  to present net income and other comprehensive income in either a&#13;
  single continuous statement or in two separate, but consecutive,&#13;
  statements of net income and other comprehensive income. ASU&#13;
  2011-05 is effective for fiscal years, and interim periods within&#13;
  those years, beginning after December 15, 2011 (September 1, 2012&#13;
  for the Company).&amp;nbsp;&amp;nbsp;The Company is assessing the impact&#13;
  of ASU 2011-05, but it does not expect the adoption of ASU&#13;
  2011-05 to have a material impact on its financial&#13;
  statements.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
  <us-gaap:FairValueDisclosuresTextBlock contextRef="d_2011-09-01_2012-02-29">&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;NOTE&#13;
  2 &#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;&amp;#150;&lt;/font&gt;&#13;
  FAIR VALUE MEASUREMENTS&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Fair&#13;
  value is defined as the price that would be received to sell an&#13;
  asset or paid to transfer a liability in an orderly transaction&#13;
  between market participants at the measurement date in the&#13;
  principal or most advantageous market. The Company uses a fair&#13;
  value hierarchy that has three levels of inputs, both observable&#13;
  and unobservable, with use of the lowest possible level of input&#13;
  to determine fair value.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Level&#13;
  1 &amp;#151; Valuations for assets and liabilities traded in active&#13;
  exchange markets, such as the New York Stock Exchange. The&#13;
  Company had none of these instruments at February 29,&#13;
  2012.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Level&#13;
  2 &amp;#151; Valuations for assets and liabilities obtained from&#13;
  readily available pricing sources via independent providers for&#13;
  market transactions involving similar assets or liabilities. The&#13;
  Company had one Level 2 asset at February 29, 2012, its&#13;
  marketable securities.&amp;nbsp;&amp;nbsp;The value of the Company&amp;#146;s&#13;
  marketable securities is based on observable market data obtained&#13;
  from the financial institutions at which the marketable&#13;
  securities are held.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Level&#13;
  3 &amp;#151; Valuations for assets and liabilities that are derived&#13;
  from other valuation methodologies, including discounted cash&#13;
  flow models and similar techniques, and not based on market&#13;
  exchange, dealer, or broker traded transactions.&amp;nbsp;&amp;nbsp;Level&#13;
  3 valuations incorporate certain assumptions and projections in&#13;
  determining the fair value assigned to such assets or&#13;
  liabilities. The Company had one Level 3 liability at February&#13;
  29, 2012, the Tap Participation Fee liability, which is described&#13;
  in greater detail in Note 4 below.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  Company maintains policies and procedures to value instruments&#13;
  using the best and most relevant data available.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  following table provides information on the assets and&#13;
  liabilities measured at fair value on a recurring basis as of&#13;
  February 29, 2012:&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;div&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="left"&gt;&#13;
  &lt;table&#13;
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"&#13;
   width="100%" cellspacing="0" cellpadding="0"&gt;&#13;
    &lt;tr&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="22%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="11%" valign="bottom"&#13;
      colspan="2" align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="11%" valign="bottom"&#13;
      colspan="2" align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="37%"&#13;
      valign="bottom" colspan="10"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Fair&#13;
          Value Measurement Using:&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="11%" valign="bottom"&#13;
      colspan="2" align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr&gt;&#13;
      &lt;td width="22%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="11%" valign="bottom" colspan="2"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="11%" valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Cost&#13;
          / Other&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="11%" valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Quoted&#13;
          Prices&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;in&#13;
          Active&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Markets&#13;
          for Identical&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Assets&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="11%" valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Significant&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Other&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Observable&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Inputs&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="11%" valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Significant&#13;
          Unobservable Inputs&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="11%" valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Accumulated&#13;
          Unrealized&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Gains&#13;
          and&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="22%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="11%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Fair&#13;
          Value&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="11%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Value&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="11%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(Level&#13;
          1)&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="11%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(Level&#13;
          2)&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="11%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(Level&#13;
          3)&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="11%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(Losses)&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
      &lt;td width="22%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
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          securities&lt;/font&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;3,509,500&lt;/font&gt;&#13;
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      nowrap="nowrap"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;3,509,000&lt;/font&gt;&#13;
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      nowrap="nowrap"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="10%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;-&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
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        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: right" width="10%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;3,509,500&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
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        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: right" width="10%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;-&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
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        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="10%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;500&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
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    &lt;tr bgcolor="white"&gt;&#13;
      &lt;td width="22%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Tap&#13;
          Participation Fee liability&lt;/font&gt;&#13;
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        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: right" width="10%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;66,598,400&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: right" width="10%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;66,598,400&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="10%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;-&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="10%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;-&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="10%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;66,598,400&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="10%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;-&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
  &lt;/table&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Level&#13;
  2 Asset &amp;#150; Marketable Securities.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The&#13;
  Company&amp;#146;s marketable securities are the Company&amp;#146;s only&#13;
  financial asset measured on a recurring basis.&amp;nbsp;&amp;nbsp;The&#13;
  fair value of the marketable securities is based on the values&#13;
  reported by the financial institutions where the funds are&#13;
  held.&amp;nbsp;These securities include only federally insured&#13;
  certificates of deposit.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Level&#13;
  3 Liability &amp;#150; Tap Participation Fee.&amp;nbsp;&amp;nbsp;&lt;/font&gt;The&#13;
  Company&amp;#146;s Tap Participation Fee liability is the&#13;
  Company&amp;#146;s only financial liability measured on a&#13;
  non-recurring basis.&amp;nbsp;&amp;nbsp;As further described in Note 4,&#13;
  the Tap Participation Fee liability is valued by projecting new&#13;
  home development in the Company&amp;#146;s targeted service area over&#13;
  an estimated development period.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  following table presents the changes in the Tap Participation Fee&#13;
  for the three and six months ended February 29, 2012:&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="left"&gt;&#13;
  &lt;table&#13;
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"&#13;
   width="100%" cellspacing="0" cellpadding="0"&gt;&#13;
    &lt;tr&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom" align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"&#13;
      colspan="10"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Fair&#13;
          Value Measurement using Significant Unobservable Inputs&#13;
          (Level 3)&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"&#13;
      colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Gross&#13;
          Estimated&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Tap&#13;
          Participation&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Fee&#13;
          Liability&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"&#13;
      colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Tap&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Participation&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Fee&#13;
          Reported&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Liability&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" valign="bottom"&#13;
      colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Discount&#13;
          - to&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;be&#13;
          imputed as&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;interest&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;expense&#13;
          in&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;future&#13;
          periods&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
      &lt;td width="49%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Balance&#13;
          at August 31, 2011&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;113,147,700&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;64,988,300&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;48,159,400&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="white"&gt;&#13;
      &lt;td width="49%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Total&#13;
          gains and losses (realized and unrealized):&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
      &lt;td width="49%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&amp;nbsp;Imputed&#13;
          interest recorded as "Other Expense"&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;-&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;1,713,800&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(1,713,800&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="white"&gt;&#13;
      &lt;td width="49%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&amp;nbsp;Increase&#13;
          in estimated value (to be realized in future&#13;
          periods)&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;7,450,000&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;-&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;7,450,000&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
      &lt;td width="49%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Purchases,&#13;
          sales, issuances, payments, and settlements&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;-&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(103,700&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;103,700&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="white"&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="49%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Transfers&#13;
          in and/or out of Level 3&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;-&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;-&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;-&lt;/font&gt;&#13;
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      valign="bottom" nowrap="nowrap"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
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        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
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      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
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        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;120,597,700&lt;/font&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
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      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
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        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;66,598,400&lt;/font&gt;&#13;
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        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;53,999,300&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
  &lt;/table&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
</us-gaap:FairValueDisclosuresTextBlock>
  <us-gaap:CostMethodInvestmentsDescriptionTextBlock contextRef="d_2011-09-01_2012-02-29">&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;NOTE&#13;
  3 &amp;#150; INVESTMENTS IN WATER, WATER SYSTEMS, LAND AND&#13;
  IMPROVEMENTS&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  Company&amp;#146;s water rights and current water and wastewater&#13;
  service agreements are more fully described in Note 4 to the 2011&#13;
  Annual Report.&amp;nbsp;&amp;nbsp;There have been no significant changes&#13;
  to the Company&amp;#146;s water rights or water and wastewater&#13;
  service agreements during the three and six months ended February&#13;
  29, 2012.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
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  consist of the following costs and accumulated depreciation and&#13;
  depletion at February 29, 2012 and August 31, 2011:&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;div align="center"&#13;
    style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
  &lt;/div&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="left"&gt;&#13;
  &lt;table&#13;
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"&#13;
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      &lt;td style="PADDING-BOTTOM: 2px" width="40%" valign="bottom"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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      &lt;td style="BORDER-BOTTOM: black 2px solid" width="28%"&#13;
      valign="bottom" colspan="6"&gt;&#13;
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        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
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          29, 2012&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="28%"&#13;
      valign="bottom" colspan="6"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;August&#13;
          31, 2011&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
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        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="40%" valign="bottom"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="13%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Costs&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
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        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="13%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Accumulated&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
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          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Depreciation&lt;/font&gt;&#13;
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        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;and&#13;
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      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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      &lt;td style="BORDER-BOTTOM: black 2px solid" width="13%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Costs&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="13%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Accumulated&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Depreciation&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
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        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;and&#13;
          Depletion&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
      &lt;td width="40%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Arkansas&#13;
          River Valley assets&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: right" width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;81,318,800&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
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      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(1,230,000&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
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      &lt;td style="TEXT-ALIGN: right" width="12%" valign="bottom"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;81,318,800&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: right" width="12%" valign="bottom"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(1,144,100&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
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    &lt;tr bgcolor="white"&gt;&#13;
      &lt;td width="40%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Rangeview&#13;
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        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
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      &lt;td style="TEXT-ALIGN: right" width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;14,306,400&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;#150;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="white"&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="40%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: -10pt; DISPLAY: block; MARGIN-LEFT: 10pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Total&#13;
          net investments in water, water systems, land and&#13;
          improvements&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;110,116,700&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;110,215,400&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
  &lt;/table&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Capitalized&#13;
  terms in this section not defined herein are defined in Note 4 to&#13;
  the 2011 Annual Report.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Depletion&#13;
  and Depreciation.&lt;/font&gt; &#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;nbsp;&lt;/font&gt;The&#13;
  Company recorded $100 of depletion charges during each of the&#13;
  three month periods ended February 29, 2012 and February 28,&#13;
  2011, respectively.&amp;nbsp;&amp;nbsp;The Company recorded $200 of&#13;
  depletion charges during each of the six month periods ended&#13;
  February 29, 2012 and February 28, 2011,&#13;
  respectively.&amp;nbsp;&amp;nbsp;This related entirely to the Rangeview&#13;
  Water Supply. No depletion is taken against the Arkansas River&#13;
  water, Paradise Water Supply or Sky Ranch Water Supply because&#13;
  the water located at these locations are not yet being utilized&#13;
  for their intended purpose as of February 29, 2012.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  Company recorded $77,000 and $75,100 of depreciation expense&#13;
  during the three months ended February 29, 2012 and February 28,&#13;
  2011, respectively.&amp;nbsp;&amp;nbsp;The Company recorded $152,700 and&#13;
  $150,200 of depreciation expense during the six months ended&#13;
