Start with a large pot with a top on medium high heat. Add the oil and popcorn kernels. Shake the pot as you hear the kernels popping. (See note) This will take about 5-7 minutes. Turn the heat off when you only hear a few kernels popping at a time. The kernels will continue to pop even when the heat is off. Pour the popped popcorn in a large bowl and set aside.
Chop the pecans into small pieces and set aside.
To make the caramel sauce it is much earlier than you think. Take a medium pot on medium high heat add the brown sugar, butter and corn syrup. Stir until the butter is melted and the sugar is starting to dissolve about 3 minutes. Lower the heat to medium low and cook the sauce for 5 minutes. Do not stir during this time.
Once the 5 minutes is up turn off the heat and add the vanilla extract and stir.
Now add the baking soda and watch the magic happen. The sauce will bubble up and turn a light brown color. (See note)
Preheat the oven to 250 degrees.
Pour the caramel sauce over the popcorn and add the chopped pecans. Mix until everything is combined. Pour mixture on a baking sheet lined with parchment paper and spray with cooking spray. (See note) Bake for 1 hour. Stir the mixture every 15 minutes to allow the caramel to brown on all sides of the kernels. Once the popcorn is done remove from oven and set aside.
Take a small pot filled with about 2 inches of water. Bring to a simmer. Take a smaller bowl and set it on top of the pot filled with water. Add the chocolate chips in the bowl and completely melt the chocolate. Takes about 5-7 minutes.
Pour the melted chocolate into a sandwich bag and cut a small corner. Squeeze the chocolate all over the cooled popcorn and put it in the freezer to allow the chocolate to set. About 15 minutes. Now it’s time to taste this delicious treat. Enjoy!!