This effect was generated in Filter Forge, a Photoshop plugin that allows you to create your own filters.
A snippet to create an elliptic frame. To use it as a frame, just connect up your own inputs to the controls in the upper left. They are in the same order as the standard frame controls.
Added are 'Ellipse Width' which controls how wide the ellipse is (100 = Circle), and a checkbox that lets you select horizontal or vertical orientation of the ellipse.
Thanks go to ronviers for his 'Resize/Crop/Mo
Simple Elipse Frame Snippet Miavir