  February 29, 2012 and February 28, 2011, respectively.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
</us-gaap:CostMethodInvestmentsDescriptionTextBlock>
  <us-gaap:DebtAndCapitalLeasesDisclosuresTextBlock contextRef="d_2011-09-01_2012-02-29">&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;NOTE&#13;
  4 &amp;#150; LONG-TERM OBLIGATIONS AND OPERATING LEASE&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;At&#13;
  February 29, 2012 and August 31, 2011, the Company had no debt&#13;
  obligations with contractual maturity dates.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  Participating Interest in Export Water supply and the Tap&#13;
  Participation Fee payable to HP A&amp;amp;M are obligations of the&#13;
  Company that have no scheduled maturity dates. Therefore, these&#13;
  liabilities are not disclosed in tabular format but they are&#13;
  described below.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Participating&#13;
  Interests in Export Water Supply&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  Company acquired its Rangeview Water Supply through various&#13;
  amended agreements entered into in the early 1990&amp;#146;s. The&#13;
  acquisition was consummated with the signing of the CAA in 1996.&#13;
  Upon entering into the CAA, the Company recorded an initial&#13;
  liability of $11.1 million, which represented the cash the&#13;
  Company received from the participating interest holders which&#13;
  was used to purchase the Company&amp;#146;s Export Water (described&#13;
  in greater detail in Note 4 to the financial statements contained&#13;
  in the Company&amp;#146;s 2011 Annual Report on Form&#13;
  10-K).&amp;nbsp;&amp;nbsp;The Company agreed to remit a total of $31.8&#13;
  million of proceeds received from the sale of Export Water to the&#13;
  participating interest holders in return for their initial $11.1&#13;
  million investments.&amp;nbsp;&amp;nbsp;The obligation for the $11.1&#13;
  million was recorded as debt, and the remaining $20.7 million&#13;
  contingent liability is not reflected on the Company&amp;#146;s&#13;
  balance sheet because the obligation to pay this is contingent on&#13;
  the sale of Export Water, the amounts and timing of which are not&#13;
  reasonably determinable.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  CAA obligation is non-interest bearing, and if the Export Water&#13;
  is not sold, the parties to the CAA have no recourse against the&#13;
  Company.&amp;nbsp;&amp;nbsp;If the Company does not sell the Export&#13;
  Water, the holders of the Series B Preferred Stock are also not&#13;
  entitled to payment of any dividend and have no contractual&#13;
  recourse against the Company.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;font&#13;
    style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
  &lt;/div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;As&#13;
    the proceeds from the sale of Export Water are received and the&#13;
    amounts are remitted to the external CAA holders, the Company&#13;
    allocates a ratable percentage of this payment to the principal&#13;
    portion (the &#13;
    &lt;font&#13;
    style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Participating&#13;
    Interests in Export Water Supply&lt;/font&gt; liability account) with&#13;
    the balance of the payment being charged to the contingent&#13;
    obligation portion.&amp;nbsp;&amp;nbsp;Because the original recorded&#13;
    liability, which was $11.1 million, was 35% of the original&#13;
    total liability of $31.8 million, 35% of each payment remitted&#13;
    to the CAA holders is allocated to the recorded liability&#13;
    account.&amp;nbsp;&amp;nbsp;The remaining portion of each payment, or&#13;
    65%, is allocated to the contingent obligation, which is&#13;
    recorded on a net revenue basis.&lt;/font&gt;&#13;
  &lt;/div&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;In&#13;
  fiscal years 2007 and 2008, in order to reduce the long term&#13;
  impact of the CAA, the Company repurchased various portions of&#13;
  the CAA obligations in priority.&amp;nbsp;&amp;nbsp;The Company did not&#13;
  make any CAA acquisitions during the three and six months ended&#13;
  February 29, 2012 and February 28, 2011.&amp;nbsp;&amp;nbsp;As a result&#13;
  of the acquisitions, and due to the sale of Export Water, as&#13;
  detailed in the table below, the remaining potential third party&#13;
  obligation at February 29, 2012 is $3.5 million:&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="left"&gt;&#13;
  &lt;table&#13;
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"&#13;
   width="100%" cellspacing="0" cellpadding="0"&gt;&#13;
    &lt;tr&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="25%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="13%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Export&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Water&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Proceeds&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Received&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="13%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Initial&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Export&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Water&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Proceeds&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;to&#13;
          Pure&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Cycle&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="13%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Total&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
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        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
      &lt;td&#13;
      style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 10pt"&#13;
       width="25%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 10pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Export&#13;
          Water sale payments&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;10,300&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(7,200&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(3,100&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(900&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(2,000&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="white"&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="25%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Balance&#13;
          at February 29, 2012&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;738,800&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;27,813,800&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;3,473,600&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;1,211,200&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="12%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;2,262,400&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
  &lt;/table&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;*&amp;nbsp;&amp;nbsp;&lt;/font&gt;The&#13;
  Arapahoe County tap fees are less $34,522 in royalties paid to&#13;
  the Land Board.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  CAA includes contractually established priorities which call for&#13;
  payments to CAA holders in order of their&#13;
  priority.&amp;nbsp;&amp;nbsp;This means the first three payees receive&#13;
  their full payment before the next priority level receives any&#13;
  payment and so on until full repayment.&amp;nbsp;&amp;nbsp;The Company&#13;
  will receive $5.1 million of the first priority payout (the&#13;
  remaining entire first priority payout totals $7.3 million as of&#13;
  February 29, 2012).&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Arkansas&#13;
  River Agreement Obligations&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  Tap Participation Fee&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  $66.6 million Tap Participation Fee liability at February 29,&#13;
  2012, represents the estimated discounted fair value of the&#13;
  Company&amp;#146;s obligation to pay HP A&amp;amp;M 20% of the&#13;
  Company&amp;#146;s gross proceeds, or the equivalent thereof, from&#13;
  the sale of the next 19,445 water taps sold by the&#13;
  Company.&amp;nbsp;&amp;nbsp;Initially the obligation was to pay 10% of&#13;
  the Company&amp;#146;s gross proceeds, or the equivalent thereof,&#13;
  from the sale of 40,000 water taps sold after the date of the&#13;
  Arkansas River Agreement.&amp;nbsp;&amp;nbsp;The 40,000 water taps was&#13;
  reduced to 19,445 water taps as a result of (i) Arkansas River&#13;
  Valley land which was sold in 2006 and 2009, (ii) the sale of&#13;
  unutilized water rights owned by the Company in the Arkansas&#13;
  River Valley in 2007, (iii) a 50% reduction in water taps subject&#13;
  to the Tap Participation Fee when HP A&amp;amp;M elected to increase&#13;
  the percentage from 10% to 20%, also described further below, and&#13;
  (iv) the allocation of 26.9% of the estimated Net Revenues&#13;
  received by HP A&amp;amp;M related to the management of the farm&#13;
  leasing operations which is described in greater detail&#13;
  below.&amp;nbsp;&amp;nbsp;Pursuant to the Arkansas River Agreement, f&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;ollowing&#13;
  the fifth anniversary (September 1, 2011) of the Arkansas River&#13;
  Agreement, HP A&amp;amp;M elected to increase the Tap Participation&#13;
  Fee percentage from 10% to 20% and take a corresponding 50%&#13;
  reduction in the number of taps subject to the Tap Participation&#13;
  Fee.&lt;/font&gt;&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;font&#13;
    style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
  &lt;/div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
    fair value of the Tap Participation Fee liability is an&#13;
    estimate prepared by management of the Company.&amp;nbsp;&amp;nbsp;The&#13;
    fair value of the liability is based on discounted estimated&#13;
    cash flows subject to the Tap Participation Fee calculated by&#13;
    projecting future annual water tap sales for the number of taps&#13;
    subject to the Tap Participation Fee at the date of&#13;
    valuation.&amp;nbsp;&amp;nbsp;Future cash flows from water tap sales&#13;
    are estimated by utilizing the following historical information&#13;
    where available:&lt;/font&gt;&#13;
  &lt;/div&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;table&#13;
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"&#13;
   width="100%" cellspacing="0" cellpadding="0" border="0"&#13;
  align="center"&gt;&#13;
    &lt;tr style="LINE-HEIGHT: 1.25;" valign="top"&gt;&#13;
      &lt;td style="WIDTH: 18pt"&gt;&#13;
        &lt;div&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="WIDTH: 20pt"&gt;&#13;
        &lt;div&#13;
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
            &lt;font&#13;
            style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;middot;&lt;/font&gt;&#13;
          &lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&gt;&#13;
        &lt;div align="justify"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;New&#13;
          homes constructed in the area known as the 11-county&#13;
          &amp;#147;Front Range&amp;#148; from the 1980&amp;#146;s through the&#13;
          valuation date.&amp;nbsp;&amp;nbsp;The Company utilized data for&#13;
          this length of time to provide development information&#13;
          over many economic cycles because the Company anticipates&#13;
          development in its targeted service area to encompass&#13;
          many economic cycles over the development period.&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
  &lt;/table&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;table&#13;
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"&#13;
   width="100%" cellspacing="0" cellpadding="0" border="0"&#13;
  align="center"&gt;&#13;
    &lt;tr style="LINE-HEIGHT: 1.25;" valign="top"&gt;&#13;
      &lt;td style="WIDTH: 18pt"&gt;&#13;
        &lt;div&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="WIDTH: 20pt"&gt;&#13;
        &lt;div&#13;
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
            &lt;font&#13;
            style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;middot;&lt;/font&gt;&#13;
          &lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&gt;&#13;
        &lt;div align="justify"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;New&#13;
          home construction patterns for large master planned&#13;
          housing developments along the Front&#13;
          Range.&amp;nbsp;&amp;nbsp;The Company utilized this information&#13;
          because these developments are deemed comparable to&#13;
          projects anticipated to be constructed in the&#13;
          Company&amp;#146;s targeted service area (i.e. these master&#13;
          planned communities were located in predominately&#13;
          undeveloped areas on the outskirts of the Front&#13;
          Range).&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
  &lt;/table&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;table&#13;
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"&#13;
   width="100%" cellspacing="0" cellpadding="0" border="0"&#13;
  align="center"&gt;&#13;
    &lt;tr style="LINE-HEIGHT: 1.25;" valign="top"&gt;&#13;
      &lt;td style="WIDTH: 18pt"&gt;&#13;
        &lt;div&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="WIDTH: 20pt"&gt;&#13;
        &lt;div&#13;
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
            &lt;font&#13;
            style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;middot;&lt;/font&gt;&#13;
          &lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&gt;&#13;
        &lt;div align="justify"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Population&#13;
          growth rates for Colorado and the Front&#13;
          Range.&lt;/font&gt;&amp;nbsp;&amp;nbsp;Population growth rates were&#13;
          utilized to predict anticipated growth along the Front&#13;
          Range which was used to predict an estimated number of&#13;
          new homes necessary to house the increased&#13;
          population.&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
  &lt;/table&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;table&#13;
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"&#13;
   width="100%" cellspacing="0" cellpadding="0" border="0"&#13;
  align="center"&gt;&#13;
    &lt;tr style="LINE-HEIGHT: 1.25;" valign="top"&gt;&#13;
      &lt;td style="WIDTH: 18pt"&gt;&#13;
        &lt;div&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="WIDTH: 20pt"&gt;&#13;
        &lt;div&#13;
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
            &lt;font&#13;
            style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;middot;&lt;/font&gt;&#13;
          &lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&gt;&#13;
        &lt;div align="justify"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
          Consumer Price Index since the 1980&amp;#146;s which was&#13;
          utilized to project estimated future water tap&#13;
          fees.&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
  &lt;/table&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;table&#13;
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"&#13;
   width="100%" cellspacing="0" cellpadding="0" border="0"&#13;
  align="center"&gt;&#13;
    &lt;tr style="LINE-HEIGHT: 1.25;" valign="top"&gt;&#13;
      &lt;td style="WIDTH: 18pt"&gt;&#13;
        &lt;div&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="WIDTH: 20pt"&gt;&#13;
        &lt;div&#13;
        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&#13;
            &lt;font&#13;
            style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;middot;&lt;/font&gt;&#13;
          &lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&gt;&#13;
        &lt;div align="justify"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Net&#13;
          Revenues from the farm leasing operations in 2010&#13;
          obtained from HP A&amp;amp;M.&amp;nbsp;&amp;nbsp;This was used to&#13;
          project annual farm leasing operations through September&#13;
          2014 which is the date through which the management&#13;
          agreement was extended as described below.&amp;nbsp;&amp;nbsp;The&#13;
          Company is permitted to allocate 26.9% of the Net&#13;
          Revenues against the Tap Participation Fee through&#13;
          September 2014.&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
  &lt;/table&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Utilizing&#13;
  this historical information, the Company projected an estimated&#13;
  new home development pattern in its targeted service area&#13;
  sufficient to cover the sale of the water taps subject to the Tap&#13;
  Participation Fee at the date of the revaluation, which was&#13;
  September 1, 2011.&amp;nbsp;&amp;nbsp;The estimated proceeds generated&#13;
  from the sale of those water taps resulted in estimated payments&#13;
  to HP A&amp;amp;M over the life of the projected development period&#13;
  of $120.6 million, which is an increase of $7.5 million from the&#13;
  previous valuation completed in fiscal 2009.&amp;nbsp;&amp;nbsp;The&#13;
  estimated payments to HP A&amp;amp;M are then discounted to the&#13;
  current valuation date and the difference between the amount&#13;
  reflected on the Company&amp;#146;s balance sheet at the valuation&#13;
  date and the total estimated payments is imputed as interest&#13;
  expense over the estimated development time using the effective&#13;
  interest method.&amp;nbsp;&amp;nbsp;The implied interest rate for the&#13;
  most recent valuation was 5.3% which was a 1.0% decrease from the&#13;
  prior valuation completed in fiscal 2009.&amp;nbsp;&amp;nbsp;As a result&#13;
  of the change in the net realizable value and the interest rate,&#13;
  the amount of interest the Company imputed during the three and&#13;
  six months ended February 29, 2012, decreased $152,600 and&#13;
  $299,900, respectively, compared to the interest the Company&#13;
  would have imputed in accordance with the valuation completed in&#13;
  fiscal 2009.&amp;nbsp;&amp;nbsp;This equates to $.01 per basic and&#13;
  diluted share for both the three and six months ended February&#13;
  29, 2012.&amp;nbsp;&amp;nbsp;This will result in a decrease in the&#13;
  imputed interest of $620,900 for the fiscal year ending August&#13;
  31, 2012, which is $.03 per basic and diluted share based on the&#13;
  weighted average shares outstanding at February 29, 2012.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  $66.6 million balance at February 29, 2012, includes $22.0&#13;
  million of interest which has been imputed since the acquisition&#13;
  date, recorded using the effective interest&#13;
  method.&amp;nbsp;&amp;nbsp;Payment of the Tap Participation Fee may be&#13;
  accelerated in the event of a merger, reorganization, sale of&#13;
  substantially all assets, or similar transactions and in the&#13;
  event of bankruptcy and insolvency events.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Actual new&#13;
  home development in the Company&amp;#146;s service area and actual&#13;
  future tap fees inevitably will vary significantly from the&#13;
  Company&amp;#146;s estimates which could have a material impact on&#13;
  the Company&amp;#146;s financial statements. An important component&#13;
  in the Company&amp;#146;s estimate of the value of the Tap&#13;
  Participation Fee, which is based on historical trends, is that&#13;
  the Company reasonably expects water tap fees to continue to&#13;
  increase in the coming years. Tap fees are market based and the&#13;
  continued increase in tap fees reflects, among other things, the&#13;
  increasing costs to acquire and develop new water&#13;
  supplies.&amp;nbsp;&amp;nbsp;Tap fees thus are partially indicative of&#13;
  the increasing value of the Company&amp;#146;s water&#13;
  assets.&amp;nbsp;&amp;nbsp;The Company continues to assess the value of&#13;
  the Tap Participation Fee liability and updates its valuation&#13;
  analysis whenever events or circumstances indicate the&#13;
  assumptions used to estimate the value of the liability have&#13;
  changed materially. The difference between the net present value&#13;
  and the estimated realizable value will be imputed as interest&#13;
  expense using the effective interest method over the estimated&#13;
  development period utilized in the valuation of the Tap&#13;
  Participation Fee.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;div&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Extension&#13;
  of the farm management agreement&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  17,500 acres acquired by the Company pursuant to the Arkansas&#13;
  River Agreement are being leased to area&#13;
  farmers.&amp;nbsp;&amp;nbsp;Those leases are managed by HP A&amp;amp;M and HP&#13;
  A&amp;amp;M retains all income generated by the farm leasing&#13;
  operations.&amp;nbsp;&amp;nbsp;During the extended term, all Net Revenue&#13;
  retained by HP A&amp;amp;M is required to be applied to repayment of&#13;
  the outstanding promissory notes owed by HP&#13;
  A&amp;amp;M.&amp;nbsp;&amp;nbsp;These promissory notes are secured by deeds&#13;
  of trust on the farm properties owned by the&#13;
  Company.&amp;nbsp;&amp;nbsp;The initial term of the management agreement&#13;
  with HP A&amp;amp;M expired on August 31, 2011.&amp;nbsp;&amp;nbsp;Because&#13;
