I think that in other parts of the country this is called an Open House Egg. We call it a Bullseye Egg, because when we aim the sauce we yell "BULLSEYE!" If we get a direct hit.
First you need to heat oil in your frying pan, whilst that is doing cut a circle out of a slice of bread. Fry the bread and circle so that it is Golden Brown on one side and then flip them both over. When flipped over crack an egg into the hole in the slice of bread and fry until cooked.
When done put on a plate, squirt on some ketchup and add the circle of bread back on top.
One Bullseye Egg for breakfast!