In a medium saucepan, heat the oil over medium heat. Add the bell pepper, onion and garlic and saute, stirring often, for about 15 minutes, until all the vegetables are soft and tender. Stir in the beans, tomatoes, chicken broth, thyme, bay leaf, oregano and water; bring to a boil. Reduce the heat and simmer, stirring occasionally, until the sauce thickens and the vegetables are tender, about 45 minutes. If the mixture becomes too thick, add a tablespoon or two of hot water to thin to desired consistency.

Stir in the fresh cilantro and season with salt and pepper; discard the bay leaf. Serve over the hot rice.

For an electric pressure cooker, use the Saute function to heat the oil. Cook the bell pepper, onion, and garlic, stirring often, for several minutes, until tender. Stir in the beans, tomatoes, chicken broth, thyme, bay leaf, oregano, and water. Seal the lid and cook on high pressure for 5 minutes. Quick release the pressure. If you want the mixture thicker, continue cooking using the Saute function until the mixture is thick (stir often to prevent sticking). Stir in the cilantro and season to taste with salt and pepper, if needed.