This paper reports on study which employed the travel cost method of estimating economic values from low streamflow augmentation for whitewater angling and boating. In addition, we constructed a dynamic programming (DP) model which allows a water management agency to optimally time instream flow augmentations of a seasonally fixed water supply in the face of uncertain future natural streamflows. The model was applied to a case study of the wild river stretch of New Mexico's Rio Chama. Results indicate that properly timed streamflow augmentation can yield benefits of up to $1100 per consumptive acre foot, as compared to agricultural values of $50 per acre foot. Hence, results strongly suggest the economic feasibility of public acquisition of water rights for instream flow augmentation.