Error executing a stored procedure via the Direct Connect method "Object reference not set to the (51070)

When connected to a 10g Oracle database via Direct Connect and then trying to execute a stored procedure or function, the following error occurs:
"Object reference not set to the instance of an object"

After clicking OK nothing happens and the procedure\function does not run.

WORKAROUND:
Use the TNS method via TNSnames.ora with native Oracle Client to connect to Oracle and run\execute procedures and functions.

STATUS:
Waiting for fix to be released in a future version of Toad for Data Analysts.