My solution involved existing PRO*COBOL modules compiled into Visual COBOL. and for this we are using 64 bit ODAC drivers provide by Oracle.
Installation of the ODAC drivers have been successful, however when trying to consume the drivers using ADO.NET Connect Editor I endup with dependency on Microsoft .Net framework 3.5 or lower where as the ODAC provider is .Net 4.5 and above and I've selected Framework as 4.0 and above in ADO.Net and the CPU architecture as 64 bit.
It would be great, if some one can point me in the right direction to install and use ODAC 64 bit drivers for my Visual COBOL 64 bit without any dependency on the 32 bit framework or 3.5 framework.
Below are some images from my experience.