In a medium saucepan combine 1/4 cup of the chicken broth, the onion, sweet pepper, and garlic. Bring to boiling; reduce heat. Cover and cook about 5 minutes or until tender. Stir in the remaining 3/4 cup chicken broth, the black beans, lime juice, and oregano. Bring to boiling; reduce heat. Cover and simmer for 25 minutes, stirring occasionally.
If desired, mash bean mixture slightly with a potato masher. Stir in hot pepper sauce. If desired, top with chopped tomato, cilantro, and lime wedges.