The reservoir was created in 1971 by the Kettle Dam and received its official name of Stephens Lake in 1972.

The lake is 32 kilometres (20 mi) long from the inflow of the Nelson River to the outflow at the Kettle Dam.

The lake is located 45 kilometres (28 mi) northeast of Split Lake and 150 kilometres (93 mi) west of the Hudson Bay.

The lake and the town of Gillam are accessed by Manitoba Provincial Road 280.

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