Had the issue again when i moved from one machine to another and had everything reinstalled. In my case, i'm using both 32bit and 64bit Oracle ODP.NET installs.
When listing the assemblies on my new machine i ended up with the following list
C:\oracle\product\11.2.0\X64\odp.net\bin\4>gacutil /l|findstr Oracle.DataAccess
Oracle.DataAccess, Version=2.112.3.0, Culture=neutral, PublicKeyToken=89b483f429c47342, processorArchitecture=AMD64
Policy.2.102.Oracle.DataAccess, Version=2.112.3.0, Culture=neutral, PublicKeyToken=89b483f429c47342, processorArchitecture=AMD64
Policy.2.111.Oracle.DataAccess, Version=2.112.3.0, Culture=neutral, PublicKeyToken=89b483f429c47342, processorArchitecture=AMD64
Policy.2.112.Oracle.DataAccess, Version=2.112.3.0, Culture=neutral, PublicKeyToken=89b483f429c47342, processorArchitecture=AMD64
Oracle.DataAccess, Version=4.112.3.0, Culture=neutral, PublicKeyToken=89b483f429c47342, processorArchitecture=AMD64
Policy.4.112.Oracle.DataAccess, Version=4.112.3.0, Culture=neutral, PublicKeyToken=89b483f429c47342, processorArchitecture=AMD64
only 64bit DLLs to be seen here.
I couldn't see it from the web.config but the one i was using was a 32bit version.
When checking my old machine with the GACutil, i saw more DLLs, also the X86 ones.
Fixed by reapplying the registration process(both x32/x64 version referenced here)
OraProvCfg.exe /action:gac /providerpath:C:\oracle\product\11.2.0\x32\ODP.NET\bin\4\Oracle.DataAccess.dll
OraProvCfg.exe /action:gac /providerpath:C:\oracle\product\11.2.0\x64\ODP.NET\bin\4\Oracle.DataAccess.dll
after that , Visual Studio was a happy bunny and compiled everything again for me.