This Oak Island pit has often been linked to pirate activity. Personally, I think the entire thing is hogwash, but it could have some basis in fact, with those few facts buried in an avalanche of exaggeration.
That leaves an army or a navy of that time. This would make it British or French (possibly Spanish). Someone might try reading their archives to see if anything was mentioned.
If the date was 1100 or so who knows?
The other research area which springs to mind is to study references to try and find any other similar structures that were built in the world. Particularly the flooding feature.
This is pure speculation on my part.
Note: this topic is from 7/25/2002. Thanks vannrox.