You can format the text in exactly the same was that you can format any Word range in Word VBA. e.g.

       With oRng
            .Collapse 1
            .Text = strText1 & vbCr & vbCr
            .Words(1).Font.Bold = True
            .Words(2).Font.Bold = True
            .Collapse 0
            .Paste
            .Collapse 0
            .Text = vbCr & strText2
            .Font.Size = 14
            .Font.Italic = True
            .Font.Color = RGB(0, 0, 255)
        End With