Preheat the oven to 325°F.
Place the stew beef into a large plastic zip top bag. Add the flour, garlic salt, onion powder, paprika and pepper. Shake until coated.
Drizzle the bottom of a dutch oven with olive oil. Add the butter.
Over medium-high heat brown the meat in batches. Remove to a platter.
Add the onion, carrots, celery, bay leaves, steak seasoning and oregano to the dutch oven. Cook for 1-2 minutes just to soften stirring to loosen any brown bits on the bottom of the dutch oven.
Add the red wine, beef stock, tomato paste and Worcestershire to the pot. Stir well then return the beef. Add several sprigs of thyme.
Cover and bake for 1 hour. Uncover and add the potatoes, stirring to incorporate.
Replace the cover and cook for another 1 1/2 hours OR until the meat and potatoes are fork tender.
Check the thickness of the broth.You may adjust using additional tomato paste, if desired..
Garnish with fresh thyme or chopped Italian parsley.