[3] The lake is drained by Goose River, through a small dam that is owned and operated by Goose River Hydro, Inc., which also owns the water rights.

In 1979 an agreement was brokered between the towns of Swanville, Frankfort, Searsport and Goose River Hydro, Inc.

The agreement covers water levels as well as Goose River Hydro's responsibility for the dam and land around it.

Most of the area of the lake is in the town of Swanville, with the remainder in Searsport and Frankfort.

[4] Swan Lake State Park is on the north shore.