When I did it, I stocked to see what would happen. It killed everything within hours. Next, I tried experimenting with bleach. I added a couple of drops to a jar of the water and it cleared beautifully. Then I went to a swimming pool supply place and bought 10 pounds of chlorine, enough to sterilize 2 Olympic size swimming pools. Nada. 175 pounds later, I had changed the color slightly. I then pumped it dry and let Texas summer cure my problems.
I've seen it several times. Live, standing timber that floods doesn't cause a problem. Older, dried oak doesn't cause a problem. However, the tanins in fresh cut or pushed oak is a deadly toxin. It is used in tanning hides and, if I recall correctly, a tiny, tiny bit goes a long way.
Lusk once told me that in certain soils, the alkilinity is such that it doesn't cause a problem. I just don't remember the specifics.