Water resource issues are closely related to property rights issues, as the holders of property rights along a river bank, watershed, lake, or river basin, often take priority in terms of water usage. Rivers, aquifers and other bodies of water transgress national boundaries, giving rise to conflicts. Treaties, agreements, and conventions seek to allocate water rights among countries in a manner that benefits all participants. This study conducts an empirical analysis of macroeconomic, geological, hydrological, and institutional variables in order to determine factors contributing to the existence of bilateral treaty and treaty structure.