Thinly slice the meat. Chop onion into small pieces.
Use a deep pan and heat oil on med/high heat. Once the oil is hot, add meat strips. Cook 10 minutes, mixing frequently. (If you heat is rather low, cook on high heat. The meat should have a nice golden finish to it).
Add the chopped onions, turn the heat down to medium and cook five minutes (or until onions are tender).
Add the 3 cups water and mix. Cook on med/high heat about 10 minutes (or until meat is tender).
In a bowl combine ketchup, heavy whipping cream, flour, salt, pepper, and seasoning.
Add ketchup mixture to pan and mix. Turn heat down to low and let the gravy simmer for about 5 minutes.