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Owlbear den
A large cavern where the wounded Owlbear and her cub is. There are two ways to approach this area: The path leading from the entrance, or up a slope by the Selûne Shrine. Without using stealth, you'll be quickly noticed and forced to interact with the beast, leading to or avoiding a fight. Details on possible interaction and tactics can be found here.
If a fight does break out and the cub survives, you will get the choice to either spare it or finish it off while it's eating its mother's remains. This is a critical choice if you plan to have the cub become a camp follower.
After the fight, there is a headless skeleton by the nest which has the 
The Oak Father's Embrace. Next to it is the 
Owlbear Egg which base value is at 750 gold and provides 40 Camp Supplies, though better saved for the Steal a Githyanki Egg quest at the later end of Act One.
Selûne shrine
If you follow the southwestern path from the main trail, there is a climbable cliff that will lead to this secluded shrine. The peaceful shrine has a collection of offerings that can prove quite useful with dealing with the Owlbear, notable the 
Potion of Animal Speaking. There is also a Gilded Chest surrounded by a magical aura, which if interacted will unleash a burst of magic. DC 14 
Dexterity saving throw is required to avoid taking 4d6
Radiant damage.
To open the Gilded Chest, jump behind the Selûne statue. If you succeed at a passive 
DC 10 Perception check. check, you'll find a 
Selûnite Prayer Sheet which can be identified with a passive DC 15 History check. Read the prayer item next to the chest using anyone other than Shadowheart to successfully dispel the seal, rewarding 15 experience and triggering the Acolyte Inspiration, Her Gift of Silver. Alternatively, Clerics worshiping Selûne will be able to open the chest without performing the afformentioned steps. The chest holds the 
Moondrop Pendant, some valuables and the unique 
Idol of Selûne, which can make a interesting camp decoration.
If you try to take the items in the chest while Shadowheart is in the party, you will need to make a DC 15 Sleight of Hand check or risk losing Approval with her.
Related locations
Related quests
Notable loot
Notable items obtained in this location, whether looted, purchased, or obtained as a quest reward:
The Oak Father's Embrace (On the headless skeleton besides the nest.) X: -357 Y: -108
Owlbear Egg X: -357 Y: -112
Head of a Broken Spear (Taken off the slain Owlbear)
Moondrop Pendant (Inside the magically sealed chest at the Selûne Shrine) X: -328 Y: -136