Thanks for the info everyone!

I've got a couple samples out in the sun right now. Initially, there wasn't any real smell to the samples and the pond still smells fresh. Has anyone ever came in physical contact with Blue/Green strains before? I'm just curious what the likelihood of showing symptoms after contact with it would be. I've definitely came in contact with it and our dog has swam/drank it (now we keep him chained up).

In my situation there is definitely a lot of decaying matter in the pond. This area was about 18" of peat on the surface, which is now exposed to the water around the entire perimeter and the oxygen content of the water should be quite high. I've been finding chunks of this material washing up along the shores and you can tell it is all breaking down and rotting away.