Heat the oil in a 12-inch skillet over medium-high heat. Add the beef and cook until browned on both sides, 5 minutes for medium or until desired doneness. Remove the beef from the skillet, cover and keep warm.
Add the mushrooms to the skillet and cook for 5 minutes or until tender, stirring occasionally. Stir in the flavor blend and water and heat to a boil. Spoon the mushroom mixture over the beef.