The purpose of this investigation was to measure the recreational value of a small reservoir and to compare value estimates obtained using four different price proxies. The study area was Pena Blance Recreation area, a Forest Service area about 70 miles south of Tucson. An on-site survey of visitors to the area was conducted. The equivalent consumers' surplus is the measure of value being used. The price proxies are willingness to pay, to drive additional miles, to drive additional hours, and variable participation costs. The quantity variable is visits per year. Multiple correlation analysis has been used to identify the important control variables for estimation of the consumers' surplus. No significant differences in socioeconomic characteristics were found between day and overnight visitors.