In a medium stockpot, combine soaked beans (see Editor's Note), water, onion, green pepper, garlic, bay leaves, salt, cumin and oregano. Bring to a boil over medium-high heat; reduce heat to low. Simmer, covered, until beans are tender, about 1 hour. Stir occasionally and add water as necessary so that the beans don't dry out or scorch.
When beans are tender, stir in wine, vinegar, and olive oil.