Changes in oscillatory brain activity have been related to perceptual and cognitive processes such as selective attention and memory matching. Here we examined brain oscillations, measured with electroencephalography (EEG), during a semantic speech processing task that required both lexically mediated memory matching and selective attention. Participants listened to nouns spoken in male and female voices, and detected an animate target (p=20%) in a train of inanimate standards or vice versa. For a control task, subjects listened to the same words and detected a target male voice in standards of a female voice or vice versa. The standard trials of the semantic task showed enhanced upper beta (25-30 Hz) and gamma band (GBA, 30-60 Hz) activity compared to the voice task. Upper beta and GBA enhancement was accompanied by a suppression of alpha (8-12 Hz) and lower to mid beta (13-20 Hz) activity mainly localized to posterior electrodes. Enhancement of phase-locked theta activity peaking near 275 ms also occurred over the midline electrodes. Theta, upper beta, and gamma band enhancement may reflect lexically mediated template matching in auditory memory, whereas the alpha and beta suppression likely indicate increased attentional processes and memory demands.