.net 2.0 web application throws errors when migrated to windows server 2008 r2

I have old asp.net web application which is moved from windows server 2003 ( i beleieve ) to 64 bit windows server 2008 r2. My application was built in .NEt 2.0 Every time i tried to run the application it throws error like 'ould not load file or assembly 'Oracle.Web, Version=2.112.1.0, Culture=neutral, PublicKeyToken=89b483f429c47342' or one of its dependencies. Access is denied' and if i refreshed the page it shows different error like some issue in ServiceModel.
I set the application to run on application pool .Net 2.0. I have set 32 bit false, managed pipe line mode is classic. It is running on Network Service Identity.
When it threw Oracle client exception, i looked into GAC and we do have Oracle web version 2.112.1.0 x86,amd in our server.
When it threw ServiceModel error, i checked applicationHost config, and we do have below settings in the configuration file.
I also tried to build application in .Net 4.0 after changing by changing Oracle Client to Oracle managed access library. Application built successfully without any error but when i tried to publish the application, it threw cannot load MyWebApp.dll error.
I do not know how do i make the application run.

What I have tried:

I set the application to run on application pool .Net 2.0. I have set 32 bit false, managed pipe line mode is classic. It is running on Network Service Identity.
When it threw Oracle client exception, i looked into GAC and we do have Oracle web version 2.112.1.0 x86,amd in our server.
When it threw ServiceModel error, i checked applicationHost config, and we do have below settings in the configuration file.
I also tried to build application in .Net 4.0 after changing by changing Oracle Client to Oracle managed access library. Application built successfully without any error but when i tried to publish the application, it threw cannot load MyWebApp.dll error.

Tags: Windows 2008 R2, Win2003 R2, ASP.NET, IIS, Web Development (ASP.NET, IIS), Migration