There may be ways in which you could "Exchange" your water rights via a 1031 Exchange / Sale and thereby DEFER any capital gains taxes from just an ordinary SALE of your water rights outright for cash. The procedure is called a "1031 Exchange" and must be done using a Certified Exchange Intermediary and we can assist you in this regard.
 
However, EdwardsWaterResources.com is NOT a Certified Exchange Intermediary, CPA, or Legal Counsel and those professionals should be engaged in order to ensure that the 1031 is consummated in compliance with Texas and United States / Federal Income Tax Laws & Rules. But we would be glad to assist where and when we can to help steer you in the right direction.