Admittedly, "Black Water" carries the same staple that has driven crocodile horror movies in recent years. A group of people stranded in an area stalked by a crocodile. Director does do something quite different as the film has a lack of CGI here, and what may be seen as a weakness, the film has a realistically 'sized' common Saltwater crocodile.
The film's weakness come through when the second half of the movie is all about being stuck in a tree, and it sure limits its room for plotting. True, there is the peril of a man-eater but such an isolated space with a three main characters usually start becoming redundant. The lack of CGi was a plus here, as it relied on animatronics and animal training to get things done. It did have an eerie feeling of dread especially when it was nighttime.
Thankfully the performances were good and the film avoids the cliches of a monster movie in the last act. There is no explosion or fancy action -driven chase, but rather an end that fit the characters and their situation. It is after based on true events.