Preheat an oven to 425 degrees F (220 degrees C). Grease a 13x9 glass baking dish with the oil, and set aside.
Rinse the catfish fillets, and pat dry. In a shallow bowl, combine the cornmeal, creole seasoning, paprika, sugar, and black pepper. Combine the eggs and hot sauce or water in a another bowl. Dip the fillets in the egg mixture, dredge in the cornmeal mixture, and arrange in the baking pan.
Bake for 15 minutes, or until cooked through and golden brown. Turn once during cooking. Place catfish on a paper-towel lined plate, and serve immediately with additional hot sauce.