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Did you use the GUI installer or the Xcopy install batch script to perform your install on the client machine? If not, then the ProviderFactories section for ODP.NET in the machine.config wasn't set up. That's the most likely reason for your error.
I just pulled down the ODP.NET_Managed121010.zip and ran the configure.bat script on the client machine, but to no avail. I still get the same exception.
After painstakingly comparing the machine.config with the machine.config.default, I removed any reference to the oracle data access components. I then ran the install.bat from the ODAC I needed/downloaded, and my app runs now! Yay!
Thanks for pointing me in the right direction. I truly appreciate it!