Oakland Lake is a 255-acre lake located in central Oakland County in both Waterford Township and Independence Township. There are several basins in the lake, reaching 25 feet, 27 feet, and the deepest being 64 feet, with all three basins having relatively steep side slopes. There are a number of shallow bays on the lake that are less than five-feet deep …Oakland Lake is a 255-acre lake located in central Oakland County in both Waterford Township and Independence Township. There are several basins in the lake, reaching 25 feet, 27 feet, and the deepest being 64 feet, with all three basins having relatively steep side slopes. There are a number of shallow bays on the lake that are less than five-feet deep and several small islands.