4 cups water
2 1/2 cups rice
2 4 oz. containers of squid in its ink
1/2 cup alcaparrado (a mix of olives, capers and pimiento, or just olives)
2 tsp. salt
1 tsp black pepper
Heat oil in a saucepan with and saute the calamares over medium heat for 5 minutes. Add the remaining ingredients. Bring the mixture to a boil. Reduce heat to a simmer and cook until the liquid has evaporated.
Stir the rice, cover, and cook over very low heat for 30 minutes, stirring every 10 minutes.