Prepare the biscuits according to the package directions
In the meantime - while those are baking in the oven...
In a large skillet over medium heat, melt the butter
Add the drained mushrooms and pepper
Cook for a few minutes or until the pepper is getting tender
In a small bowl, mix the flour, pepper, and salt
Use a whisk to stir the flour mixture into the vegetables cooking in the skillet
Turn the heat off of the skillet, and stir in the cream, liquid from the can of mushrooms, and chicken broth
Turn the heat to medium/high and heat to boiling - stirring constantly for about 1 minute. The roux should turn into a gravy-like mixture
Fold in the chicken and olives
Serve over the baked biscuits