EDIT: I fixed it. Ignore this XD

IIRC you'll need to look for folder called Mopy inside Oblivion directory (not data). Before you go any further, if you have the game off of Steam, be absolutely sure to install it outside the C:\program if you're using Vista or newer OS. Otherwise it will cause issues due to UAC.

For some reason Wrye automatically installs to Program Files. My Steam copy is not inside program files. Its under C:Steam.