We implemented an experimentally observed orthogonal arrangement of theta and gamma generation circuitry in septotemporal and lamellar dimensions is a two-dimensional model of hippocampus. The model includes three types of cells: pyramidal, basket, and oriens lacunosum-moleculare (OLM) neurons. In this reduced model, application of continuous electric fields allowed us to switch between theta, gamma and mixed theta-gamma regimes without additional pharmacological manipulation. Electric field effects on individual neurons were modeled based on experimental data. Network simulation results predict a flexible experimental technique, which would employ adaptive subthreshold electric fields to continuously modulate neuronal ensemble activity, and can be used for testing cognitive correlates of oscillatory rhythms as well as for suppressing epileptiform activity.