Dungog emergency services were responded to a property on Monkerai Road Main Creek on Monday afternoon after a 65 year-old-male was found clinging to his dinghy in the middle of the dam.
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The male suffered effects from shock and exposure to the cold water and he was unable to swim.
A police spokesman said the man's wife has alerted 000 and Dungog police arrive soon after.
“Police have stripped off and dived into the water swimming out to the male,” the spokesman said.
“Police have managed to rescue and swim the man back to shore with some difficulty.
“The man was treated by police until Dungog paramedics arrived and commenced treatment.”
The Westpac Rescue Helicopter was also dispatched and the man was treated for hypothermia and consumption of the dam water and was flown to the John Hunter Hospital.