  certain events in the Arkansas River Agreement did not occur&#13;
  prior to August 31, 2011, the management agreement remains in&#13;
  effect until 60 days after HP A&amp;amp;M repays all remaining farm&#13;
  debt (described below) owed by HP A&amp;amp;M or September 23, 2014,&#13;
  whichever comes first.&amp;nbsp;&amp;nbsp;During the extended term of the&#13;
  management agreement, the Company is permitted to allocate a&#13;
  defined percentage of the Net Revenues (defined as all lease and&#13;
  related income received from the farms less employee expenses,&#13;
  direct expenses for managing the leases and a reasonable overhead&#13;
  allocation) paid to HP A&amp;amp;M against the Tap Participation&#13;
  Fee.&amp;nbsp;&amp;nbsp;The allocation rate is calculated as the total&#13;
  consideration paid to HP A&amp;amp;M pursuant to the Arkansas River&#13;
  Agreement divided by $50.0 million.&amp;nbsp;&amp;nbsp;The total&#13;
  consideration is calculated as any Tap Participation Fee payments&#13;
  made to HP A&amp;amp;M plus the value of the Company&amp;#146;s common&#13;
  stock granted to HP A&amp;amp;M over a defined six month period&#13;
  between the date of the Arkansas River Agreement and August 31,&#13;
  2011.&amp;nbsp;&amp;nbsp;The value of the common stock is based on the&#13;
  average closing price of the common stock during a defined six&#13;
  months period.&amp;nbsp;&amp;nbsp;This calculation resulted in a 26.9%&#13;
  allocation rate. Effective September 1, 2011, the Company began&#13;
  applying this rate to the Net Revenues received by HP A&amp;amp;M&#13;
  related to their management of the Company&amp;#146;s farm&#13;
  leases.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font&#13;
  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Promissory&#13;
  Notes Payable by HP A&amp;amp;M&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Certain of&#13;
  the properties the Company acquired from HP A&amp;amp;M are subject&#13;
  to outstanding promissory notes payable to third parties with&#13;
  principal and accrued interest totaling $9.5 million and $10.0&#13;
  million at February 29, 2012 and August 31, 2011,&#13;
  respectively.&amp;nbsp;&amp;nbsp;In addition, HP A&amp;amp;M has balloon&#13;
  payments totaling $5.5 million due within twelve months of&#13;
  February 29, 2012.&amp;nbsp;&amp;nbsp;These promissory notes are secured&#13;
  by deeds of trust on the properties. The Company did not assume&#13;
  any of these promissory notes and is not responsible for making&#13;
  any of the required payments under these notes. This&#13;
  responsibility remains solely with HP A&amp;amp;M.&amp;nbsp;&amp;nbsp;In the&#13;
  event of default by HP A&amp;amp;M, at the Company&amp;#146;s sole&#13;
  discretion, the Company may make payments pursuant to any or all&#13;
  of the notes and cure any or all of the defaults. If the Company&#13;
  does not cure the defaults, it will lose the properties securing&#13;
  the defaulted notes.&amp;nbsp;&amp;nbsp;If HP A&amp;amp;M defaults on the&#13;
  promissory notes, the Company can foreclose on a defined amount&#13;
  of stock issued to HP A&amp;amp;M and reduce the Tap Participation&#13;
  Fee by two times the amount of notes defaulted on by HP&#13;
  A&amp;amp;M.&amp;nbsp;&amp;nbsp;The probability of HP A&amp;amp;M defaulting on&#13;
  the notes is deemed remote.&amp;nbsp;&amp;nbsp;As far as the Company is&#13;
  aware, as of February 29, 2012, HP A&amp;amp;M has not defaulted on&#13;
  any of the promissory notes.&amp;nbsp;&amp;nbsp;If HP A&amp;amp;M were to&#13;
  default on all of the notes, the Company would lose 60 of the 80&#13;
  (approximately 75%) real property interests it acquired and a&#13;
  comparable percentage of the water rights the Company acquired,&#13;
  which are associated with those properties, unless the Company&#13;
  cured the notes in default.&amp;nbsp;&amp;nbsp;The Company currently does&#13;
  not have enough funds to cure all of the notes.&amp;nbsp;&amp;nbsp;If&#13;
  that were to occur, the Company would need to seek additional&#13;
  financing or selectively choose the properties it would want to&#13;
  retain.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Because the&#13;
  outstanding notes are collateralized by the Company&amp;#146;s&#13;
  properties and Arkansas River water, HP A&amp;amp;M is deemed to be a&#13;
  Variable Interest Entity (&amp;#147;VIE&amp;#148;) per&#13;
  GAAP.&amp;nbsp;&amp;nbsp;However, because the Company will not absorb any&#13;
  of HP A&amp;amp;M&amp;#146;s expected losses or receive any of HP&#13;
  A&amp;amp;M&amp;#146;s expected gains, the Company is not deemed the&#13;
  &amp;#147;Primary Beneficiary&amp;#148; of HP A&amp;amp;M and therefore is&#13;
  not required to consolidate HP A&amp;amp;M.&amp;nbsp;&amp;nbsp;HP A&amp;amp;M&#13;
  became a VIE to the Company on August 30, 2006 when the Company&#13;
  acquired the Arkansas River water rights and properties subject&#13;
  to the outstanding promissory notes.&amp;nbsp;&amp;nbsp;HP A&amp;amp;M is a&#13;
  holding company that acquires water rights and related properties&#13;
  for investment and sale purposes.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold"&gt;Operating&#13;
  Lease&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Effective&#13;
  December 29, 2010, the Company entered into an operating lease&#13;
  for 1,200 square feet of office space.&amp;nbsp;&amp;nbsp;The lease has a&#13;
  two year term with payments of $1,500 per month.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
</us-gaap:DebtAndCapitalLeasesDisclosuresTextBlock>
  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="d_2011-09-01_2012-02-29">&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;NOTE&#13;
  5 &amp;#150; SHAREHOLDERS&amp;#146; EQUITY&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;font&#13;
    style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
  &lt;/div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
    Company maintains the 2004 Incentive Plan (the &amp;#147;Equity&#13;
    Plan&amp;#148;), which was approved by shareholders in April&#13;
    2004.&amp;nbsp;&amp;nbsp;Executives, eligible employees, consultants&#13;
    and non-employee directors are eligible to receive options and&#13;
    stock grants pursuant to the Equity Plan. Pursuant to the&#13;
    Equity Plan, options to purchase shares of stock and restricted&#13;
    stock awards can be granted with exercise prices, vesting&#13;
    conditions and other performance criteria determined by the&#13;
    Compensation Committee of the Board.&amp;nbsp;&amp;nbsp;The Company&#13;
    initially reserved 1.6 million shares of common stock for&#13;
    issuance under the Equity Plan. At February 29, 2012, the&#13;
    Company had 1,290,800 common shares that can be granted to&#13;
    eligible participants pursuant to the Equity Plan.&lt;/font&gt;&#13;
  &lt;/div&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  following table summarizes the stock option activity for the&#13;
  Equity Plan for the six months ended February 29, 2012:&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="left"&gt;&#13;
  &lt;table&#13;
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"&#13;
   width="100%" cellspacing="0" cellpadding="0"&gt;&#13;
    &lt;tr&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="31%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="15%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Number&#13;
          of&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Options&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="15%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Weighted-&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Average&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Exercise&#13;
          Price&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="15%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Weighted-&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Average&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Remaining&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Contractual&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Term&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="15%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Approximate&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Aggregate&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Instrinsic&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Value&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
      &lt;td valign="bottom" colspan="2" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Oustanding&#13;
          at beginning of period&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;280,000&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;6.10&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="15%" valign="bottom" colspan="2"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="15%" valign="bottom" colspan="2"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="white"&gt;&#13;
      &lt;td width="1%" valign="bottom" align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="31%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Granted&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;12,500&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;1.85&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="15%" valign="bottom" colspan="2"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="15%" valign="bottom" colspan="2"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="31%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Exercised&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
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        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="white"&gt;&#13;
      &lt;td width="1%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;*&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="31%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Intrinisic&#13;
          value less than $0&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
  &lt;/table&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  following table summarizes the activity and value of non-vested&#13;
  options as of and for the three and six months ended February 29,&#13;
  2012:&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="center"&gt;&#13;
  &lt;table&#13;
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"&#13;
   width="85%" cellspacing="0" cellpadding="0"&gt;&#13;
    &lt;tr&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="66%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="15%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Number&#13;
          of&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Options&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="15%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Weighted-&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Average&#13;
          Grant&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Date&#13;
          Fair Value&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
      &lt;td width="66%" valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Non-vested&#13;
          options oustanding at beginning of period&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;49,500&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;2.86&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="white"&gt;&#13;
      &lt;td style="PADDING-LEFT: 2%" width="66%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Granted&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;12,500&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;1.23&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
      &lt;td style="PADDING-LEFT: 2%" width="66%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Vested&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(12,500&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom" align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right" width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;3.11&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="white"&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%" width="66%"&#13;
      valign="bottom" align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Forfeited&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;(5,000&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;)&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;3.11&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="66%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Options&#13;
          not vested at February 29, 2012&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;44,500&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;2.30&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
  &lt;/table&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;All&#13;
  non-vested options are expected to vest.&amp;nbsp;&amp;nbsp;The total&#13;
  fair value of options vested during the three and six months&#13;
  ended February 29, 2012 and February 28, 2011 was $38,900 and&#13;
  $31,200, respectively.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font&#13;
  style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;Stock-based&#13;
  compensation expense for the three months ended February 29, 2012&#13;
  and February 28, 2011, was $21,300 and $22,600, respectively.&#13;
  Stock-based compensation expense for the six months ended&#13;
  February 29, 2012 and February 28, 2011, was $40,100 and $44,100,&#13;
  respectively.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;At&#13;
  February 29, 2012, the Company has unrecognized expenses relating&#13;
  to non-vested options that are expected to vest totaling $52,100,&#13;
  which have a weighted average life of 1.5 years.&amp;nbsp;&amp;nbsp;The&#13;
  Company has not recorded any excess tax benefits to additional&#13;
  paid in capital.&lt;/font&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;div&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;/div&gt;&#13;
</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="d_2011-09-01_2012-02-29">&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;NOTE&#13;
  6 &amp;#150; RELATED PARTY TRANSACTIONS&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;In&#13;
  1995, the Company extended a loan to the District, a related&#13;
  party. The loan provided for borrowings of up to $250,000, is&#13;
  unsecured, bears interest based on the prevailing prime rate plus&#13;
  2% (5.25% at February 29, 2012) and matures on December 31, 2012.&#13;
  The $537,900 balance of the note receivable at February 29, 2012&#13;
  includes borrowings of $229,300 and accrued interest of&#13;
  $308,600.&amp;nbsp;&amp;nbsp;The $531,900 balance of the note receivable&#13;
  at August 31,&amp;nbsp;&amp;nbsp;2011 includes borrowings of $229,300 and&#13;
  accrued interest of $302,600.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;HP&#13;
  A&amp;amp;M paid the Company $10,500 and $21,000 during each of the&#13;
  three and six months in the periods ended February 29, 2012 and&#13;
  February 28, 2011, respectively.&amp;nbsp;&amp;nbsp;This is to reimburse&#13;
  the Company for 50% of the salary and expenses of a Company&#13;
  employee that performs various farm management duties which are&#13;
  for the benefit of HP A&amp;amp;M since HP A&amp;amp;M manages the farm&#13;
  leases as described in Note 4 above.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="d_2011-09-01_2012-02-29">&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;NOTE&#13;
  7 &amp;#150; SIGNIFICANT CUSTOMER&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  Company sells wholesale water and wastewater services to the&#13;
  District pursuant to the Rangeview Water Agreements (defined in&#13;
  Note 4 to the 2011 Annual Report).&amp;nbsp;&amp;nbsp;Sales to the&#13;
  District accounted for 93% and 94% of the Company&amp;#146;s total&#13;
  water and wastewater revenues for the three months ended February&#13;
  29, 2012 and February 28, 2011, respectively.&amp;nbsp;&amp;nbsp;Sales to&#13;
  the District accounted for 91% and 94% of the Company&amp;#146;s&#13;
  total water and wastewater revenues for the six months ended&#13;
  February 29, 2012 and February 28, 2011,&#13;
  respectively.&amp;nbsp;&amp;nbsp;The District had one significant&#13;
  customer, the Ridgeview Youth Services&#13;
  Center.&amp;nbsp;&amp;nbsp;Pursuant to the Rangeview Water Agreements the&#13;
  Company is providing water and wastewater services to this&#13;
  customer on behalf of the District.&amp;nbsp;&amp;nbsp;The&#13;
  District&amp;#146;s significant customer accounted for 80% and 83% of&#13;
  the Company&amp;#146;s total water and wastewater revenues for the&#13;
  three months ended February 29, 2012 and February 28, 2011,&#13;
  respectively.&amp;nbsp;&amp;nbsp;The District&amp;#146;s significant customer&#13;
  accounted for 71% and 82% of the Company&amp;#146;s total water and&#13;
  wastewater revenues for the six months ended February 29, 2012&#13;
  and February 28, 2011, respectively.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;The&#13;
  Company had accounts receivable from the District which accounted&#13;
  for 95% and 87% of the Company&amp;#146;s trade receivables balances&#13;
  at February 29, 2012 and August 31, 2011,&#13;
  respectively.&amp;nbsp;&amp;nbsp;Accounts receivable from the&#13;
  District&amp;#146;s largest customer accounted for 84% and 74% of the&#13;
  Company&amp;#146;s trade receivables as of February 29, 2012 and&#13;
  August 31, 2011, respectively.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
</us-gaap:ConcentrationRiskDisclosureTextBlock>
  <us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="d_2011-09-01_2012-02-29">&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;NOTE&#13;
  8 &amp;#150; ACCRUED LIABILITIES&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;At&#13;
  February 29, 2012, the Company had accrued liabilities of&#13;
  $100,400, of which $59,500 was for estimated property taxes and&#13;
  $40,800 was for professional fees.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;At&#13;
  August 31, 2011, the Company had accrued liabilities of $118,600,&#13;
  of which $62,400 was for estimated property taxes on the Sky&#13;
  Ranch property, $49,500 was for professional fees, and the&#13;
  remaining $6,700 was related to operating payables.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
  <us-gaap:LegalMattersAndContingenciesTextBlock contextRef="d_2011-09-01_2012-02-29">&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;NOTE&#13;
  9 &amp;#150; LEGAL PROCEEDINGS&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;On&#13;
  December 19, 2011, the Company and the District filed a lawsuit&#13;
  against the State of Colorado by and through the Land Board. The&#13;
  complaint was filed with the District Court, City and County of&#13;
  Denver, Colorado. The Company and the District are claiming that&#13;
  the Land Board breached, and will breach, agreements entered into&#13;
  by the Land Board with the Company and the District in connection&#13;
  with a 1996 settlement agreement. Those agreements include the&#13;
  Amended and Restated Water Lease, dated as of April 4, 1996,&#13;
  between the Land Board and the District and the Service Agreement&#13;
  of the same date between the Company and the District. As&#13;
  initially reported in a Current Report on Form 8-K filed on&#13;
  November 29, 2011, the Land Board issued a Request for Proposal&#13;
  that included a draft lease agreement related to oil and gas&#13;
  rights at the Land Board&amp;#146;s Lowry Range.&amp;nbsp;&amp;nbsp;The&#13;
  Company believes the draft lease agreement did not adequately&#13;
  address or protect the Company&amp;#146;s exclusive right to provide&#13;
  water to the Lowry Range. As a result of this breach, the Company&#13;
  and the District are claiming damages which will be proven at&#13;
  trial.&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
&lt;div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;font&#13;
    style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
  &lt;/div&gt;&#13;
  &lt;div&gt;&#13;
    &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;As&#13;
    disclosed in two Form 8-K&amp;#146;s, one filed on February 16,&#13;
    2012 and one filed on February 29, 2012, HP A&amp;amp;M initiated a&#13;
    lawsuit against the Company alleging breaches of&#13;
    representations made in connection with the Arkansas River&#13;
    Agreement.&amp;nbsp;&amp;nbsp;HP A&amp;amp;M claims relate to the issues&#13;
    currently being litigated between the Company and the Land&#13;
    Board regarding the Company&amp;#146;s exclusive right to provide&#13;
    water service to the Land Board&amp;#146;s Lowry Range&#13;
    property.&lt;/font&gt;&#13;
  &lt;/div&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
  &lt;br /&gt;&#13;
&lt;/div&gt;&#13;
</us-gaap:LegalMattersAndContingenciesTextBlock>
  <us-gaap:CashFlowSupplementalDisclosuresTextBlock contextRef="d_2011-09-01_2012-02-29">&lt;div align="justify"&#13;
style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.9pt"&gt;&#13;
  &lt;font style="DISPLAY: inline; FONT-FAMILY: Times New Roman"&gt;NOTE&#13;
  10 &amp;#150; SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES&lt;/font&gt;&#13;
&lt;/div&gt;&#13;
&lt;div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block"&gt;&#13;
&amp;nbsp;&lt;/div&gt;&#13;
&lt;div align="center"&gt;&#13;
  &lt;table&#13;
  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"&#13;
   width="90%" cellspacing="0" cellpadding="0"&gt;&#13;
