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Preheat oven to 350°F. Heat 1 tablespoon oil in a large Dutch oven over medium-high heat. Add mushrooms and cook about 4 minutes, or just until beginning to brown; remove and set aside.
Add another 1 tablespoon oil to the pot. Add onions and carrots and cook about 7 minutes or until just beginning to brown. Remove and reserve with the mushrooms.
Season the roast with salt and pepper. Add the remaining 1 tablespoon oil to the pot. Sear the roast on all sides until it is golden brown; remove and set aside.
Carefully add 1/2 cup beef stock to the pot. Simmer for 2 to 3 minutes, stirring frequently, until liquid is reduced by half. Add the remaining 1 cup stock, garlic and thyme.
Return the roast to the pot, followed by the reserved vegetables. Cover the pot and transfer to the oven. Roast for 2 hours 30 minutes (about 1 hour per pound), or until the meat is tender. Transfer the roast and vegetables from the pot to a platter, reserving the cooking liquid. Cover the roast with foil and let rest for 10 minutes.
Meanwhile, return the pot to the stove and bring the juices to a boil. In a small bowl, stir together flour and water until smooth. While stirring, slowly pour the flour mixture into the boiling cooking liquid. Cook, stirring, until sauce has thickened into a thin gravy-like consistency. Cook 1 minute more. Serve gravy with the roast and vegetables.