How to Make It
In a large skillet, heat the olive oil. Add the bacon, shallots, thyme and a generous pinch of salt and cook over moderate heat, stirring occasionally, until the shallots are browned and the bacon is nearly crisp, about 10 minutes.
Sift the flour into the skillet and stir it in until completely absorbed. Stir in the wine and cook until thick, 1 minute. Gradually stir in the stock, then stir in the paprika and bring to a boil. Simmer the gravy over moderate heat, stirring occasionally, until no floury taste remains and the gravy is reduced to 3 1/2 cups, 10 minutes. Discard the thyme sprig. Remove from the heat and stir in the butter. Season the gravy generously with salt and pepper and serve hot.