    &lt;tr&gt;&#13;
      &lt;td width="66%" valign="bottom" align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td width="32%" valign="bottom" colspan="6"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Six&#13;
          Months Ended:&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left" width="1%" valign="bottom"&#13;
      nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="66%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="15%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;February&#13;
          29, 2012&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 2px solid" width="15%"&#13;
      valign="bottom" colspan="2"&gt;&#13;
        &lt;div align="center"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;February&#13;
          28, 2011&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="#C0FFFF"&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="66%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;div align="left"&#13;
        style="LINE-HEIGHT: 1.25; TEXT-INDENT: -20pt; DISPLAY: block; MARGIN-LEFT: 20pt; MARGIN-RIGHT: 0pt"&gt;&#13;
          &lt;font&#13;
          style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;Increase&#13;
          in estimated Tap Participation Fee liability and related&#13;
          discount&lt;/font&gt;&#13;
        &lt;/div&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="right"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;7,450,000&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"&#13;
      width="1%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;$&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td&#13;
      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"&#13;
      width="14%" valign="bottom"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;-&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
      &lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"&#13;
      valign="bottom" nowrap="nowrap"&gt;&#13;
        &lt;font&#13;
        style="DISPLAY: inline; FONT-FAMILY: times new roman"&gt;&amp;nbsp;&lt;/font&gt;&#13;
      &lt;/td&gt;&#13;
    &lt;/tr&gt;&#13;
    &lt;tr bgcolor="white"&gt;&#13;
      &lt;td style="PADDING-BOTTOM: 4px" width="66%" valign="bottom"&#13;
      align="left"&gt;&#13;
        &lt;div align="left"&#13;
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<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>5
<FILENAME>pcyo-20120229.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<!--Generated by XBRL Converter - 12:08PM 13/4/2012 PDT-->
<xsd:schema xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:dei="http://xbrl.sec.gov/dei/2011-01-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:pcyo="http://www.purecyclewater.com/20120229" xmlns:us-gaap="http://fasb.org/us-gaap/2011-01-31" xmlns:us-roles="http://fasb.org/us-roles/2011-01-31" xmlns:us-types="http://fasb.org/us-types/2011-01-31" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" attributeFormDefault="unqualified" elementFormDefault="qualified" targetNamespace="http://www.purecyclewater.com/20120229">
  <xsd:import namespace="http://fasb.org/us-types/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-types-2011-01-31.xsd"/>
  <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <xsd:import namespace="http://fasb.org/us-gaap/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd"/>
  <xsd:import namespace="http://xbrl.sec.gov/dei/2011-01-31" schemaLocation="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd"/>
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  <xsd:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
  <xsd:annotation>
    <xsd:appinfo>
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      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="pcyo-20120229_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:type="simple"/>
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      <link:roleType id="DocumentAndEntityInformation" roleURI="http://www.purecyclewater.com/20120229/role/DocumentAndEntityInformation">
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        <link:usedOn>link:presentationLink</link:usedOn>
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        <link:definition xmlns="http://www.xbrl.org/2003/linkbase">012 - Disclosure - Note 8 - Accrued Liabilities</link:definition>
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  <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_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-20120229_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8" standalone="no"?>
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<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">
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    <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"/>
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    <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"/>
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<TYPE>EX-101.LAB
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc"/>
    <link:label xlink:label="dei_DocumentInformationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information</link:label>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentInformationLineItems_lbl" xlink:type="arc"/>
    <link:label xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc"/>
    <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>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc"/>
    <link:label xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc"/>
    <link:label xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc"/>
    <link:label xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Period Focus</link:label>
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_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">Concentration Risk Disclosure [Text Block]</link:label>
    <link:labelArc 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">Fair Value Disclosures [Text Block]</link:label>
    <link:labelArc 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">us-gaap_AccountsPayableCurrent</link:label>
    <link:labelArc 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_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">us-gaap_NetCashProvidedByUsedInFinancingActivities</link:label>
    <link:labelArc 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 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 included with general and administrative expenses</link:label>
    <link:labelArc 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">Accounts Payable and Accrued Liabilities Disclosure [Text Block]</link:label>
    <link:labelArc 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 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 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 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_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">us-gaap_AssetsCurrent</link:label>
    <link:labelArc 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_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 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_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 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">Recognition of oil and gas lease deferred income</link:label>
    <link:labelArc 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">us-gaap_AccountsReceivableNetCurrent</link:label>
    <link:labelArc 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_DebtInstrumentConvertibleInterestExpense" xlink:label="us-gaap_DebtInstrumentConvertibleInterestExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DebtInstrumentConvertibleInterestExpense_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_DebtInstrumentConvertibleInterestExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Interest expense on Convertible Note - related party</link:label>
    <link:label xlink:label="us-gaap_DebtInstrumentConvertibleInterestExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DebtInstrumentConvertibleInterestExpense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentConvertibleInterestExpense" xlink:to="us-gaap_DebtInstrumentConvertibleInterestExpense_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 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 $54.0 million and $48.2 million discount, respectively</link:label>
    <link:labelArc 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 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">us-gaap_OtherCostOfServices</link:label>
    <link:labelArc 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 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 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 revenues and oil and gas lease income</link:label>
    <link:labelArc 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">Stockholders' Equity Note Disclosure [Text Block]</link:label>
    <link:labelArc 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">us-gaap_StockholdersEquity</link:label>
    <link:labelArc 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 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 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">us-gaap_NetCashProvidedByUsedInInvestingActivities</link:label>
    <link:labelArc 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 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 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">us-gaap_NetCashProvidedByUsedInOperatingActivities</link:label>
    <link:labelArc 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_PreferredStockIncludingAdditionalPaidInCapitalAbstract" xlink:label="us-gaap_PreferredStockIncludingAdditionalPaidInCapitalAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PreferredStockIncludingAdditionalPaidInCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Preferred stock:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockIncludingAdditionalPaidInCapitalAbstract" xlink:to="us-gaap_PreferredStockIncludingAdditionalPaidInCapitalAbstract_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 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_CommonStockIncludingAdditionalPaidInCapitalNetOfDiscountAbstract" xlink:label="us-gaap_CommonStockIncludingAdditionalPaidInCapitalNetOfDiscountAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockIncludingAdditionalPaidInCapitalNetOfDiscountAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common stock:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockIncludingAdditionalPaidInCapitalNetOfDiscountAbstract" xlink:to="us-gaap_CommonStockIncludingAdditionalPaidInCapitalNetOfDiscountAbstract_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">us-gaap_Assets</link:label>
    <link:labelArc 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">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 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 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_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">us-gaap_Liabilities</link:label>
    <link:labelArc 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 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">us-gaap_CostOfServices</link:label>
    <link:labelArc 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 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">Debt and Capital Leases Disclosures [Text Block]</link:label>
    <link:labelArc 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_CostOfRevenueAbstract" xlink:label="us-gaap_CostOfRevenueAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CostOfRevenueAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cost of revenues:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenueAbstract" xlink:to="us-gaap_CostOfRevenueAbstract_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">us-gaap_CostOfRevenue</link:label>
    <link:labelArc 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">Rangeview Metropolitan District, including accrued interest</link:label>
    <link:labelArc 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">us-gaap_LiabilitiesAndStockholdersEquity</link:label>
    <link:labelArc 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 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_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 income (loss)</link:label>
    <link:labelArc 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 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">Par value 1/3 of $.01 per share, 40 million shares authorized; 24,037,596 shares outstanding both periods presented</link:label>
    <link:labelArc 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 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_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note receivable - related party:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_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 xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:type="arc"/>
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    <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>
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    <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">shares outstanding</link:label>
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    <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 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>
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    <link:labelArc 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 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/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Trade accounts receivable</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInAccountsReceivable</link:label>
    <link:labelArc 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 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 Payable - related party</link:label>
    <link:labelArc 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">us-gaap_PaymentsToAcquireMarketableSecurities</link:label>
    <link:labelArc 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/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Interest added to notes receivable - related parties: Rangeview Metropolitan District</link:label>
    <link:label xlink:label="us-gaap_InterestAndFeeIncomeOtherLoans_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_InterestAndFeeIncomeOtherLoans</link:label>
    <link:labelArc 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 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/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Interest added to construction proceeds receivable</link:label>
    <link:label xlink:label="us-gaap_InterestAndFeeIncomeLoansRealEstateConstruction_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_InterestAndFeeIncomeLoansRealEstateConstruction</link:label>
    <link:labelArc 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 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">Par value 1/3 of per share</link:label>
    <link:labelArc 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 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 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">us-gaap_GrossProfit</link:label>
    <link:labelArc 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 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 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_OtherExpensesAbstract" xlink:label="us-gaap_OtherExpensesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherExpensesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherExpensesAbstract" xlink:to="us-gaap_OtherExpensesAbstract_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">us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization" xlink:to="us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization_lbl" xlink:type="arc"/>
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    <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: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"/>
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    <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>
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    <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 xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherIncome" xlink:to="us-gaap_OtherIncome_lbl" xlink:type="arc"/>
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    <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: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"/>
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    <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: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"/>
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    <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">us-gaap_Depreciation</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Depreciation" xlink:to="us-gaap_Depreciation_lbl" xlink:type="arc"/>
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    <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 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_ScenarioUnspecifiedDomain" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:type="locator"/>
    <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: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: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">Cash Flow, Supplemental Disclosures [Text Block]</link:label>
    <link:labelArc 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="pcyo-20120229.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 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 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_IncreaseDecreaseInPrepaidExpense" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Prepaid expenses</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInPrepaidExpense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:to="us-gaap_IncreaseDecreaseInPrepaidExpense_lbl" xlink:type="arc"/>
    <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: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: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: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/verboseLabel" xlink:type="resource" xml:lang="en-US">Prepaid expenses</link:label>
    <link:label xlink:label="us-gaap_PrepaidExpenseCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PrepaidExpenseCurrent</link:label>
    <link:labelArc 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">us-gaap_Revenues</link:label>
    <link:labelArc 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">us-gaap_InterestExpenseOther</link:label>
    <link:labelArc 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">us-gaap_OperatingIncomeLoss</link:label>
    <link:labelArc 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 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 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 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 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">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</link:label>
    <link:labelArc 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">us-gaap_LiabilitiesCurrent</link:label>
    <link:labelArc 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_LegalMattersAndContingenciesTextBlock" xlink:label="us-gaap_LegalMattersAndContingenciesTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LegalMattersAndContingenciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Matters and Contingencies [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LegalMattersAndContingenciesTextBlock" xlink:to="us-gaap_LegalMattersAndContingenciesTextBlock_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 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">us-gaap_GeneralAndAdministrativeExpense</link:label>
    <link:labelArc 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 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 land, water and water systems</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">us-gaap_PaymentsToAcquireOtherInvestments</link:label>
    <link:labelArc 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="pcyo-20120229.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 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="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 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="pcyo-20120229.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 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">Related Party Transactions Disclosure [Text Block]</link:label>
    <link:labelArc 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-20120229.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 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-20120229.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 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-20120229.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>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>pcyo-20120229_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>R9.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="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Note 4 - Long-term Obligations and Operating Lease<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Feb. 29, 2012</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_NotesToFinancialStatements', window );"><strong>Notes To Financial Statements</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_DebtAndCapitalLeasesDisclosuresTextBlock', window );">Debt and Capital Leases Disclosures [Text Block]</a></td>
        <td class="text"><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">NOTE

