I actually did pull the calf shortly after taking the picture. At the time I wasn't sure if it was needed but I just felt like it was too risky. Its a heifer calf and is alive!
The momma cow seemed a little confused but did accept the calf and they are doing great.
I had been home all day and she never looked like she was calving until probably like 40 mins prior to when I saw this (lots of close cows and new babies so I've been watching the cows very closely). I went out by her and she was just laying with the herd looking normal besides a lot of liquid around her. She got up and more liquid kept coming so then I figured she was calving and watched her continuously.
My husband wasn't home yet so I'm glad it sounds like I made the right judgemental call.