The reservoir is owned by the DeWeese-Dye Ditch and Reservoir Company, which uses the water it stores to irrigate agricultural crops around Lincoln Park and Brookside in Fremont County, Colorado.

The company has arrangements with other organizations to store water and for the use of the space.

For example, it stores 500 acre-feet (620,000 cubic meters) for Colorado Parks and Wildlife, it stores 500 acre-feet (620,000 cubic meters) for the Bureau of Land Management (which also owns some land near the reservoir), and it stores some water for the Upper Arkansas Water Conservancy District and the Round Mountain Water District, a local water company.

[3] The lake and the land immediately surrounding it are also designated as the DeWeese Reservoir State Wildlife Area.

It offers coldwater stream and lake fishing, hunting, and picnicking, hiking, wildlife viewing, and camping.