Cut chicken breasts into 1 x 3 inch strips, and dredge in flour.
In 10 inch skillet, heat oil and butter. Add chicken. Cook, turning occasionally, until lightly browned on all sides (3 to 4 minutes). Using tongs, remove chicken from skillet. Set aside and keep warm.
To same skillet, add shallots and garlic. Saute until softened (1 minute). Add water, wine, broth mix, and seasonings. Mix well. Cook, stirring frequently, until liquid is reduced by 1/2 (3 to 4 minutes). Return chicken to skillet, and cocktail sauce is thick and chicken is heated through (2 to 3 minutes).