I think you mean O2 levels low. Yes, dissolved O2 is consumed by decaying matter. If you have a lot in the bottom, and you have no expensive fish in there that you want to save, you might be better off draining it and digging it deeper. That will get rid of the muck and the excess nutrients that are in it. I think you'd be better off in the long run to do that (renovate) and it'll probably save you a bunch of headaches in the upcoming years. (dealing with the muck, nutrients, etc.)

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3/4 to 1 1/4 ac pond LMB, SMB, PS, BG, RES, CC, YP, Bardello BG, (RBT & Blue Tilapia - seasonal).