Heat the olive oil in a medium nonstick skillet. Add the shallot and cook over low heat until golden, 4 to 5 minutes. Add the tomatoes and their liquid, breaking up the tomatoes with a spoon. Stir in the tomato paste, Tabasco and oregano. Bring to a boil over high heat, then lower the heat to moderate and simmer for 15 minutes, stirring occasionally. Season with salt and pepper and keep warm.
Fill a large skillet with water, add 1/2 teaspoon salt and bring to a simmer over moderate heat.
Meanwhile, bring 4 1/2 cups of water to a boil in a medium heavy saucepan. Add 1 1/4 teaspoons salt and whisk in the polenta. Cook over moderate heat, stirring, until the polenta is cooked through and pulls away from the sides, about 10 minutes. Stir in the butter. If the polenta is too stiff, stir in a little water. Mound the polenta on 4 warm plates and top with half of the tomato sauce.
Crack each egg into a separate small bowl or dish. Slide the eggs quickly into the simmering water in the skillet and cook until the whites are set and the yolks are soft, about 3 minutes.
Working quickly, use a slotted spoon to set an egg on top of each serving. Spoon the remaining tomato sauce over the eggs, sprinkle with the parsley and serve.
One Serving Calories 458 kcal, Protein 15 gm, Carbohydrates 74 gm, Cholesterol 217 mg, Total Fat 9 gm, Saturated Fat 3 gm.