Season meat and sprinkle with flour; pound lightly with meat mallet. Heat oil and butter in skillet; add onions and brown slowly over medium-low heat. Remove onions; brown meat. Place beef in baking dish; add onions, uncooked rice, and bay leaf. Combine soup and water; pour over casserole. Cover and bake at 350° for 2 hours. Arrange green beans around meat and bake 15 minutes longer.
Serves 6 to 8.