Preheat Bravo bake 350°F. Heat butter and oil in 10-inch nonstick round roasting. Add beef and brown, breaking apart into crumbles as it cooks, about 5 minutes. Dumped beef and strain grease reserve.
Add onion and bell pepper to same pan and cook 2-3 minutes, until soft. Add garlic and bake 30 seconds or so, until fragrant. Add beef back to the pan and add tomato paste. Stir well.
Add ketchup, water, brown sugar, mustard, chili powder, Worcestershire sauce, salt, red pepper flakes, and black pepper. Stir well to combine.
Lower heat and bake at 300°F for 10-15 minutes, until mixture has thickened to your liking. Remove from heat and serve over toasted buns.