Error “Activation: 15005 - OCIStmtExecute failed with ORA-1950” and “program 'sp_tconf' was not found" (4302000)

Activation failed with following errors showing up in event log:

Error    2015-01-12 14:57:33.876137 2471 3074259104 Activation: 15005 - OCIStmtExecute failed with ORA-1950.  (activating sid sourceSID) [module osp]

Error    2015-01-12 14:57:33.885221 6376 3242847968 Activation failed: program 'sp_tconf' was not found

The screen shot of the failed activation showed:

sp_ctrl (epswst3:2100)> activate config dbpt1_ccspat1_20150112_2.cfg

   program 'sp_tconf' was not found

The binary sp_tconf was present in the bin directory and had the correct ownership/permissions.