Step 1: Peel the shrimp and set aside (DO NOT THROW THE SHELLS OUT). Place the shrimp shells in a large saucepan, add water just to cover shells, and simmer over medium heat for 4 minutes. Strain liquid stock from shells into a medium bowl and discard shells. Pour the stock back into the saucepan and return to medium heat to boil down to about 1/2 cup.
Step 2: Meanwhile, in a large skillet, sauté shallots in olive oil over medium heat just to soften, about 2 minutes. Add the garlic, butter, dried herbs, salt, cayenne, paprika, black pepper, and lemon. Simmer over low heat 4 - 5 minutes to blend flavors. Add the stock and continue to simmer 5 minutes. Add fresh oregano and thyme, 1/4 cup parsley, and shrimp.
Step 3: Cook the shrimp over medium heat, stirring gently, until just cooked through, 3 - 4 minutes until they turn pink . Remove from the heat and let stand 1 minute. Remove and discard the bay leaf. (You may want to cut a large shrimp in half to make certain they are cooked through. Cook a minute or two more if not done. However, BE CARFEUL not to overcook to prevent the shrimp toughening up and drying out).
Step 4: Preferably, serve over hot rice (white or brown), if you'd like. Garnish with scallions and remaining parsley.
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