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Preheat oven to 275 degrees F.
Mix the flour with a generous amount of salt and pepper on a sheet of waxed paper. Pat the roast dry; dredge it in the flour mixture on all sides.
Heat butter and olive oil in a large Dutch oven over medium-high heat until it is hot but not smoking. Brown the meat to give it nice color (about 5 minutes per side). Transfer the meat to a plate.
Reduce the heat to medium and add 1 cup of the beef broth, scraping with a wooden spoon to deglaze the pan (loosening all of the browned bits from the bottom). Add the onions, carrots, celery and garlic to the pot. Cook, stirring, until the onions are translucent (about 10 minutes). Place the roast on top of the vegetables. Add the remaining two cups of beef broth, red wine, thyme, rosemary and bay leaves. Season with salt and pepper, cover, and bake in the 275 degree F oven for 2 hours.
After 2 hours, add the potatoes to the pot, mixing them into the liquid. Cover and return to the oven for another 45 minutes – 1 hour, or until the potatoes are soft and the meat is fall-apart tender.