96 700 wave venture dies out

I recently bought a 96 wave venture 700.I took it out for the first time and ran it at full throttle and it stalled out after a while.It started right up again and ran allright but after a while it did the same thing again.It was not used much this summer,and it is running on the gas that was in it.Does this sound like a fuel problem?It did not bog down or run rough it just turned off when running fast.It did not do this at slower speeds.