Load Error

I get that error message whenever I try to run directly from the executable (Oblivion.exe) or launch from inside a mod manager instead of launching from the Steam Client.  How exactly are you trying to start the game?

For me, I'm able to play Morroblivion v064 successfully with the Steam version of Oblivion and OBSE version 0021 by launching from the Steam Client.  To get it to work, I activate the Steam in-game overlay and make sure the obse_steam_loader.dll (in addition to other OBSE files) is installed appropriately in the oblivion directory.  Other methods don't work for me.  Of course, I still use Wrye Bash / mod manager to organize and install mods.