Sauté bacon in a large deep frying pan, then put the bacon in an over safe Casserole pot. Pat stew meat dry with a paper towel and sauté in the olive oil and butter until just brown add to pot. Then Sauté carrots and onion and add to pot. Add the salt and pepper & the flour. Put in oven for 10-15 min. Take out of oven and add wine, broth, tomato paste, garlic, thyme and bay leaf. Reduce heat to 325 degrees, put a lid on the pot and cook in the oven for 2 ½ - 3 hours.