We do tend to fry just about everything in the Natural State, Arkansas! And, Southern Fried Bacon is one of those sinful treats you don't want to serve too often. If you haven't tried it, you really should do so, at least once. Delicious!
Mix the eggs and milk together in a bowl and dip the bacon.
Have the 1/4 cup flour in another bowl and now coat the bacon.
In a saute pan heat the 1/4 cup oil over medium heat and fry the coated bacon until brown and crisp. Careful not to burn. Save the pan and drippings.
Drain the bacon on a paper towel.
To make the gravy, over low heat, take the reserved bacon drippings and two tablespoons or more of oil to the pan so that you have enough fat to brown flour. Now add 3 tablespoons of flour and stir for about 1 minute or until the flour is incorporated and slightly browned.
Add the water to the flour mixture. Use more or less water depending on how you want the consistency of your gravy. Whisk it. Now add the cream and whisk the mixture until it thickens. Add salt and pepper to taste. Serve in a small bowl along with the bacon.