Lake Freeman is a reservoir outside of Monticello, Indiana formed in 1925 by the completion of the Oakdale Dam. Lake Freeman, together with its sister lake, Lake Shafer is part of the Twin Lakes region, a popular summer recreational area centered on the town of Monticello, Indiana.Construction of the Oakdale Dam began in 1923 and was completed in 1925, damming the waters of the Tippecanoe River.