  4 &#150; LONG-TERM OBLIGATIONS AND 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">At

  February 29, 2012 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">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-WEIGHT: bold">Participating

  Interests in Export Water Supply</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">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).&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&#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>

</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">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>

</div>

<div>

  <br />

</div>

<div>

  <div>

    <font

    style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&nbsp;</font>

  </div>

  <div>

    <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">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; FONT-FAMILY: Times New Roman">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>

<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">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 and six months ended

  February 29, 2012 and February 28, 2011.&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 February 29, 2012 is $3.5 million:</font>

</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">

&nbsp;</div>

<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" width="25%" valign="bottom"

      align="right">

        <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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="13%"

      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">Export</font>

        </div>

        <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">Water</font>

        </div>

        <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">Proceeds</font>

        </div>

        <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">Received</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="13%"

      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">Initial</font>

        </div>

        <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">Export</font>

        </div>

        <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">Water</font>

        </div>

        <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">Proceeds</font>

        </div>

        <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">to

          Pure</font>

        </div>

        <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">Cycle</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="13%"

      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">Total</font>

        </div>

        <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">Potential</font>

        </div>

        <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">Third

          party</font>

        </div>

        <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">Obligation</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="13%"

      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">Paticipating</font>

        </div>

        <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">Interests</font>

        </div>

        <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">Liability</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="13%"

      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">Contingency</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">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="#C0FFFF">

      <td width="25%" 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">Original

          balances</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&#150;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">218,500</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">31,807,700</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">11,090,600</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">20,717,100</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="white">

      <td

      style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"

       width="25%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">

          <font

          style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman">Activity

          from inception until August 31, 2011:</font>

        </font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="#C0FFFF">

      <td style="PADDING-LEFT: 0pt; MARGIN-LEFT: 10pt" width="25%"

      valign="bottom" align="left">

        <div align="left"

        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 10pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: times new roman">Acquisitions</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&#150;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

    </tr>

    <tr bgcolor="white">

      <td

      style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; PADDING-LEFT: 0pt; MARGIN-LEFT: 10pt; MARGIN-RIGHT: 0pt"

       width="25%" valign="bottom">

        <div

        style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: -10pt; DISPLAY: block; MARGIN-LEFT: 20pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: times new roman">Option

          payments - Sky Ranch and The Hills at Sky Ranch</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">110,400</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

    </tr>

    <tr bgcolor="#C0FFFF">

      <td style="PADDING-LEFT: 0pt; MARGIN-LEFT: 10pt" width="25%"

      valign="bottom" align="left">

        <div align="left"

        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 10pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: times new roman">Arapahoe

          County tap fees *</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">533,000</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

    </tr>

    <tr bgcolor="white">

      <td

      style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 10pt"

       width="25%" valign="bottom" align="left">

        <div align="left"

        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 10pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: times new roman">Export

          Water sale payments</font>

        </div>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">85,100</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

    </tr>

    <tr bgcolor="#C0FFFF">

      <td width="25%" 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">Balance

          at August 31, 2010</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">728,500</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">27,821,000</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">3,476,700</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">1,212,100</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">2,264,400</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="white">

      <td width="25%" 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">Fiscal

          2012 activity:</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="12%" 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="12%" 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="12%" 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="12%" 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="12%" 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; PADDING-LEFT: 0pt; MARGIN-LEFT: 10pt"

       width="25%" valign="bottom" align="left">

        <div align="left"

        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 10pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: times new roman">Export

          Water sale payments</font>

        </div>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">10,300</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(7,200</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>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(3,100</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>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(2,000</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>

      </td>

    </tr>

    <tr bgcolor="white">

      <td style="PADDING-BOTTOM: 4px" width="25%" 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">Balance

          at February 29, 2012</font>

        </div>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">738,800</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">27,813,800</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">3,473,600</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">1,211,200</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">2,262,400</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">&nbsp;</font>

      </td>

    </tr>

  </table>

</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">

  <font

  style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&nbsp;</font>

</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">

  <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">

  <font

  style="DISPLAY: inline; FONT-FAMILY: Times New Roman">*&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">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

  February 29, 2012).</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-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">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">The

  $66.6 million Tap Participation Fee liability at February 29,

  2012, 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 19,445 water taps sold by the

  Company.&nbsp;&nbsp;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.&nbsp;&nbsp;The 40,000 water taps was

  reduced to 19,445 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 26.9% 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>

  <br />

</div>

<div>

  <div>

    <font

    style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&nbsp;</font>

  </div>

  <div>

    <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">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>

<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: 20pt">

        <div

        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: Times New Roman">

            <font

            style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&middot;</font>

          </font>

        </div>

      </td>

      <td>

        <div align="justify">

          <font

          style="DISPLAY: inline; FONT-FAMILY: Times New Roman">New

          homes constructed in the area known as the 11-county

          &#147;Front Range&#148; from the 1980&#146;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: 20pt">

        <div

        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: Times New Roman">

            <font

            style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&middot;</font>

          </font>

        </div>

      </td>

      <td>

        <div align="justify">

          <font

          style="DISPLAY: inline; FONT-FAMILY: Times New Roman">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&#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>

        </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: 20pt">

        <div

        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: Times New Roman">

            <font

            style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&middot;</font>

          </font>

        </div>

      </td>

      <td>

        <div align="justify">

          <font

          style="DISPLAY: inline; FONT-FAMILY: Times New Roman">

          <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: 20pt">

        <div

        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: Times New Roman">

            <font

            style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&middot;</font>

          </font>

        </div>

      </td>

      <td>

        <div align="justify">

          <font

          style="DISPLAY: inline; FONT-FAMILY: Times New Roman">The

          Consumer Price Index since the 1980&#146;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: 20pt">

        <div

        style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: Times New Roman">

            <font

            style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&middot;</font>

          </font>

        </div>

      </td>

      <td>

        <div align="justify">

          <font

          style="DISPLAY: inline; FONT-FAMILY: Times New Roman">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 26.9% 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">Utilizing

  this historical information, the Company projected an estimated

  new home development pattern in its targeted service area

  sufficient to cover the sale of the water taps subject to the Tap

  Participation Fee at the date of the revaluation, which was

  September 1, 2011.&nbsp;&nbsp;The estimated proceeds generated

  from the sale of those 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&#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.&nbsp;&nbsp;The implied interest rate for the

  most recent valuation 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 and

  six months ended February 29, 2012, decreased $152,600 and

  $299,900, respectively, 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 for both the three and six months ended February

  29, 2012.&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 based on the

  weighted average shares outstanding at February 29, 2012.</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: 4.5pt">

  <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">The

  $66.6 million balance at February 29, 2012, includes $22.0

  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">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.&nbsp;&nbsp;Tap fees thus are partially indicative of

  the increasing value of the Company&#146;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>

  <br />

</div>

<div>

  <div>&nbsp;</div>

</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">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">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.&nbsp;&nbsp;During the extended term, all Net Revenue

  retained by HP A&amp;M is required to be applied to repayment of

  the outstanding promissory notes owed by HP

  A&amp;M.&nbsp;&nbsp;These promissory notes 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 allocation rate is calculated as the total

  consideration paid to HP A&amp;M pursuant to the Arkansas River

  Agreement divided by $50.0 million.&nbsp;&nbsp;The total

  consideration is calculated as any Tap Participation Fee payments

  made to HP A&amp;M plus the value of the Company&#146;s common

  stock granted to HP A&amp;M over a defined six month period

  between the date of the Arkansas River Agreement and August 31,

  2011.&nbsp;&nbsp;The value of the common stock is based on the

  average closing price of the common stock during a defined six

  months period.&nbsp;&nbsp;This calculation resulted in a 26.9%

  allocation rate. 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&#146;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">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">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 $9.5 million and $10.0

  million at February 29, 2012 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

  February 29, 2012.&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&#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.&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 February 29, 2012, 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">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.&nbsp;&nbsp;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.&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-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">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

  two 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>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NotesToFinancialStatements">
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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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            <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>
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end

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<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>13
<FILENAME>Financial_Report.xls
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>R8.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="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">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Feb. 29, 2012</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_NotesToFinancialStatements', window );"><strong>Notes To Financial Statements</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 );">Cost-method Investments, Description [Text Block]</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">NOTE

  3 &#150; 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">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.&nbsp;&nbsp;There have been no significant changes

  to the Company&#146;s water rights or water and wastewater

  service agreements during the three and six months ended February

  29, 2012.</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">The

  Company&#146;s water, water systems, land and improvements

  consist of the following costs and accumulated depreciation and

  depletion at February 29, 2012 and August 31, 2011:</font>

</div>

<div>

  <br />

</div>

<div>

  <div>

    <div align="center"

    style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</div>

  </div>

</div>

<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" width="40%" 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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="28%"

      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">February

          29, 2012</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="28%"

      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">August

          31, 2011</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">&nbsp;</font>

      </td>

    </tr>

    <tr>

      <td style="PADDING-BOTTOM: 2px" width="40%" 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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="13%"

      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">Costs</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="13%"

      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">Accumulated</font>

        </div>

        <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">Depreciation</font>

        </div>

        <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">and

          Depletion</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="13%"

      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">Costs</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="13%"

      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">Accumulated</font>

        </div>

        <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">Depreciation</font>

        </div>

        <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">and

          Depletion</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">&nbsp;</font>

      </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">Arkansas

          River Valley assets</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(1,230,000</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">)</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </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="DISPLAY: inline; FONT-FAMILY: times new roman">Rangeview

          water supply</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">14,306,400</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </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">Paradise

          water supply</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&#150;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&#150;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </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="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(36,300</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">)</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </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">Fairgrounds

          water and water system</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(490,500</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">)</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </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="DISPLAY: inline; FONT-FAMILY: times new roman">Rangeview

          water system</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">167,700</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(65,000</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">)</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">167,700</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

    </tr>

    <tr bgcolor="#C0FFFF">

      <td style="PADDING-BOTTOM: 2px" 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">Water

          supply &#150; other</font>

        </div>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(16,100</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>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

    </tr>

    <tr bgcolor="white">

      <td style="PADDING-BOTTOM: 2px" 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">Totals</font>

        </div>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">108,177,600</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(1,844,600</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>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

    </tr>

    <tr bgcolor="#C0FFFF">

      <td width="40%" valign="bottom" align="left">

        <div align="left"

        style="LINE-HEIGHT: 1.25; TEXT-INDENT: -10pt; DISPLAY: block; MARGIN-LEFT: 10pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">106,333,000</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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="12%" 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">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&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="12%" 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="40%" 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="12%" 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="12%" 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="12%" 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="12%" 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="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">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">&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>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">3,786,600</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(2,900</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>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&#150;</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">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="white">

      <td style="PADDING-BOTTOM: 4px" width="40%" valign="bottom"

      align="left">

        <div align="left"

        style="LINE-HEIGHT: 1.25; TEXT-INDENT: -10pt; DISPLAY: block; MARGIN-LEFT: 10pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">110,116,700</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">&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="12%" 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">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="12%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&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="12%" 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 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">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

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Depletion

  and Depreciation.</font>

  <font

  style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&nbsp;</font>The

  Company recorded $100 of depletion charges during each of the

  three month periods ended February 29, 2012 and February 28,

  2011, respectively.&nbsp;&nbsp;The Company recorded $200 of

  depletion charges during each of the six month periods ended

  February 29, 2012 and February 28, 2011,

  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 February 29, 2012.</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">The

