When i start the game with "obse_loader.exe" i have error: "OBSE cannot inject dll"
In task manager i can see process "Rundll32.exe" is loading cpu by 50%.
This process run when i start "obse_loader.exe".
When i start the game second time with "obse_loader.exe" it begin to work, but i have slowdown (because of "Rundll32.exe" i think)

If i terminate the process "Rundll32.exe" , error come back and game don't start ("OBSE cannot inject dll").

I disable all mods, delete "oblivion.ini", make "clear" reinstall of the game (delete all files in "e:\Oblivion" folder) - nothing help.

If i try to load game by "Oblivion.exe" - it does not start (on "clear" reinstalled game too).
(and "Rundll32.exe" is still loading cpu by 50% after i run "Oblivion.exe")

It seems the problem in OS but i don't want to reinstall it by now.
(My OS: Windows 7 Professional 64bit rus)
The game worked fine 2 weeks ago.
I installed "Mass Effect 2" and "Notepad++" only after that.

Help please, what can be the reason of this error ?

That kind of question should be asked in the http://www.gamesas.com/index.php?/topic/1142593-relz-oblivion-script-extender-obse-0019b/ thread. Please use that instead. Thank you.

I noticed problem with OBSE, but it concern "Oblivion.exe" too.
If i try to load game by "Oblivion.exe" - it doesn't start without any error.
(and "Rundll32.exe" is loading cpu by 50% after i run "Oblivion.exe")

Try deleting/renaming your oblivion.ini the the My Games\oblivion folder.

I found what was wrong!

It is "Game Explorer" in Windows 7. It runs every time you load any game to collect info about game in Internet.
Process "rundll32.exe" fail to run its component "gameux.dll" and don't release one core.
It concern old games only. Mass Effect 2 has no problem to run.

My simple solution (i found in Inet) is to delete all registry branch:
"HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\GameUX\S-1-5-21-1112941502-2766888855-3757027976-1000"

Maybe this info will be useful to someone. It seems like this is bug in Windows 7 / Vista.