Pour a pea-sized drop of wood glue onto scrap paper.
Select some sawdust, choosing red, white or a mix, depending on the hole you want to patch. Your goal should not be matching grain -- just the shade of the wood.
Mix the sawdust into the glue until you have a ratio that seems to be much more sawdust than glue and the consistency involves bits of visible sawdust sticking together. You should not have any visible glue because it should all mix together with the dust.
Drill a hole into the scrap wood using the power drill fitted with the drill bit. Drill only to a depth of about one-sixteenth of an inch.
Squish the sawdust into the hole.
Smoothen the filler with the tip of your finger, immediately cleaning your finger with the damp cloth. Allow the sawdust to dry for 12 to 24 hours.
Sand the scrap wood using sandpaper.
Inspect the scrap wood, determining if you like the color match and the ratio of dust to glue. For oak, the color will seem "off" if you selected too much red or too much white sawdust, but it will also seem "off" if you have too much glue. Glue will appear pasty white, that might seem to match the white wood but it won't match the red portions of your wood.
Practice filling holes in scrap wood until you feel comfortable mixing the sawdust at the right ratio for your project.