1. Slice sausage into 1/4-inch pieces. Set a 6-quart or larger pressure cooker to the BROWN setting. Add oil. Sear sausage slices on both sides until brown. Remove and set aside. Turn pressure cooker off, leaving grease in bottom. Add beans, bell pepper, onion, celery, garlic, bay leaves, hot sauce, Cajun seasoning, thyme, salt and pepper. Pour in the water. Stir to combine so water and seasoning are well-distributed. Add sausage slices to the top. Make sure pot is not filled more than 2/3 full. 
2. Secure lid of pressure cooker into locked position. Turn regulator knob to PRESSURE. Turn on pressure cooker. Set to PRESSURE COOK on HIGH for 25 minutes. 
3. After time has elapsed, turn off pressure cooker. Allow pressure to release naturally without turning pressure regulator knob. (This will give the beans a chance to absorb more liquid. It should take about 20 minutes for pressure to release. The floating valve will drop, and you will be able to open the lid.) Open lid; let cool. Remove bay leaves, and serve with cooked rice.

Calories: 396, Fat: 19 g (6 g Saturated Fat), Cholesterol: 35 mg, Sodium: 814 mg, Carbohydrates: 39 g, Fiber: 9 g, Protein: 20 g.