Heat oil in Dutch oven over medium heat. Add bacon and cook until crispy. Remove bacon with a slotted spoon and set aside.
Place beef cubes in a pie plate and sprinkle flour, salt and pepper over them. Stir to coat the beef evenly.
Brown the beef in the bacon grease in batches and then set it aside.Preheat the oven to 350 degrees F.
Add a little more oil to the Dutch oven if needed and cook the carrots and onion for 4 to 5 minutes.Add garlic and cook 1 minute.
Stir in the bourbon and tomato paste and then add the Worcestershire sauce, salt, balsamic vinegar, thyme, and beef broth. Return beef and bacon to Dutch oven.Bring to a simmer. Cover and transfer to oven for 1½ hours
Add potatoes and peas and return to oven covered for 30 minutes.
Meanwhile melt butter in a large skillet. Add mushrooms and cook until browned.
Stir mushrooms into beef stew. Check for seasoning and add salt and pepper to taste and serve.
Notes
Nutritional info is provided as an estimate only and will vary based on brands of products used. Not to be used for specific dietary needs.