Preheat oven to 400*F. Heat oil in medium nonstick skillet over medium-high heat. Add onion and bell pepper; cook 5 minutes, stirring occasionally. Remove from heat. Add salt, Basil, oregano and black pepper; stir to combine. Cool slightly.
While onion mixture is cooling, flatten biscuits into 3 1/2 inch circles about 1/8 inch thick using palm of hand.
Stir mozzarella cheese into onion mixture; spoon 1 teaspoonful onto each biscuit. Fold biscuits in half, covering filling. Press edges with tines of for to seal; transfer to baking sheet.
Bake 10 to 12 minutes or until golden brown. While calzones are baking, place pizza sauce in small microwavable bowl. Cover with vented plastic wrap. Microwave at HIGH 3 minutes or until hot.
To serve, spoon pizza sauce and Parmesan cheese evenly over each calzone. Serve immediately.