Cut the bread into 1-inch slices; spread slices with butter, then tear bread into bite-sized pieces; set aside.
In a mixing bowl, whisk the milk and eggs together; stir in the peppers, green onions, oregano, pepper sauce, salt, and black pepper.
Add in bread pieces and cheese; stir well to coat bread.
Divide mixture between eight greased 6-ounce custard cups or ramekins (or transfer all into a greased 1 1/2 quart souffle dish).
Press mixture down slightly to thoroughly moisten bread.
Bake, uncovered in a 350° oven for about 30 minutes or until golden and a knife comes out clean; let stand for 10 minutes before serving (or bake souffle dish for 40 minutes at 350 or until knife comes out clean; let stand for 15 minutes before serving).