Yes and No. It realy depends, but the average case is Yes.
Be patient tho, i hate people that try and rush me.
Whenever i deem it ready for it to be released which specialy goes for Ports to newer versions, as they take the most time.
I dont give ETAs (Estimated Time of Arrival) simply because setting a date on when to release puts a ton of pressure on me, and forces me to release a possibly beyond unplayable version.
First and foremost.
If you added IP to an existing world you need to go to an area that you have never been to!
Reservoirs only generate in and around new chunks.
No, they're not anymore.
Similar to IE's Mineral Veins (but not in the same way) Reservoirs spawn with Ore-Generation and thus are not bound within a chunk and can span multiple-chunks.
Use the Seismic Survey Tool to find them.