Preheat oven to 375 degrees. Salt and pepper chicken. In a large cast iron skillet over medium-high heat add olive oil and butter. When hot, place chicken in skillet skin side down, cook until skin is golden brown. Remove chicken from skillet. Add remaining ingredients and cook 1 - 2 minutes, add salt and pepper, to taste. Nestle the chicken into the sauce. Place skillet in the oven and bake for 45-50 minutes. Remove from oven, top with fresh basil and serve from the skillet.
Serve with a side of pasta, if desired.