Drain the peas, discarding the water, and set them aside. In a large skillet over medium heat, put the butter onion and shallot. When the butter is melted, increase the heat and add the peas. Mix with a wooden spoon, cover and cook about 8 minutes. Pour the contents of the skillet into a large pot, adding enough water to cover the peas. Bring to a boil, and add green bell pepper, salt and black pepper. Lower the heat to medium, and cook 50 to 60 minutes, or until peas are tender.