Heat a large pot and add the olive oil and butter (omit butter to keep recipe to 75 caloires/cup)
Dice onion and sauté in the oil on medium heat until soft, stirring frequently
Add sliced mushrooms, thyme, bay leaves, salt and pepper to the pot. Sauté and stir on medium heat until soft (10-15 minutes).
Add broth and water to pot and increase heat.
Bring to a boil, then reduce heat and simmer for at least 20 minutes
Remove thyme stems and bay leaves.
Bring back to boiling and add dry rice. Reduce heat and simmer according to the package instructions on the rice (about 45 minutes).