Heat oven to 425 degrees. Line baking sheet with aluminum foil.
Place bread cut sides up on baking sheet. Process basil in food processor or blender until finely chopped. Add butter, oil, cheese, and garlic; process until smooth. Season to taste with salt and pepper. Spread basil butter evenly over each bread half.
Bake until golden, 10-12 minutes. Cut bread into 4-inch lengths and serve hot.