Preheat oven to 375.
Melt butter over medium heat in an 8-inch sauce pot.
Add onions and cook until translucent.
Add stock and bring to a boil over high heat.
Stir in bell pepper and rice.
Season with salt and pepper, and return to a boil.
Cover with lid.
Place in the oven and cook for 1 hour and 15 minutes.
Let stand for 5 minutes before serving.
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