In covered skillet heat meat wit water, onion, bell pepper and bouillon for about 30 minutes or till most of the liquid is absorbed and meat will shred easily.
Remove skillet from heat. Using two forks, pull meat apart into shreds. Return to heat. Push the meat mixture to one side of skillet. In the open area of skillet heat oil; add potatoes. Cook and stir meat and potatoes together in oil till mixture is heated through and almost dry. Season to taste with salt and pepper.