  Company recorded $77,000 and $75,100 of depreciation expense

  during the three months ended February 29, 2012 and February 28,

  2011, respectively.&nbsp;&nbsp;The Company recorded $152,700 and

  $150,200 of depreciation expense during the six months ended

  February 29, 2012 and February 28, 2011, 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_NotesToFinancialStatements">
        <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_NotesToFinancialStatements</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>
                  </tr>
                  <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>
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          </td>
        </tr>
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<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="ID0EMSAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Balance Sheets (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Feb. 29, 2012</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 90,392<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">3,509,465<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">46,147<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">213,268<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">3,924,055<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">106,333,035<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">3,783,683<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">268,336<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_RelatedPartyTransactionsAbstract', window );"><strong>Note receivable - related party:</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_NotesReceivableRelatedPartiesNoncurrent', window );">Rangeview Metropolitan District, including accrued interest</a></td>
        <td class="nump">537,876<span></span></td>
        <td class="nump">531,873<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_OtherAssetsNoncurrent', window );">Other assets</a></td>
        <td class="nump">16,495<span></span></td>
        <td class="nump">17,333<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_Assets', window );">Total assets</a></td>
        <td class="nump">114,863,480<span></span></td>
        <td class="nump">116,122,652<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_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_AccountsPayableCurrent', window );">Accounts payable</a></td>
        <td class="nump">32,609<span></span></td>
        <td class="nump">69,330<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_AccruedLiabilitiesCurrent', window );">Accrued liabilities</a></td>
        <td class="nump">100,404<span></span></td>
        <td class="nump">118,649<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_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="re">
        <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="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_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump">603,293<span></span></td>
        <td class="nump">658,259<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_DeferredRevenueNoncurrent', window );">Deferred revenues, less current portion</a></td>
        <td class="nump">1,306,600<span></span></td>
        <td class="nump">1,334,503<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_DeferredRevenueOilAndGasLeasePaymentLessCurrentPortion', window );">Deferred oil and gas lease payment, less current portion</a></td>
        <td class="nump">431,752<span></span></td>
        <td class="nump">638,990<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_RecordedPortionOfContingentObligation', window );">Participating Interests in Export Water Supply</a></td>
        <td class="nump">1,211,151<span></span></td>
        <td class="nump">1,212,232<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_OtherLongTermNotesPayable', window );">Tap Participation Fee payable to HP A&amp;M, net of $54.0 million and $48.2 million discount, respectively</a></td>
        <td class="nump">66,598,423<span></span></td>
        <td class="nump">64,988,329<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_Liabilities', window );">Total liabilities</a></td>
        <td class="nump">70,151,219<span></span></td>
        <td class="nump">68,832,313<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_CommitmentsAndContingencies', window );">Commitments and contingencies</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<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_PreferredStockIncludingAdditionalPaidInCapitalAbstract', window );"><strong>Preferred stock:</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 );">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_CommonStockIncludingAdditionalPaidInCapitalNetOfDiscountAbstract', window );"><strong>Common stock:</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_CommonStockValue', window );">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="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_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
        <td class="nump">103,320,428<span></span></td>
        <td class="nump">103,176,607<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_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated comprehensive income (loss)</a></td>
        <td class="nump">532<span></span></td>
        <td class="num">(2,903)<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_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
        <td class="num">(58,689,262)<span></span></td>
        <td class="num">(55,963,928)<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_StockholdersEquity', window );">Total shareholders' equity</a></td>
        <td class="nump">44,712,261<span></span></td>
        <td class="nump">47,290,339<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_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
        <td class="nump">$ 114,863,480<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_CommitmentsAndContingencies">
        <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>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</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 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<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 19<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 25<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 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.(a),19)<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 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 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14326-108349<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 Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 5<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 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 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 210.5-02.25)<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_CommitmentsAndContingencies</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_CommonStockIncludingAdditionalPaidInCapitalNetOfDiscountAbstract">
        <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_CommonStockIncludingAdditionalPaidInCapitalNetOfDiscountAbstract</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>
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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_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>
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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>instant</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_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>
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                  <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>
                    <td><nobr>us-gaap_DeferredRevenueNoncurrent</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_Liabilities">
        <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 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>
                    <td><nobr>us-gaap_Liabilities</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_LiabilitiesAndStockholdersEquity">
        <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 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>
                  </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>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_LiabilitiesCurrent">
        <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 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>
                    <td><nobr>us-gaap_LiabilitiesCurrent</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>instant</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_LiabilitiesCurrentAbstract">
        <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_LiabilitiesCurrentAbstract</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_MarketableSecuritiesCurrent">
        <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 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>
                  </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_NotesAndLoansReceivableNetCurrent">
        <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>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>
                    <td><nobr>us-gaap_NotesAndLoansReceivableNetCurrent</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_NotesAndLoansReceivableNetNoncurrent">
        <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>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>
                  </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_NotesReceivableRelatedPartiesNoncurrent">
        <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>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_PreferredStockIncludingAdditionalPaidInCapitalAbstract">
        <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_PreferredStockIncludingAdditionalPaidInCapitalAbstract</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_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>
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                <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>
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                <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>
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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 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 class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent 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 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">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Feb. 29, 2012</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_NotesToFinancialStatements', window );"><strong>Notes To Financial Statements</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 );">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</a></td>
        <td class="text"><div>

  <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">NOTE

  1 &#150; 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">The

  February 29, 2012 balance sheet, the statements of operations for

  the three and six months ended February 29, 2012 and February 28,

  2011, and the statements of cash flows for the six months ended

  February 29, 2012 and February 28, 2011, 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 February 29, 2012, 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">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'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 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&#146;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

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Use

  of Estimates.&nbsp;&nbsp;</font>The preparation of financial

  statements 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

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; 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

  February 29, 2012 or August 31, 2011.&nbsp;&nbsp;The Company

  maintains its cash balances at a high quality financial

  institution in accounts which are federally insured.</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

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Financial

  Instruments &#150; 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.&nbsp;&nbsp;&nbsp;At no time during the three and six

  months ended February 29, 2012, 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>

</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">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">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">The

  amounts reported on the balance sheets for cash, 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">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 February 29,

  2012 and August 31, 2011.&nbsp;&nbsp;The Company has accumulated

  net unrealized gains totaling $500 and net unrealized losses

  totaling $2,900 as of February 29, 2012 and August 31, 2011,

  respectively.&nbsp;&nbsp;These securities include only federally

  insured certificates of deposit.&nbsp;&nbsp;The unrealized gain

  at February 29, 2012 and the unrealized loss at August 31, 2011

  were the 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">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">The

  amounts reported on the balance sheets for the construction

  proceeds receivable approximate fair value as it bears interest

  at a rate which is comparable to current market rates.</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">The

  fair value of the Note Receivable &#150; related party is not

  practical to estimate due to the related party nature of the

  underlying transaction.</font>

</div>

<div>

  <br />

</div>

<div>

  <div>

    <font

    style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman">&nbsp;</font>

  </div>

  <div>

    <font

    style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman">Long-term

    Financial Liabilities</font>

  </div>

</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">The

  Comprehensive Amendment Agreement No. 1 (the &#147;CAA&#148; as

  further described in Note 4 below) is comprised of a recorded

  balance and an off-balance sheet or &#147;contingent&#148;

  obligation.&nbsp;&nbsp;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).&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">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>

</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

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; 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">Pursuant to

  the Asset Purchase Agreement (the &#147;Arkansas River

  Agreement&#148;) dated May 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.&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 and six months ended February 29,

  2012 or February 28, 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">During the

  three and six months ended February 29, 2012, the Company

  allocated farm revenue of $51,900 and $103,700, respectively, 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 12 and 24 water

  taps, respectively.&nbsp;&nbsp;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>

</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">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 $862,400 and $954,000 during the three months

  ended February 29, 2012 and February 28, 2011,

  respectively.&nbsp;&nbsp;The Company imputed interest of $1.7

  million and $1.9 million during the six months ended February 29,

  2012 and February 28, 2011, 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">At

  February 29, 2012, there remain 19,445 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

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Revenue

  Recognition.&nbsp;&nbsp;</font>The Company&#146;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">In

  August 2005, the Company entered into the Water Service Agreement

  (the &#147;County Agreement&#148;) with Arapahoe County (the

  &#147;County&#148;).&nbsp;&nbsp;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.&nbsp;&nbsp;The Company

  recognized $3,600 of water tap fee revenues during each of the

  three months ended February 29, 2012 and February 28, 2011,

  respectively.&nbsp;&nbsp;The Company recognized $7,100 of water

  tap fee revenues during each of the six months ended February 29,

  2012 and February 28, 2011, 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 &#147;Land Board&#148;) 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">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 February 29, 2012 and February 28,

  2011, respectively.&nbsp;&nbsp;The Company recognized $20,800 of

  Special Facilities funding as revenue during each of the six

  months ended February 29, 2012 and February 28, 2011,

  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">As of

  February 29, 2012, 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>

  <br />

</div>

<div>

  <div>

    <font

    style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&nbsp;</font>

  </div>

  <div>

    <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">

    <font

    style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; 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 &#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>

  </div>

</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

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; 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 &#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.&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 &#147;Sky Ranch&#148; 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 and six months ended

  February 29, 2012, the Company recognized $111,200 and $214,800

  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">As of

  February 29, 2012, the Company has deferred recognition of

  $846,200 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

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; 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&#146;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

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; 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">The

  Company recognized $21,400 and $21,800 of share-based

  compensation expense during the three months ended February 29,

  2012 and February 28, 2011, respectively.&nbsp;&nbsp;The Company

  recognized $40,100 and $44,100 of share-based compensation

  expense during the six months ended February 29, 2012 and

  February 28, 2011, respectively.</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

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; 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 February 29, 2012.</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">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">

  <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">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 February 29, 2012, 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 and six months ended February 29,

  2012 and February 28, 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

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Loss

  per Common Share</font>

  <font

  style="DISPLAY: inline; FONT-FAMILY: Times New Roman; 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 280,100,

  common share equivalents as of February 29, 2012 and February 28,

  2011, respectively.</font>

</div>

<div>

  <br />

</div>

<div>

  <div>

    <font

    style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&nbsp;</font>

  </div>

  <div>

    <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">

    <font

    style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; 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>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">

&nbsp;</div>

<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 valign="bottom" align="left">

        <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">&nbsp;</font>

      </td>

      <td 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">Three

          Months Ended:</font>

        </div>

      </td>

      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td 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">Six

          Months Ended:</font>

        </div>

      </td>

      <td style="TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&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">February

          29, 2012</font>

        </div>

      </td>

      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"

      valign="bottom" nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">February

          28, 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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">February

          29, 2012</font>

        </div>

      </td>

      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"

      valign="bottom" nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">February

          28, 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">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="#C0FFFF">

      <td width="32%" 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">Net

          loss</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(1,363,600</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">)</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(1,781,000</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">)</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(2,725,300</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">)</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(3,241,800</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">)</font>

      </td>

    </tr>

    <tr bgcolor="white">

      <td style="PADDING-BOTTOM: 2px" width="32%" 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">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">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">1,000</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(1,400</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>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">3,400</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(5,200</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>

      </td>

    </tr>

    <tr bgcolor="#C0FFFF">

      <td style="PADDING-BOTTOM: 4px" width="32%" 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">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">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(1,362,600</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>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(1,782,400</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>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(2,721,900</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>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(3,247,000</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>

      </td>

    </tr>

  </table>

</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

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; 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&#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.&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&#146;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 style="DISPLAY: inline; FONT-FAMILY: Times New Roman">In

  June 2011, the Financial Accounting Standards Board

  (&#147;FASB&#148;) issued Accounting Standards Update

  (&#147;ASU&#148;) No. 2011-05,</font>

  <font

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman">Comprehensive

  Income (Topic 220) &#150;</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

  style="DISPLAY: inline; FONT-FAMILY: Times New Roman">(&#147;ASU

  2011-05&#148;).&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>

</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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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <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>
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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 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;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 720<br><br> -SubTopic 15<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2122524<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 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=d3e5614-111684<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 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6970148&amp;loc=SL6228881-111685<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Name Statement of Position (SOP)<br><br> -Publisher AICPA<br><br> -Number 94-6<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 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 272<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70478-108055<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 205<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS140-4/FIN46(R)-8<br><br> -Paragraph 8, C1, C7<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> -Name FASB Interpretation (FIN)<br><br> -Publisher FASB<br><br> -Number 46R<br><br> -Paragraph 4, 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 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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<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 2 - Fair Value Measurements<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Feb. 29, 2012</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_NotesToFinancialStatements', window );"><strong>Notes To Financial Statements</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_FairValueDisclosuresTextBlock', window );">Fair Value Disclosures [Text Block]</a></td>
        <td class="text"><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">NOTE

  2

  <font

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">&#150;</font>

  FAIR VALUE MEASUREMENTS</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">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>

</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">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 February 29,

  2012.</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">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 February 29, 2012, its

  marketable securities.&nbsp;&nbsp;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>

</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">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.&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 February

  29, 2012, the Tap Participation Fee liability, which is described

  in greater detail 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">The

  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">

  <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">The

  following table provides information on the assets and

  liabilities measured at fair value on a recurring basis as of

  February 29, 2012:</font>

</div>

<div>

  <br />

</div>

<div>

  <div>&nbsp;</div>

</div>

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      align="left">

        <font

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      colspan="2" align="left">

        <font

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      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"

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        <font

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      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

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          <font

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      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

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        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>

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      <td style="PADDING-BOTTOM: 2px" width="11%" valign="bottom"

      colspan="2" align="left">

        <font

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      </td>

      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"

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        <font

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      </td>

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    <tr>

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        <font

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      </td>

      <td width="1%" valign="bottom">

        <font

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      </td>

      <td width="11%" valign="bottom" colspan="2">

        <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

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      </td>

      <td width="1%" valign="bottom">

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      </td>

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        <div align="center"

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          <font

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          / Other</font>

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        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="11%" valign="bottom" colspan="2">

        <div align="center"

        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

          <font

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          Prices</font>

        </div>

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        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

          <font

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          Active</font>

        </div>

        <div align="center"

        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

          <font

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          for Identical</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">Assets</font>

        </div>

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      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom">

        <font

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      </td>

      <td width="11%" valign="bottom" colspan="2">

        <div align="center"

        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

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        style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

          <font

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          <font

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      </td>

      <td width="1%" valign="bottom">

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      </td>

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        <div align="center"

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          <font

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          Unobservable Inputs</font>

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        <font

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      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

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          style="DISPLAY: inline; FONT-FAMILY: times new roman">Fair

