I spent five nights at Morro Negrito surf camp on the pacific side of Panama earlier this month, had solid surf and great spearfishing, will definitly return.
February does not see the biggest or most consistent swells on the pacific side of central america but i was taking 3 week trip (also went to Bocas Del Toro and Playa Guiones in CR) and since i was down there allready figured id check out Morro Negrito. As per the website http://www.morronegrito.travel there are a lot of outer island reef breaks and different beach breaks to hit that get double overhead during the summer/wet season, but none were working when i was there. However even with minimal amount of swell i.e. 2-4 feet, the "sandbar" was working 4 out of five days.
Sandbar is a rivermouth beach break about ten minute boat ride from the camp. The rivermouth deposits a lot of sand which makes the wave break several hundred yards out from the beach so pretty long rides can be had. First two days was peeling shoulder high, last day was firing head high/slightly overhead walls. Very punchy wave, a lot of fun, sets rolling in every few minutes and more importantly no one else around for a hundred miles which for me coming from NYC area was pretty epic. Not to mention very clear 82 degree water. Emily's, the reef break right in front of camp started working on low tide one day which was fun esp since i surfed right over a spotted eagle ray.
Even with minimal surf there was plenty to do, like read in a hammock overlooking the ocean while drinking coco water from the unlimited supply of fresh coconuts. Another reason to visit was the spearfishing. There is pretty decent snorkeling right in front of the camp (rocky bottom with lots of tropical fish/turtles). We also hit some rock pinacles near the rivermouth every day where the guide was taking a few snapper and snook every time, which we ate for dinner each night. Good visibility and nice fish, i took some lobster which we had for lunch.
Food was great, see above. Fresh fish daily, accomodations are no frills but more than adequate for any surf traveler. It was well worth the $$$ and I will go back. Next time i will def be during the summer when there is more swell and all of the breaks are working (there are about 12 different waves ranging from reef to beach) and no one surfs them besides the camp.
FYI Morro Negrito is now operated by Glen Thompson, as opposed to Steve Thompson who now owns and operates an independent outfit on the mainland. Steve is no longer even located in Panama, he is based in California and works remotely. Do not book with him via http://www.surferparadise.com/ or http://www.panamasurfcamp.com/. I did and tried to cancel once i found out he was no longer part of Morro Negrito and he refused to refund my deposit. I went anyway and despite losing some $$$ to Steve had a great time, awesome secluded surf and really liked Glen Thompson's camp. Make sure you book through http://www.morronegrito.travel. This sounds confusing but it really isnt, feel free to PM me for more info.