All Lois is doing is essentially saying "this is what I was told, this is what I found out--oh hey aren't I great at this?", and because Babs doesn't know Lois personally, she's not in a position to judge if Lois is seriously threatening her or not. It's Babs who makes the situation dramatic and assumes Lois is out to get her.
Wow, lots of posts on this! This is how I read it too. Lois' "super" power is about information -- her ability to investigate and expose people. And she's really good at it and has, as she should, a healthy ego about it. Here is Oracle another non-meta woman and her power is information as well. Lois is pretty competitive and I think she went into the meeting with a "look at me, see how good I am Oracle." I also think she was trying to warn Babs about Kat.
Any other time Babs would have run every bit of intelligence on Lois and played an enjoyable game of "I know you know that I know that you know" or she would have let Lois have her say, do some ego massaging about how great she was and then depending on how she thought it played out decide what her next step would be. I mean really Oracle could break into the Planet's file server and delete Lois' research and source material and all corresponding records with one hand from her Blackberry in the span of Lois taking the napkin out of her lap.
Instead IMO this scene shows what a mess Babs is at this time. Dinah, her touchstone, is gone. Her frenemy Kat (and in my mind her ex as well which would add another level of paranoia for Babs) is coming after her full tilt threatening Babs' power base. In short Babs' ego is not quite up to Lois' cat and mouse game. Lois would never expose Oracle. Babs would probably never expose Lois, but the fact that she was seriously concerned about Lois and brought the picture to the meeting just highlights the tailspin she was in.