I live a mile from the Watres and yes it's posted by several entities, including the water company, a private hunting club, Theta land corp, and maybe even a few others. There were always stories of big trout in that lake and most are probably true. It is patrolled by guards on a regular basis since they also patrol lower water reservoirs such as the Nesbitt and Springbrook Reservoir on 502. BTW the Waters is upstream of those 2 dams off the beaten path a bit. I would avoid it. It's a hike to get to the lake (unless you own a quad) and you are trespassing and have a good chance of getting booted off.