Phillpot Lake is relatively small in surface area but rich in shoreline. Backed up behind the Army Corps of Engineers Phillpot Dam project, the reservoir is deep and boasts lots of small coves providing great cover for the resident populations of bass and walleye. Access is very good with public boat ramps at Fairystone State Park and various locations throughout the Fairystone Farms Wildlife Management Areas.
There is no residential development along its shoreline but there are numerous facilities scattered throughout the reservoir such as boat landings, campgrounds, picnic areas, beaches, and hiking trails.
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