In 10-inch nonstick skillet, heat 2 teaspoons of the oil over medium-high heat. Add asparagus and bell pepper; cook 3 to 5 minutes, stirring frequently, until crisp-tender. Remove from heat; place cooked vegetables in medium bowl. Stir egg product, basil and salt into vegetables.
In same skillet, add remaining 2 teaspoons oil and the egg mixture. Cook over medium heat about 5 minutes or until bottom is lightly browned and top is set, lifting edges occasionally to allow uncooked egg mixture to flow to bottom of skillet.
Place skillet-size heatproof plate, upside down, on top of skillet. Turn plate and skillet over; slide frittata back into skillet, browned side up. Cook until bottom is lightly browned. Invert onto serving plate if desired. Cut into wedges.