The basic frequency-determining circuit is a third-order lowpass consisting of two basic sections (cascade):
Section 1 (first-order lowpass): r,out-C2 (r,out: dynamic output resistance of gain stage) ,
Section 2 (second-order lowpass): R4-L1-C3.
The output of section 2 is coupled via C4 into the amplifier input node (finite input resistance r,in). Hence, the frequency of oscillation, which is the frequency that causes a phase shift of -180deg between collector and base node, is determined by all external elements - including r,out and r,in. Therefore, it is a very complicated task to create a formula for the oscillation frequency. This is a typical case for circuit simulation.
UPDATE 1: The calculation by hand is not a simple task because - in addition to the 3rd-order lowpass- there is a 1st-order highpass effect caused by the coupling capacitor C4 which has a surprisingly low value (1nF only).
UPDATE 2
Using a symbol analyzer and replacing the transistor output by an ideal current source (however, with finite input resistance R,in of 8 kOhms) the loop gain expression (frequency-determining part only) is as follows:
Numerator: N(s)=-(C4 L2 Rin) s^2
Denominator D(s)=
( +1)
( + C3 R4 + C4 Rin + C4 R4) s
( + C2 L2 + C4 C3 R4 Rin + C3 L2 + C3 L1 + C4 L2 + C4 L1) s^2
( + C3 C2 L2 R4 + C4 C2 L2 Rin + C4 C2 L2 R4 + C4 C3 L2 Rin + C4 C3 L1 Rin) s^3
( + C4 C3 C2 L2 R4 Rin + C3 C2 L1 L2 + C4 C2 L1 L2) s^4
( + C4 C3 C2 L1 L2 Rin) s^5
It is a 5th order expression because of 5 reactive elments.
If you want you can estimate the influence of the loss resistance R4 - in comparison to all other values. This loop gain function crosses the -360deg line at 81.4 kHz (for R4=0) and at 81.6 kHz (for R4=10 Ohms).
These frequencies seem to be rather realistic if compared with a SPICE simulation based on the real model of the used transistor.
Loop gain phase of 0 deg at f=81.6 kHz (R4=0) and f=82.2 kHz (R4=10 Ohms).
Performing a TRAN analysis in the time domain the circuit was oscillating at f=82.9 kHz (R4=0) and f=83.5 kHz (R4=10 Ohms).
The differences between the small-signal ac analyses and the large-signal Tran analyses are caused by the circuits non-linearities.
UPDATE 3:
Without the influence of L2 (replaced by R2) and neglecting C4 (very large) the classical frequency determining part of the third-order equation for loop gain of the Colpitt oscillator is
N(s) = ( - R2 Rin)
D(s) =( + Rin + R4 + R2)
( + C2 R2 Rin + C2 R2 R4 + C3 R4 Rin + C3 R2 Rin + L1) s
( + C3 C2 R2 R4 Rin + C2 L1 R2 + C3 L1 Rin) s^2
( + C3 C2 L1 R2 Rin) s^3
In this case the phase cross-over frequencies are 71.2 kHz (R4=0) and 71.3 kHz (R4=10 Ohm). From this result you can derive that your dimensioning causes a relatively large influence of L2 and C4 (normally, to be avoided).
LAST UPDATE:
From the given loop gain functions it is easy to find the expressios for the oscillation frequency: Set s=jw and then set the imaginary part Im[D(jw)]=0.
Best Answer
It's a phase shift oscillator.
Normally, feedback from the collector to the base acts "negatively" and this is quite important for some amplifiers. This is because the collector signal is the inverse of the base signal (also known as 180º out of phase). Anything fed back does so without causing oscillations. This type of feedback is also used in op-amps for controlling gain.
On the circuit in the question there are a bunch of components that take the collector signal and phase shift it enough so that at a particular frequency, it appears in phase with the base signal and reinforces it. This makes it oscillate.
On a more technical level, the feedback formed around R2, R3, R4, C1, C2 and C3 act as a "mild" notch filter. It should be said that the intent of a "good" notch filter is to totally remove one frequency (such as 50Hz or 60Hz when mains AC is a problem). The frequency which is notched out will be phase shifted by 180º and if it isn't totally notched-out (as in a good notch filter) what remains will feed back and reinforce the original base signal causing it to oscillate.
It doesn't matter that the signal might be attenuated by 20dB, there will still be enough signal left to be amplified and generate a sinewave.