Cuba Lake is a 454-acre reservoir in Allegany and Cattaraugus counties, New York. Originally known as the Oil Creek Reservoir, Cuba Lake was created in 1858 to help maintain water levels on the Genesee Valley Canal. Cuba Lake and its surrounding land is owned by New York State, and was managed as the Cuba Reservation between 1912 and 2011…Cuba Lake is a 454-acre reservoir in Allegany and Cattaraugus counties, New York. Originally known as the Oil Creek Reservoir, Cuba Lake was created in 1858 to help maintain water levels on the Genesee Valley Canal. Cuba Lake and its surrounding land is owned by New York State, and was managed as the Cuba Reservation between 1912 and 2011. Today, cottage and home sites on the lake are officially leased from the state as part of the Cuba Lake District.