Palisade Point and Oval Lake are just east of Lookout Mountain. From the trail that connects Lookout Mountain to Palisade Point you'll gain excellent views and access to several backcountry camping sites. To reach Palisade Point, stay right when the Divide Trail descends down toward Oval Lake. From the top you will see Mount Hood, Mount Adams, the Badger Creek Wilderness below, and Eastern Oregon in the distance.
Returning to the Fret Creek Trail junction, it is a short hike to Oval Lake. Continuing on the Fret Creek trail will lead you to Fifteen Mile Campground; alternately, you can take the Divide Trail back to Lookout Mountain.