PREPARATION:

1. Heat oils in large skillet over medium-high heat. Add potatoes to hot oil. Turn with spatula several times to coat all slices with oil. Sprinkle with 1/4 teaspoon of the salt. Cook 6 to 9 minutes or until potatoes become translucent, turning occasionally. Add onion and peppers. Reduce heat to medium. Cook 10 minutes or until potatoes are tender, turning occasionally. Drain mixture in colander placed in large bowl; reserve oil. Let potato mixture stand until cool. Beat eggs with remaining 1/4 teaspoon salt in large bowl. Gently stir in potato mixture; lightly press into bowl until mixture is covered with eggs. Let stand 15 minutes.
2. Heat 2 teaspoons reserved oil in 6-inch nonstick skillet over medium-high heat. Spread potato mixture in pan to form solid layer. Cook until egg on bottom and side of pan has set but top still looks moist. Cover pan with plate. Flip omelet onto plate, then slide omelet back into pan. Continue to cook until bottom is lightly browned. Slide omelet onto serving plate. Let stand 30 minutes before serving. Serve in wedges.