<SEC-DOCUMENT>0001387131-14-000179.txt : 20140117
<SEC-HEADER>0001387131-14-000179.hdr.sgml : 20140117
<ACCEPTANCE-DATETIME>20140117140739
ACCESSION NUMBER:		0001387131-14-000179
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20140115
FILED AS OF DATE:		20140117
DATE AS OF CHANGE:		20140117

ISSUER:		

	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

	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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HOWELL PETER C
		CENTRAL INDEX KEY:			0001210427

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08814
		FILM NUMBER:		14534552

	MAIL ADDRESS:	
		STREET 1:		C/O LIBBEY INC
		STREET 2:		P O BOX 10060
		CITY:			TOLEDO
		STATE:			OH
		ZIP:			43699-0060
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>howell-form4_011714.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2014-01-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000276720</issuerCik>
        <issuerName>PURE CYCLE CORP</issuerName>
        <issuerTradingSymbol>PYCO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001210427</rptOwnerCik>
            <rptOwnerName>HOWELL PETER C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O LIBBEY INC</rptOwnerStreet1>
            <rptOwnerStreet2>P O BOX 10060</rptOwnerStreet2>
            <rptOwnerCity>TOLEDO</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>43699-0060</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Non-Statutory Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>6.08</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2014-01-15</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>6500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2015-01-15</value>
            </exerciseDate>
            <expirationDate>
                <value>2024-02-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <remarks>Pursuant to a power-of-attorney filed as Exhibit 24 to a Form 4/A filed with the Commission on May 16, 2005.</remarks>

    <ownerSignature>
        <signatureName>/s/ Peter C. Howell, by Mark W. Harding as attorney-in-fact</signatureName>
        <signatureDate>2014-01-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
