You haven't given the full VB code, but I use the following code in VB to connect successfully to personal oracle via ADO:
Code:
Dim con As ADODB.Connection
Dim rs1 As ADODB.Recordset

Private Sub Form_Load()
Set con = New ADODB.Connection
Set rs1 = New ADODB.Recordset
con.Open "Provider=MSDAORA.1;Password=xyz;UserID=raminder;Persist Security Info=True"
rs1.CursorLocation = adUseClient
rs1.Open "Tablename", con, adOpenStatic, adLockOptimistic, -1
End Sub
Hope this is a pointer. Before writing this code, make sure Microsoft ActiveX Data Objects library is selected from References.