Remove chicken breasts from the refrigerator and allow them to come to room temperature (if time allows). To ensure even cooking, pound chicken breasts until they are uniform in thickness. Rub the chicken breasts with a thin coat of olive oil and sprinkle with salt and pepper. Set aside.
Heat a large skillet over medium heat. Add the chopped bacon and cook for approximately 6-8 minutes, or until crispy and fat has rendered. Stir occasionally. Use a slotted spoon to remove the bacon, leaving 1-2 tablespoons of bacon fat in the pan.
Return heat to medium, medium-high. Add chicken to the skillet, leaving space between each chicken breast. Cook for approximately 5-6 minutes or until the chicken turns white 1/2 way up the thickest side. If it appears that the chicken is browning too fast, reduce heat slightly. Flip each chicken breast and continue to cook for an additional 5 minutes, or until chicken reaches an internal temperature of 160 degrees.
Remove chicken from the skillet and transfer to a clean plate. Cover with foil to keep warm.
Over medium heat add the shallots to the skillet. Sautè the shallots for 3-4 minutes, or until just starting to soften. Stir frequently. Add the garlic and cook for 1 minute more.
Add the wine to the skillet and cook until wine has reduced by half. Reduce heat to medium-low and stir in the half and half, water and any juices from the resting chicken. Bring to a simmer and stir in the capers, bacon, olives and chopped parsley and add the chicken back into the skillet. Cook for 1 minute and remove from heat.
Place the chicken on individual serving plates and top with sauce. Serve with roasted vegetables, rice or potatoes.