Package state not re-intialized on raise_application_error

When a package has state and the header is changed, the first call gets an error stack something like this:

ORA-04068: existing state of packages has been discarded
ORA-04061: existing state of package "LRIFFEL.PKG1" has been invalidated
ORA-04065: not executed, altered or dropped package "LRIFFEL.PKG1"
ORA-06508: PL/SQL: could not find program unit being called: "LRIFFEL.PKG1"
ORA-06512: at "LRIFFEL.PKG2", line 7
ORA-06512: at line 1

A subsequent call from the same session re-initializes the package state and therefore runs successfully. The interesting thing is that this behavior seems to change when the caller catches the exception and does a raise_application_error. As expected the raise_application_error is included in the stack, but contrary to expectations, the ORA-04068 is not. Here is an example error stack:

ERROR at line 1:
ORA-20001: Failed
ORA-06512: at "LRIFFEL.PKG2", line 7
ORA-04061: existing state of package "LRIFFEL.PKG1" has been invalidated
ORA-04065: not executed, altered or dropped package "LRIFFEL.PKG1"
ORA-06508: PL/SQL: could not find program unit being called: "LRIFFEL.PKG1"
ORA-06512: at line 1

This doesn't just seem to be a display issue as repeated calls to the procedure continue to get the same error. Only when converting the raise_application_error back to a simple raise (or eliminating the exception block entirely) does the next execution include the ORA-04068 and the following execution succeed.

Can anyone confirm and/or explain this behavior? Here is a recipe for reproducing the behavior:

--Session 1 - Create Objects
create or replace package pkg1 as
   vInteger Integer := 7;
   procedure procA;
end;
/

create or replace 
package body pkg1 as
   procedure procA is
   begin
      DBMS_Output.Put_Line('ProcA');
   end;
end;
/

create or replace 
package pkg2 as
   procedure procB;
end;
/

create or replace 
package body pkg2 as
   procedure procB is
   begin
      pkg1.procA;
   exception
      when others then
         raise;
   end;
end;
/

--Session 2 - Test execution.
execute pkg2.procB;


--Session 1 - Change package header and thus invalidate package state.
create or replace package pkg1 as
   vInteger Integer := 8;
   procedure procA;
end;
/


--Session 2 - Observe failure due to changed package state.
execute pkg2.procB;

--Session 2 - Observe success due to re-initialized package state.
execute pkg2.procB;


--Session 1 - Change Raise to Raise_Application_Error.
create or replace 
package body pkg2 as
   procedure procB is
   begin
      pkg1.procA;
   exception
      when others then
         raise_application_error(-20001,'Failed',True);
   end;
end;
/

--Session 1 - Change package header and thus invalidate package state.
create or replace package pkg1 as
   vInteger Integer := 9;
   procedure procA;
end;
/

--Session 2 - Observe failure due to changed package state.
execute pkg2.procB;


--Session 2 - Observe unexpected continued failures.
execute pkg2.procB;
execute pkg2.procB;
execute pkg2.procB;
execute pkg2.procB;
execute pkg2.procB;
execute pkg2.procB;
execute pkg2.procB;

--Session 1 - Change back to raise.
create or replace 
package body pkg2 as
   procedure procB is
   begin
      pkg1.procA;
   exception
      when others then
         raise;
   end;
end;
/

--Session 2 - Observe failure on the first execution.
execute pkg2.procB;

--Session 2 - Observe success.
execute pkg2.procB;

Bug 229349 looks similar except that a trigger is involved.