Measure the water into a large mixing bowl. Sprinkle on the yeast and stir to dissolve. Blend in milk and molasses. Add the oats, melted butter, salt and beaten egg. Blend thoroughly.
Add 2 cups of flour and beat with a wooden spoon until smooth. Gradually blend in additional flour until the dough becomes too difficult to stir. Turn out onto a floured surface and knead in as much of the remaining flour as necessary to form a cohesive dough.
Continue kneading in flour until the dough is soft yet no longer sticks to the work surface. Transfer to a greased bowl and cover witha clean kitchen towel. Allow the dough to rise until double in bulk.
Generously grease a baking sheet. Punch the dough down, then turn it out onto a floured surface. Shape it into 2 round loaves and place them on the prepared sheet. Cover and set aside to rise.
When doubled in bulk, ake in preheated 375* oven for 35 to 45 minutes, or until the loaves sound hollow when you tap the tops. Remove from the sheet and transfer to a rack to cool.