Lake Ölvesvatn is in Skefilsstaðahreppur in Skagafjarðarsýsla. It is 2.8 km², deep and at 169 m above sea level. Ölvesvatn is 6 km away from Hvalnes. The path to the lake is suitable for most taller four-wheel drive cars, but other paths around the area are more suitable for modified jeeps. It is not usually possible to access the lake until late May and the fishing season then lasts until mid-September. The catch is Arctic char and brown trout to a similar extent and very mixed in size. Purposeful net fishing was practiced in Ölvesvatn for a long time, and it did the fish good. This increased the attendance and popularity of the lake. Now, however, this net fishing seems to have stopped.