Preheat oven to 375 degrees. Slice the loaf in half lengthwise and open it so the cut sides are facing up.
In a small bowl, mix together the softened butter, olive oil, garlic, oregano and salt.
Spread the butter mixture onto both halves of the bread. Place the top half of the bread onto the bottom half.
Make 1-inch thick slices into the bread, only cutting through ¾ of the way so that the bread stays together. Wrap tightly in foil.
Place the garlic bread in the oven and bake for about 10 minutes, or until the crust is slightly crispy and the center is still soft.
Remove from the oven and serve hot.