Lake Alice Reservoir is formed by two Lake Alice Dams; the upper dam Lake Alice #1 at the west end of Lake Alice and the lower dam Lake Alice #2 at the east end.  Lake Alice, with a surface area of 752 acres and nearly 6 miles of shoreline, lies almost entirely within the North Platte National Wildlife Refuge. The west side of the reservoir features an undisturbed bird sanctuary. As the reservoir is nearly drained during the non-irrigation season, there is no viable sport fishery in the lake. The east side is open to the public during daylight hours from May 16 to Sept 30. No improvements, services, or facilities.

Many wildlife species use the Refuge. During the spring and fall, a wide variety of shorebirds and passerines visit the Refuge as a stop during migration. In the summer months, breeding ducks and geese populate the lakes. Red-tailed hawks and northern harriers search the meadows for prey. You can also find white-tailed deer, mule deer, and a variety of resident birds including pheasants and grouse. As many as 20 bald eagles and more than 200,000 waterfowl may concentrate on the Refuge during fall migration. Well over 200 bird species have been observed on the Refuge since 1975. Lake Alice has one of the oldest and most successful bald eagle nests in Nebraska.
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