Released in 1994, this is a collection of songs originally recorded in 1977 to be a follow up album to Better by Far. The album was not completed, the tracks were in storage and Caravan did not release another studio album until 3 years later (The Album). Cool Water is about 50 minutes long and the sound quality is fairly good, but there are tape noises on some of the later tracks.
My copy of the CD does not list who is on it (other than that Pye Hastings wrote all of the songs). Some others have listed the album personnel, but I don't know where they got the information. I have seen incorrect information about albums floating around on the internet, so I am not sure I would believe what others have written.
This is an album of mostly droning Hastings songs, along the lines of songs on Better By Far, Front to Back and the very bad Battle of Hastings. However, there are some good songs on the album that feature some interesting keyboards.
The last great Caravan album was Cunning Stunts, but the follow up, Blind Dog was fairly good (although many of the songs were reworked and are much better on All Over, Too). The Album, which came between Better By Far and Back to Front is pretty good, but that is because most of the songs were not written by Pye Hastings.