          Value</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="11%"

      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">Value</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="11%"

      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">(Level

          1)</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="11%"

      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">(Level

          2)</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="11%"

      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">(Level

          3)</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid" width="11%"

      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">(Losses)</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">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="#C0FFFF">

      <td width="22%" 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">Marketable

          securities</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="10%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">3,509,500</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="10%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">3,509,000</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="10%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">-</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="10%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">3,509,500</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="10%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">-</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="10%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">500</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="white">

      <td width="22%" 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">Tap

          Participation Fee liability</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="10%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">66,598,400</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="10%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">66,598,400</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="10%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">-</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="10%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">-</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="10%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">66,598,400</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="10%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">-</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

    </tr>

  </table>

</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

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Level

  2 Asset &#150; Marketable Securities.&nbsp;&nbsp;</font>The

  Company&#146;s marketable securities are the Company&#146;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

  style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold">Level

  3 Liability &#150; Tap Participation Fee.&nbsp;&nbsp;</font>The

  Company&#146;s Tap Participation Fee liability is the

  Company&#146;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&#146;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">The

  following table presents the changes in the Tap Participation Fee

  for the three and six months ended February 29, 2012:</font>

</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">

&nbsp;</div>

<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" align="left">

        <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">&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">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">&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">&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">Gross

          Estimated</font>

        </div>

        <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">Tap

          Participation</font>

        </div>

        <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">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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">Tap</font>

        </div>

        <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">Participation</font>

        </div>

        <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">Fee

          Reported</font>

        </div>

        <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">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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">Discount

          - to</font>

        </div>

        <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">be

          imputed as</font>

        </div>

        <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">interest</font>

        </div>

        <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">expense

          in</font>

        </div>

        <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">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">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="#C0FFFF">

      <td width="49%" 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">Balance

          at August 31, 2011</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">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">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="white">

      <td width="49%" 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">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="14%" 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="14%" 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="14%" 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="49%" 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">&nbsp;&nbsp;Imputed

          interest recorded as "Other Expense"</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">-</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">1,713,800</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(1,713,800</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">)</font>

      </td>

    </tr>

    <tr bgcolor="white">

      <td width="49%" 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">&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">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">7,450,000</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">-</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">7,450,000</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="#C0FFFF">

      <td width="49%" 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">Purchases,

          sales, issuances, payments, and settlements</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">-</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(103,700</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">)</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">103,700</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="white">

      <td style="PADDING-BOTTOM: 2px" width="49%" 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">Transfers

          in and/or out of Level 3</font>

        </div>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </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>

      </td>

      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"

      valign="bottom" nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </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>

      </td>

      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"

      valign="bottom" nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </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>

      </td>

      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"

      valign="bottom" nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="#C0FFFF">

      <td style="PADDING-BOTTOM: 4px" width="49%" 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">Balance

          at February 29, 2012</font>

        </div>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">120,597,700</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">66,598,400</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">53,999,300</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">&nbsp;</font>

      </td>

    </tr>

  </table>

</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_NotesToFinancialStatements">
        <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_NotesToFinancialStatements</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_FairValueDisclosuresTextBlock">
        <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 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;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EREAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Balance Sheets (Parentheticals) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Feb. 29, 2012</div>
        </th>
        <th class="th">
          <div>Aug. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiumsOther', window );">Tap Participation Fee payable to HP A&amp;M discount</a></td>
        <td class="nump">$ 54.8<span></span></td>
        <td class="nump">$ 48.2<span></span></td>
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      <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_PreferredStockIncludingAdditionalPaidInCapitalAbstract', window );"><strong>Preferred stock:</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>
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      <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>
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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_PreferredStockSharesIssued', window );">Series B shares issued</a></td>
        <td class="nump">432,513<span></span></td>
        <td class="nump">432,513<span></span></td>
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      <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>
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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_PreferredStockLiquidationPreference', window );">Series B liquidation preference</a></td>
        <td class="nump">$ 432,513<span></span></td>
        <td class="nump">$ 432,513<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_CommonStockIncludingAdditionalPaidInCapitalNetOfDiscountAbstract', window );"><strong>Common stock:</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_CommonStockParOrStatedValuePerShare', window );">Par value 1/3 of per share</a></td>
        <td class="nump">$ 0.01<span></span></td>
        <td class="nump">$ 0.01<span></span></td>
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      <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_CommonStockSharesAuthorized', window );">shares authorized</a></td>
        <td class="nump">40,000,000<span></span></td>
        <td class="nump">40,000,000<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_CommonStockSharesOutstanding', window );">shares outstanding</a></td>
        <td class="nump">24,037,596<span></span></td>
        <td class="nump">24,037,596<span></span></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>
                    <td><nobr>us-gaap_CommonStockIncludingAdditionalPaidInCapitalNetOfDiscountAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></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>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;">
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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 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">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</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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            <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>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</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 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>
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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;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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        <tr>
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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 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>
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                <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 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>
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                <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>
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                <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>
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                <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="ID0EKIAE">
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        <td class="text">2012<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">Q2<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>
                  </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>xbrli:booleanItemType</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_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>
                  </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>xbrli:gMonthDayItemType</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_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>
                  </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:fiscalPeriodItemType</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_DocumentFiscalYearFocus">
        <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 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>
                  </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>xbrli:gYearItemType</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_DocumentInformationLineItems">
        <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_DocumentInformationLineItems</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>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>
        </tr>
        <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>
                  </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>xbrli:dateItemType</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_DocumentType">
        <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 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, POS AM 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>
                  </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:submissionTypeItemType</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_EntityCentralIndexKey">
        <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>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>
                  </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:centralIndexKeyItemType</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_EntityCommonStockSharesOutstanding">
        <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 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>
                  </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>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>
                  </tr>
                </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>
                  </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_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>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</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_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>
                  </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>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_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>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</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_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>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <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>
                  </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>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<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="ID0E1ABG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Statements of Operations (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Feb. 29, 2012</div>
        </th>
        <th class="th">
          <div>Feb. 28, 2011</div>
        </th>
        <th class="th">
          <div>Feb. 29, 2012</div>
        </th>
        <th class="th">
          <div>Feb. 28, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenues:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNet', window );">Metered water usage</a></td>
        <td class="nump">$ 24,439<span></span></td>
        <td class="nump">$ 25,285<span></span></td>
        <td class="nump">$ 66,000<span></span></td>
        <td class="nump">$ 61,601<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">11,582<span></span></td>
        <td class="nump">17,719<span></span></td>
        <td class="nump">23,629<span></span></td>
        <td class="nump">35,438<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>
        <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>
        <td class="nump">20,754<span></span></td>
        <td class="nump">20,754<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>
        <td class="nump">7,148<span></span></td>
        <td class="nump">7,148<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">49,972<span></span></td>
        <td class="nump">56,955<span></span></td>
        <td class="nump">117,531<span></span></td>
        <td class="nump">124,941<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_CostOfRevenueAbstract', window );"><strong>Cost of revenues:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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">(12,596)<span></span></td>
        <td class="num">(7,154)<span></span></td>
        <td class="num">(31,717)<span></span></td>
        <td class="num">(21,709)<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">(4,585)<span></span></td>
        <td class="num">(4,606)<span></span></td>
        <td class="num">(10,515)<span></span></td>
        <td class="num">(9,416)<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">(22,063)<span></span></td>
        <td class="num">(22,069)<span></span></td>
        <td class="num">(44,190)<span></span></td>
        <td class="num">(44,200)<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">(39,244)<span></span></td>
        <td class="num">(33,829)<span></span></td>
        <td class="num">(86,422)<span></span></td>
        <td class="num">(75,325)<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">10,728<span></span></td>
        <td class="nump">23,126<span></span></td>
        <td class="nump">31,109<span></span></td>
        <td class="nump">49,616<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_OtherExpensesAbstract', window );"><strong>Expenses:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
        <td class="num">(583,730)<span></span></td>
        <td class="num">(767,095)<span></span></td>
        <td class="num">(1,183,231)<span></span></td>
        <td class="num">(1,188,565)<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_Depreciation', window );">Depreciation</a></td>
        <td class="num">(55,020)<span></span></td>
        <td class="num">(53,121)<span></span></td>
        <td class="num">(108,492)<span></span></td>
        <td class="num">(106,194)<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_OperatingIncomeLoss', window );">Operating loss</a></td>
        <td class="num">(628,022)<span></span></td>
        <td class="num">(797,090)<span></span></td>
        <td class="num">(1,260,614)<span></span></td>
        <td class="num">(1,245,143)<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_OtherIncomeAndExpensesAbstract', window );"><strong>Other income (expense):</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></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_InvestmentIncomeInterest', window );">Interest income</a></td>
        <td class="nump">13,791<span></span></td>
        <td class="nump">10,344<span></span></td>
        <td class="nump">29,578<span></span></td>
        <td class="nump">27,094<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 );">Recognition of oil and gas lease deferred income</a></td>
        <td class="nump">103,618<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">207,238<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_OtherIncome', window );">Other</a></td>
        <td class="nump">9,414<span></span></td>
        <td class="nump">20,455<span></span></td>
        <td class="nump">12,264<span></span></td>
        <td class="nump">21,945<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 );">Interest imputed on the Tap Participation Fee payable to HP A&amp;M</a></td>
        <td class="num">(862,400)<span></span></td>
        <td class="num">(954,000)<span></span></td>
        <td class="num">(1,713,800)<span></span></td>
        <td class="num">(1,894,000)<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_DebtInstrumentConvertibleInterestExpense', window );">Interest expense on Convertible Note - related party</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(60,667)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(151,667)<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_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">$ (1,363,599)<span></span></td>
        <td class="num">$ (1,780,958)<span></span></td>
        <td class="num">$ (2,725,334)<span></span></td>
        <td class="num">$ (3,241,771)<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_EarningsPerShareBasicAndDiluted', window );">Net loss per common share - basic and diluted</a></td>
        <td class="num">$ (0.06)<span></span></td>
        <td class="num">$ (0.08)<span></span></td>
        <td class="num">$ (0.11)<span></span></td>
        <td class="num">$ (0.15)<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_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average common shares outstanding - basic and diluted</a></td>
        <td class="nump">24,037,596<span></span></td>
        <td class="nump">23,112,616<span></span></td>
        <td class="nump">24,037,596<span></span></td>
        <td class="nump">22,284,899<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_CostOfRevenueAbstract">
        <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_CostOfRevenueAbstract</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_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_DebtInstrumentConvertibleInterestExpense">
        <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 related to convertible debt instruments which has been recognized for the period, including the contractual interest coupon and amortization of the debt discount, 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 470<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 6<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928298&amp;loc=SL6036836-161870<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 APB14-1<br><br> -Paragraph 33<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></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_DebtInstrumentConvertibleInterestExpense</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_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_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>
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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>
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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_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_OtherExpensesAbstract">
        <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_OtherExpensesAbstract</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>
                  </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>
                  </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_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>
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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;">
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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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    <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 7 - Significant Customer<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Feb. 29, 2012</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_NotesToFinancialStatements', window );"><strong>Notes To Financial Statements</strong></a></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_ConcentrationRiskDisclosureTextBlock', window );">Concentration Risk Disclosure [Text Block]</a></td>
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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">NOTE

  7 &#150; SIGNIFICANT CUSTOMER</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">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).&nbsp;&nbsp;Sales to the

  District accounted for 93% and 94% of the Company&#146;s total

  water and wastewater revenues for the three months ended February

  29, 2012 and February 28, 2011, respectively.&nbsp;&nbsp;Sales to

  the District accounted for 91% and 94% of the Company&#146;s

  total water and wastewater revenues for the six months ended

  February 29, 2012 and February 28, 2011,

  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&#146;s significant customer accounted for 80% and 83% of

  the Company&#146;s total water and wastewater revenues for the

  three months ended February 29, 2012 and February 28, 2011,

  respectively.&nbsp;&nbsp;The District&#146;s significant customer

  accounted for 71% and 82% of the Company&#146;s total water and

  wastewater revenues for the six months ended February 29, 2012

  and February 28, 2011, respectively.</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">The

  Company had accounts receivable from the District which accounted

  for 95% and 87% of the Company&#146;s trade receivables balances

  at February 29, 2012 and August 31, 2011,

  respectively.&nbsp;&nbsp;Accounts receivable from the

  District&#146;s largest customer accounted for 84% and 74% of the

  Company&#146;s trade receivables as of February 29, 2012 and

  August 31, 2011, respectively.</font>

</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">

  <br />

</div>

<span></span></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 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>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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    <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 6 - Related Party Transactions<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Feb. 29, 2012</div>
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      </tr>
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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_NotesToFinancialStatements', window );"><strong>Notes To Financial Statements</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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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">NOTE

  6 &#150; RELATED PARTY TRANSACTIONS</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">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 February 29, 2012) and matures on December 31, 2012.

