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We recommend you to follow these steps:
1. Install the older version of OraDirect .NET. Copy CoreLab.Data.dll and CoreLab.Oracle.dll files from \Program Files\CoreLab\OraDirect.NET2 to a temporary folder.
2. Uninstall this previous version.
3. Install newer OraDirect .NET version.
4. Delete from \WINDOWS\assembly the following files: policy.*.CoreLab.Data and policy.*.CoreLab.Oracle.
5. Add to \WINDOWS\assembly *.dll files from the older version.

Please note that there must be correct versions specified in your project's references.

Applications seek assemblies to load in GAC firstly, then in the bin directory.
If you specified needed version in project's references, it will be loaded. Please make sure there are no policy.*.CoreLab.Data and policy.*.CoreLab.Oracle in your GAC.
If your application loads assemblies of versions specified in *.config files you just need to change these files.