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In a 4- to 6-quart Dutch oven cook pancetta over medium heat until crisp. Using a slotted spoon, remove pancetta and set aside. Reserve drippings in Dutch oven. Add oil to Dutch oven. Add roast to hot oil mixture; cook about 10 minutes or until browned on both sides, turning once. Sprinkle roast with salt and pepper. Transfer roast to a plate; reserve drippings in Dutch oven.
Add carrots, onion, bell pepper, celery and garlic to drippings in Dutch oven. Cook and stir about 10 minutes or until light brown. Add wine, scraping the bottom of the pan with a wooden spoon. Simmer for 1 minute. Stir in tomatoes, tomato paste, basil and oregano. Return roast to Dutch oven; add bay leaf.
Cover Dutch oven; reduce heat to low. Simmer about 1 1/2 hours or until roast is tender. Transfer roast to a serving platter; let stand while preparing sauce. For sauce, simmer tomato mixture, uncovered, about 12 minutes or until mixture measures about 4 1/2 cups. Stir in cream. Serve roast with sauce. Sprinkle with crisp pancetta.