In a medium sauce pan, combine chicken broth, water and rice. Bring to a boil and then simmer for about 15 mins. Rice should not be completely cooked.
In a large skillet, on med-high heat sautee pepper, onion, celery and mushrooms in olive oil for about 7 minsutes or until tender. Add rice and broth mixture and 1 cup of hot water. Add diced chicken breasts and seasonings to taste. Cook for 20-25 minutes until chicken is cooked throughly.