I installed the odp.net 32 bit installation for Visual Studio 2012. I set a reference to the Oracle.DataAccess.dll and my connection to Oracle seems to be working.
Download ODAC 11.2 Release 5 (11.2.0.3.20) and set your compiler to x86. I am 100 % sure it will clean all warnings related to oracle.
Set namespace to: using System.Data.Odbc;