Panama No. 1 - South, also known as Baller Lake or Swede Lake, is a private earth dam located in Boulder County, Colorado. Built in 1904 for irrigation purposes, this dam stands at 16 feet high and spans 1200 feet in length, with a storage capacity of 6979 acre-feet. Situated along Boulder Creek, this dam serves not only for irrigation but also for recreation, providing a surface area of 370 acres for outdoor activities.

Managed by the Colorado Division of Water Resources, Panama No. 1 - South has a significant hazard potential due to its location and design, but its condition is assessed as satisfactory. Regular inspections are conducted, with the last one taking place in June 2020. The dam's spillway, an uncontrolled type with a width of 426 feet, helps regulate water levels during high flow events, ensuring the safety of downstream areas. Despite its age, this dam continues to play a crucial role in water resource management in the region.

With a moderate risk level assigned to it, Panama No. 1 - South remains a key infrastructure for water supply and recreational purposes in the area. As climate change impacts water resources, the proper management and maintenance of such dams become increasingly important. The owners and regulatory agencies are actively involved in ensuring the safety and functionality of this dam, reflecting a commitment to sustainable water resource practices in the face of evolving climate challenges.