Season chicken breasts with salt and pepper lightly.
Heat olive oil and butter in a skillet over medium heat. Saute chicken until the golden crust forms on each side.
Meanwhile mix preserve, vinegar, soy sauce, garlic, ginger, and chili flakes in a small mixing bowl. Pour the sauce over the chicken and let it bubble. Cover with lid and cook for 10-15 minutes over med-low heat until chicken breasts are fully cooked. Uncover and raise the heat to high. Boil up the sauce again and let it thickens, about 3-4 minutes spooning the sauce over the chicken occasionally.
When the sauce reduces to half, remove the skillet from the heat and let the chicken cool slightly. The sauce will thicken even more and turn into a glaze. Serve the chicken over rice.