Drain oysters, reserving 1/2 cup liquid. Mix oyster liquid with eggs and milk. Mix cornmeal, seasoning and baking powder.
Saute oysters in hot butter until edges curl. Remove from wok. Dip oysters first in liquid, then in cornmeal mix. Fry in hot oil for two or three minutes, turning once, until golden brown. Remove and dry on paper towels or brown paper.
Serve immediately.