Colpitt’s Oscillator is an excellent circuit and is widely used in commercial signal generators upto 100MHz.
It consists of a single-stage inverting amplifier and an LC phase shift Network.
The two capacitors 
and 
provides potential divider used for providing 
. 
is the feedback element and which provides positive feedback required for sustained Oscillations.
The amplifier circuit is a self-Bias Circuit with 
, 
and parallel combination of 
with 
.

is applied through a resistor 
(or) RFC choke some times. This RFC choke offers very high impedance to high frequency currents.

value has chosen in such a way that it offers high impedance. Two coupling Capacitors 
and 
are used to block d.c currents, that means they do not permit d.c currents into tank circuit.
These capacitors 
and 
provides a path from Collector to Base through LC Network.
when 
is switched on , a transient current is produced in the tank circuit an consequently damped oscillations are setup in the circuit.
The oscillatory current in the tank circuit produces a.c voltages across 
and 
. If terminal 1 is more positive w.r. to 2 , then voltages across 
and 
are opposite thus providing a phase shift of 
between 1 and 2.
as the transistor is operating in CE mode , it provides a phase shift of 
.
Therefore the over all phase shift provided by the circuit results 
which is an essential condition for developing oscillations.
If the feedback is adjusted so that the loop gain 
then then the circuit acts as an Oscillator.
The frequency of oscillation depends on the tank circuit and is varied by gang (or) group tuning of 
and 
means 
.
working:-
The capacitors 
and 
are charged by 
and are discharged through the coil 
setting up of oscillations with frequency

.
these oscillations across 
are applied to the Base-Emitter junction and the amplified version of output is collected across Collector (the frequency of amplifier output is same as that of input of the amplifier) .
This amplified energy is given back to tank circuit to compensate losses.
therefore un damped oscillations results in the circuit.
Derivation for frequency of oscillations:-
chose 
for sustained oscillations.
Analysis(Qualitative):-
if 
, 
and 
are pure reactive elements such that 
, 
and 
.
from the general condition for an Oscillator


.

+%5Cfrac%7Bj%5E%7B2%7D%7D%7B%5Comega&space;%5E%7B2%7DC_%7B1%7DC_%7B2%7D%7D(1+h_%7Bfe%7D)-%5Cfrac%7Bj%7D%7B%5Comega&space;C_%7B1%7D%7D.j%5Comega&space;L=0)
find the real and imaginary parts,

h_%7Bie%7D-%5Cfrac%7B1%7D%7B%5Comega&space;%5E%7B2%7DC_%7B1%7DC_%7B2%7D%7D(1+h_%7Bfe%7D)+%5Cfrac%7BL%7D%7BC_%7B1%7D%7D=0)
equating imaginary part to zero 
, since 
.

.
after simplification

.
by substituting 
results 
.
substituting the value of 
in the real part gives 
. this is the condition for sustained oscillations.
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