This paper provides a study of a flap-type wave energy converter with a hydraulic power-take-off (PTO) system. This study includes the derivation of its equation of motion along with an analysis of natural frequencies of the device. A prototype was built using fillable cylinders and a series of experiments were performed in a wave flume. In these experiments, the pressure values of the hydraulic circuit were changed to investigate the optimal value for the system's pressure for a range of wave periods. The average wave-to-fluid efficiency (of about 15%) was achieved for a broad range of wave periods. It was also found that a 26% wave-to-fluid efficiency can be reached for waves with a period of 6.71 s. Based on the results of this analytical study, this device can be further optimized by filling its compartments with seawater.