  The $537,900 balance of the note receivable at February 29, 2012

  includes borrowings of $229,300 and accrued interest of

  $308,600.&nbsp;&nbsp;The $531,900 balance of the note receivable

  at August 31,&nbsp;&nbsp;2011 includes borrowings of $229,300 and

  accrued interest of $302,600.</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">HP

  A&amp;M paid the Company $10,500 and $21,000 during each of the

  three and six months in the periods ended February 29, 2012 and

  February 28, 2011, 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>

</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">

  <br />

</div>

<span></span></td>
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                <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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    <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 10 - Supplemental Disclosures of Non-cash Activities<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Feb. 29, 2012</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_NotesToFinancialStatements', window );"><strong>Notes To Financial Statements</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_CashFlowSupplementalDisclosuresTextBlock', window );">Cash Flow, Supplemental Disclosures [Text Block]</a></td>
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  <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">NOTE

  10 &#150; SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES</font>

</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">

&nbsp;</div>

<div align="center">

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  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"

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      </td>

      <td width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="32%" valign="bottom" colspan="6">

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          <font

          style="DISPLAY: inline; FONT-FAMILY: times new roman">Six

          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">&nbsp;</font>

      </td>

    </tr>

    <tr>

      <td style="PADDING-BOTTOM: 2px" width="66%" 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">&nbsp;</font>

      </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">February

          29, 2012</font>

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      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"

      valign="bottom" nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </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">February

          28, 2011</font>

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      </td>

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      valign="bottom" nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

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    <tr bgcolor="#C0FFFF">

      <td style="PADDING-BOTTOM: 4px" width="66%" valign="bottom"

      align="left">

        <div align="left"

        style="LINE-HEIGHT: 1.25; TEXT-INDENT: -20pt; DISPLAY: block; MARGIN-LEFT: 20pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: times new roman">Increase

          in estimated Tap Participation Fee liability and related

          discount</font>

        </div>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">7,450,000</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </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>

      </td>

      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"

      valign="bottom" nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="white">

      <td style="PADDING-BOTTOM: 4px" width="66%" valign="bottom"

      align="left">

        <div align="left"

        style="LINE-HEIGHT: 1.25; TEXT-INDENT: -20pt; DISPLAY: block; MARGIN-LEFT: 20pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: times new roman">Farm

          revenue allocated against the Tap Participation Fee

          liability and additional paid in capital</font>

        </div>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">103,700</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </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>

      </td>

      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"

      valign="bottom" nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </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: -20pt; DISPLAY: block; MARGIN-LEFT: 20pt; MARGIN-RIGHT: 0pt">

          <font

          style="DISPLAY: inline; FONT-FAMILY: times new roman">Issuance

          of shares of restricted common stock upon conversion of

          the Convertible Note - Related Party</font>

        </div>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </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>

      </td>

      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"

      valign="bottom" nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">5,351,700</font>

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      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px" width="1%"

      valign="bottom" nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

    </tr>

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">

  <br />

</div>

<span></span></td>
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    </table>
    <div style="display: none;">
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          <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>
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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>
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    <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 8 - Accrued Liabilities<br></strong></div>
        </th>
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      <tr>
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          <div>Feb. 29, 2012</div>
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        <td class="text">&#xA0;<span></span></td>
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  <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">NOTE

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  <br />

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  <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">At

  February 29, 2012, the Company had accrued liabilities of

  $100,400, of which $59,500 was for estimated property taxes and

  $40,800 was for professional fees.</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">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.</font>

</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">

  <br />

</div>

<span></span></td>
      </tr>
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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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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <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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                <table border="0" cellpadding="0" cellspacing="0">
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<DOCUMENT>
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<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="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Note 9 - Legal Proceedings<br></strong></div>
        </th>
        <th class="th" colspan="1">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Feb. 29, 2012</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_NotesToFinancialStatements', window );"><strong>Notes To Financial Statements</strong></a></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_LegalMattersAndContingenciesTextBlock', window );">Legal Matters and Contingencies [Text Block]</a></td>
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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">NOTE

  9 &#150; LEGAL PROCEEDINGS</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">On

  December 19, 2011, 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 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&#146;s Lowry Range.&nbsp;&nbsp;The

  Company believes the draft lease agreement did not adequately

  address or protect the Company&#146;s 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>

</div>

<div>

  <br />

</div>

<div>

  <div>

    <font

    style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&nbsp;</font>

  </div>

  <div>

    <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">As

    disclosed in two Form 8-K&#146;s, one filed on February 16,

    2012 and one filed on February 29, 2012, HP A&amp;M initiated a

    lawsuit against the Company alleging breaches of

    representations made in connection with the Arkansas River

    Agreement.&nbsp;&nbsp;HP A&amp;M claims relate to the issues

    currently being litigated between the Company and the Land

    Board regarding the Company&#146;s exclusive right to provide

    water service to the Land Board&#146;s Lowry Range

    property.</font>

  </div>

</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">

  <br />

</div>

<span></span></td>
      </tr>
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        </tr>
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          <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">
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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 legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies.</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">
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
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<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="ID0ECFAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Statements of Cash Flows (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Feb. 29, 2012</div>
        </th>
        <th class="th">
          <div>Feb. 28, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">$ (2,725,334)<span></span></td>
        <td class="num">$ (3,241,771)<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">1,713,800<span></span></td>
        <td class="nump">1,894,000<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">155,210<span></span></td>
        <td class="nump">144,968<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 included with general and administrative expenses</a></td>
        <td class="nump">40,115<span></span></td>
        <td class="nump">44,050<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_DebtInstrumentConvertibleInterestExpense', window );">Interest expense on Convertible Note - related party</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">151,667<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">(10,092)<span></span></td>
        <td class="num">(11,893)<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 notes receivable - related parties: Rangeview Metropolitan District</a></td>
        <td class="num">(6,003)<span></span></td>
        <td class="num">(5,970)<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">52,337<span></span></td>
        <td class="nump">16,400<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_IncreaseDecreaseInPrepaidExpense', window );">Prepaid expenses</a></td>
        <td class="nump">28,732<span></span></td>
        <td class="nump">42,773<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">(54,966)<span></span></td>
        <td class="nump">107,360<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_IncreaseDecreaseInOtherDeferredLiability', window );">Deferred revenues and oil and gas lease income</a></td>
        <td class="num">(235,141)<span></span></td>
        <td class="num">(27,902)<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_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used by operating activities</a></td>
        <td class="num">(1,041,342)<span></span></td>
        <td class="num">(886,318)<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_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="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_ProceedsFromSaleAndMaturityOfMarketableSecurities', window );">Sales and maturities of marketable securities</a></td>
        <td class="nump">2,316,749<span></span></td>
        <td class="nump">531,157<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">(1,234,244)<span></span></td>
        <td class="num">(3,252,209)<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 land, water and water systems</a></td>
        <td class="num">(53,715)<span></span></td>
        <td class="num">(6,820,409)<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_NetCashProvidedByUsedInInvestingActivities', window );">Net cash provided (used) by investing activities</a></td>
        <td class="nump">1,028,790<span></span></td>
        <td class="num">(9,541,461)<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_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="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_ProceedsFromConstructionLoansPayable', window );">Arapahoe County construction proceeds</a></td>
        <td class="nump">34,249<span></span></td>
        <td class="nump">34,249<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_PaymentsToContingentObligationHolders', window );">Payments to contingent liability holders</a></td>
        <td class="num">(3,100)<span></span></td>
        <td class="num">(2,229)<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 Payable - related party</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,200,000<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_ProceedsFromIssuanceOrSaleOfEquity', window );">Net proceeds from sale of common stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,401,606<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_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by financing activities</a></td>
        <td class="nump">31,149<span></span></td>
        <td class="nump">10,633,626<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_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net change in cash and cash equivalents</a></td>
        <td class="nump">18,597<span></span></td>
        <td class="nump">205,847<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 - beginning of year</a></td>
        <td class="nump">71,795<span></span></td>
        <td class="nump">12,017<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 - end of year</a></td>
        <td class="nump">$ 90,392<span></span></td>
        <td class="nump">$ 217,864<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_PaymentsToContingentObligationHolders">
        <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>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_DebtInstrumentConvertibleInterestExpense">
        <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 related to convertible debt instruments which has been recognized for the period, including the contractual interest coupon and amortization of the debt discount, 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 470<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 6<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928298&amp;loc=SL6036836-161870<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 APB14-1<br><br> -Paragraph 33<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></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_DebtInstrumentConvertibleInterestExpense</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_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_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>
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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>us-gaap_IncreaseDecreaseInOtherOperatingAssetsAndLiabilitiesNetAbstract</nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></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_IncreaseDecreaseInPrepaidExpense">
        <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 of outstanding money paid in advance for goods or services that bring economic benefits for 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_IncreaseDecreaseInPrepaidExpense</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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                    <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_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>
                  </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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                    <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_InterestAndFeeIncomeOtherLoans">
        <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>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>
                  </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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                    <td><strong> Period Type:</strong></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_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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                    <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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                    <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_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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                    <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>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>
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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 );">- 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><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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      <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>
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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 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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                    <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>duration</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>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
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                    <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>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></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_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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        <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>
                  </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>
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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_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>
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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>
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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_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>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <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>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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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="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">6 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Feb. 29, 2012</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_NotesToFinancialStatements', window );"><strong>Notes To Financial Statements</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 );">Stockholders' Equity Note Disclosure [Text Block]</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">NOTE

  5 &#150; SHAREHOLDERS&#146; EQUITY</font>

</div>

<div>

  <br />

</div>

<div>

  <div>

    <font

    style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&nbsp;</font>

  </div>

  <div>

    <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">The

    Company maintains the 2004 Incentive Plan (the &#147;Equity

    Plan&#148;), 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 February 29, 2012, the

    Company had 1,290,800 common shares that can be granted to

    eligible participants pursuant to the Equity Plan.</font>

  </div>

</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">The

  following table summarizes the stock option activity for the

  Equity Plan for the six months ended February 29, 2012:</font>

</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">

&nbsp;</div>

<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" width="1%" valign="bottom"

      align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="31%" valign="bottom"

      align="left">

        <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">&nbsp;</font>

      </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">Number

          of</font>

        </div>

        <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">Options</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </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">Weighted-</font>

        </div>

        <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">Average</font>

        </div>

        <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">Exercise

          Price</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </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">Weighted-</font>

        </div>

        <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">Average</font>

        </div>

        <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">Remaining</font>

        </div>

        <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">Contractual</font>

        </div>

        <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">Term</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </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">Approximate</font>

        </div>

        <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">Aggregate</font>

        </div>

        <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">Instrinsic</font>

        </div>

        <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">Value</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">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="#C0FFFF">

      <td valign="bottom" colspan="2" 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">Oustanding

          at beginning of period</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">280,000</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">6.10</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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="15%" valign="bottom" colspan="2">

        <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 width="15%" valign="bottom" colspan="2">

        <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="1%" valign="bottom" align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>

      </td>

      <td width="31%" 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">Granted</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">12,500</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">1.85</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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="15%" valign="bottom" colspan="2">

        <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 width="15%" valign="bottom" colspan="2">

        <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="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>

      </td>

      <td width="31%" 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">Exercised</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&#150;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&#150;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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="15%" valign="bottom" colspan="2">

        <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 width="15%" valign="bottom" colspan="2">

        <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 style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="left">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="31%" 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">Forfeited

          or expired</font>

        </div>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(17,500</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>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"

      valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">5.99</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">&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="PADDING-BOTTOM: 2px" width="15%" 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" 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="PADDING-BOTTOM: 2px" width="15%" 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" 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="32%" valign="bottom"

      colspan="2" 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">Outstanding

          at February 29, 2012</font>

        </div>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">275,000</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">5.92</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 4px"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">5.6</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 4px"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">*</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">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="white">

      <td width="32%" valign="bottom" colspan="2" 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">Options

          exercisable at February 29, 2012</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">230,500</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">6.52</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: center" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">5.1</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: center" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">*</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="white">

      <td width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&nbsp;</font>

      </td>

      <td width="31%" 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="14%" 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="14%" 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="14%" 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="14%" 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="1%" 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>

        </div>

      </td>

      <td width="31%" 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">Intrinisic

          value less than $0</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="14%" 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="14%" 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="14%" 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="14%" 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>

  </table>

</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">The

  following table summarizes the activity and value of non-vested

  options as of and for the three and six months ended February 29,

  2012:</font>

</div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block">

&nbsp;</div>

<div align="center">

  <table

  style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"

   width="85%" cellspacing="0" cellpadding="0">

    <tr>

      <td style="PADDING-BOTTOM: 2px" width="66%" valign="bottom"

      align="left">

        <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">&nbsp;</font>

      </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">Number

          of</font>

        </div>

        <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">Options</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </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">Weighted-</font>

        </div>

        <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">Average

          Grant</font>

        </div>

        <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">Date

          Fair Value</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">&nbsp;</font>

      </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">Non-vested

          options oustanding at beginning of period</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">49,500</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">2.86</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="white">

      <td style="PADDING-LEFT: 2%" 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">Granted</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">12,500</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">1.23</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="#C0FFFF">

      <td style="PADDING-LEFT: 2%" 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">Vested</font>

        </div>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td width="1%" valign="bottom" align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right" width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">3.11</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom"

      nowrap="nowrap">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

    </tr>

    <tr bgcolor="white">

      <td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%" 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">Forfeited</font>

        </div>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">(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>

      </td>

      <td style="PADDING-BOTTOM: 2px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px" width="1%"

      valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">3.11</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">&nbsp;</font>

      </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">Options

          not vested at February 29, 2012</font>

        </div>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&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">&nbsp;</font>

      </td>

      <td

      style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">44,500</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">&nbsp;</font>

      </td>

      <td style="PADDING-BOTTOM: 4px" width="1%" valign="bottom"

      align="right">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">&nbsp;</font>

      </td>

      <td style="TEXT-ALIGN: left" width="1%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">$</font>

      </td>

      <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"

      width="14%" valign="bottom">

        <font

        style="DISPLAY: inline; FONT-FAMILY: times new roman">2.30</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">&nbsp;</font>

      </td>

    </tr>

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</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">All

  non-vested options are expected to vest.&nbsp;&nbsp;The total

  fair value of options vested during the three and six months

  ended February 29, 2012 and February 28, 2011 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">Stock-based

  compensation expense for the three months ended February 29, 2012

  and February 28, 2011, was $21,300 and $22,600, respectively.

  Stock-based compensation expense for the six months ended

  February 29, 2012 and February 28, 2011, was $40,100 and $44,100,

  respectively.</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">At

  February 29, 2012, the Company has unrecognized expenses relating

  to non-vested options that are expected to vest totaling $52,100,

  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>

  <br />

</div>

<div>

  <br />

</div>

<div>

  <div>&nbsp;</div>

</div>

<span></span></td>
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    <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>
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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 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.  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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 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.  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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 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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