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I assume you are trying to use the Oracle Database 126.96.36.199 Instant client on the latest Mountain Lion ( 10.8.3 ) release . The static path gets recorded in the binaries and thats what you see when you run otool and through other tools . You should be setting DYLD_LIBRARY_PATH pointing to the unzipped directories comtaining the client libraries . This would enable it to pick the correct library at runtime and should resolve the issue. Please read the documentation for more information.
PS : Oracle 11gR2 on Mac OS X was certified on Lion and Mountain Lion 10.8.2 , though it should work fine unless there are some changes which break compatibility.