In an effort to characterize individual eruptive phases and events, 86 isolated mare deposits (ponds) in the lunar South Pole‐Aitken and Orientale regions were analyzed to obtain information on areas, volumes, and other characteristics. Deposits likely to represent single eruptive episodes have area mean values of ∼2000 km² in the South Pole‐Aitken Basin and ∼1100 km² in the Orientale Basin. Pond volumes range from 35 to 8745 km³, with a mean value of 860 km³ for South Pole‐Aitken, and 10 to 1280 km³, with a mean value of 240 km³ for the Orientale region. No evidence was found for shallow crustal magma reservoirs. The relatively common occurrence of sinuous rilles in Orientale is consistent with very high effusion rates, and the large volumes of individual eruptive episodes (tens to many hundreds of km³) are comparable to flood basalt eruption volumes on Earth. Pond morphologies are consistent with extrusion from deep, probably subcrustal reservoirs. Distribution of deposits suggests that many ponds may be derived from single reservoirs. Comparison of ponds in both basins shows a higher areal density and average volume of lava ponds in the South Pole‐Aitken basin relative to the Orientale area. This is plausibly attributed to the extreme depths of the South Pole‐Aitken basin and the correspondingly thinner crust there relative to the Orientale region. These observations are consistent with magma ascent and eruption mechanisms that are strongly dependent on the overpressurization of deep‐seated source regions, the subsequent propagation of dikes, and the thickness of the intervening lunar crust through which these dikes must rise.