[4] It impounds Indian Creek for water storage, recreation and wildlife conservation, part of the state's larger Upper Feather River Project.

The reservoir it creates, called Antelope Lake[2] or Antelope Reservoir, has a water surface of 931 acres (377 ha), a forested shoreline of about 15 miles (24 km), a maximum capacity of 47,466 acre-feet (58,548,000 m3), and a normal capacity of 22,566 acre-feet (27,835,000 m3).

The outlet is Indian Creek, a tributary of the East Branch North Fork Feather River.

The Antelope Complex, Moonlight, and Walker Fires all burned within the vicinity of the lake.

Recreation includes fishing (for stocked rainbow and brook trout, smallmouth bass, largemouth bass, and channel catfish), camping in the 194 campsites of the surrounding Antelope Lake Recreation Area, boating, swimming, hunting, and hiking.