I have a situation very much like the one at ImportError: DLL load failed: %1 is not a valid Win32 application, but the answer there isn\'t working for me.
Please make sure that you have installed python 2.7.12 or below version otherwise you will get this error definitely.
Make sure Oracle client is 64 bit installed if OS is 64 Bit.
Make sure Microsoft Visual C++ Compiler for Python 2.7 is 64 for bit for 64 bit Os or 32 bit for 32 bit.
Note:- IF ur OS is 64 bit install all package of 64 bit or if Os is 32 bit install 32 bit package.