There is a publication ban on the evidence presented during the bail hearing, which was held in Saint John Court of Queen's Bench on Monday morning.
There were sighs of relief and smiles around the crowded courtroom as Justice Hugh McLelland announced his decision.
When the hearing ended, Oland, 45, shared a long embrace with his wife, Lisa Oland, and his mother, Connie Oland, as he fought back tears.
He then walked around the courtroom, shaking hands and hugging other supporters, who offered their congratulations. One man urged him to "take a deep breath."
The judge did impose some conditions, including requiring a $50,000 surety, covered by his uncle, Derek Oland.
Dennis Oland must also surrender his passport, maintain his residence at 58 Gondola Point Rd., in Rothesay, advise Saint John police of any change in his address, and advise police of any travel outside of New Brunswick.
Oland, who was charged last Wednesday and remanded in custody, was not scheduled to appear in court again until Tuesday to set a date for a preliminary inquiry.
The courtroom was filled to near capacity with several members of the Oland family and other supporters — more than attended his initial court appearance.
Richard Oland, 69, was found dead in his uptown office on July 7, 2011.
Dennis Oland, who has been represented by Fredericton lawyer Gary Miller since early on in the case, also had Toronto lawyer Alan Gold acting on his behalf at the bail hearing.
Patrick Wilbur and John Henheffer are the Crown prosecutors.
Oland, who appeared tired and dishevelled during his last court appearance, listened attentively to the proceedings. He was sporting a dark suit, crisp white shirt and tie.
If the case goes to trial and the Crown proves beyond a reasonable doubt he is guilty, he will face a minimum sentence of life in prison with no chance of parole for 10 years.