In a saucepan over medium heat, melt together olive oil and butter. Add rice and cook, stirring frequently, for about 2 to 3 minutes, until rice is toasted.
Stir in remaining ingredients. Increase heat to high and bring to a boil, stirring occasionally.
Stir well, reduce heat to low, cover and simmer for 20 minutes or until all liquid is absorbed. (See note)
Remove from heat, leave covered, and allow to rest for a few minutes. Fluff rice with a fork and serve.
Notes
Follow the directions on your rice for the amount of liquid to use per 1 cup of rice and how long to cook.Split that liquid amount 50-50 (water & tomato sauce). Tend toward more chicken broth and less tomato sauce.