On June 15, 2012, at 1945 central daylight time, N76NP, an amateur built-experimental Stolp Starduster SA-300 airplane, sustained substantial damage when it made a forced landing to a canal after a partial loss of engine power shortly after takeoff from Lakeview Airport (30F), Lake Dallas, Texas. The airline transport pilot and the passenger sustained minor injuries. The airplane was registered to and operated by a private individual. Visual meteorological conditions prevailed and no flight plan was filed for the local pleasure flight conducted under 14 Code of Federal Regulations Part 91. The pilot stated that he performed a preflight inspection of the airplane and confirmed there were 12.5 gallons of fuel in the fuel tank, which was enough for a 1 hour and 20 minute flight. After finding no anomalies during the preflight; engine start, and engine run-up, the pilot and his passenger departed for a 15 minute flight around Lake Lewisville before returning to the airport. The pilot made a low pass over runway 18R before he re-entered the traffic pattern and made a touch and go landing. During climb-out, at an altitude of approximately 100 feet above the ground, the engine began "producing less than full power." The pilot quickly verified the throttle was full forward; the mixture was rich, and the carburetor heat was the full forward (cold) position. It was also at this time, that he began to smell unburned fuel. The pilot was unable to maintain altitude and prepared for a landing straight ahead, but there was a crowded marina. The pilot elected to make a left hand turn away from the marina knowing that the airplane would most likely stall. The airplane stalled, the left wing dropped, and the airplane impacted the water in a 45 to 90 degree nose down angle. The pilot said the engine was still running when they hit the water but at a reduced RPM. The airplane was recovered from the water approximately 2.5 hours after the accident and placed in the owner's hanger. According to the pilot,the gascolator was bent and leaking fuel. He also said the lower and upper left wings, and lower right wing had spar and rib damage. The airplane owner performed an examination of the engine and said the engine was rotated using the starter via the ignition switch. When the engine was rotated, the mechanical fuel pump was observed pumping fuel; however, due to water damage the magnetos did not spark. The fuel line to the mechanical fuel pump was removed and fuel was found in the line. The carburetor was removed and disassembled. The bowl was full of water. A compression check was successful on each cylinder except the #2 cylinder (#1-74 psi, #2-20 psi, #3-70 psi, and #4-70 psi). Removal of the #2 cylinder revealed the intake valve was stuck in the open position. The pilot held an airline transport pilot rating for airplane multi-engine land. In addition, he held an airplane single-engine sea rating and an airframe and powerplant certificate. The pilot's last Federal Aviation Administration (FAA) First Class medical was issued on March 7, 2012. He reported a total of 11,250 total hours, of which, 40 hours were in the accident airplane.