To make roux: Melt 1/2 cup butter in a skillet over medium heat. Stir in flour, reduce heat to low, and cook until roux is a light chocolate color. Season with basil and thyme. Remove from heat.
Heat oil in a saucepan over medium heat. Saute shallots until tender. Stir in wine, and simmer until liquid is reduced by half. Strain shallots from wine, and return wine to skillet. Stir in cream and 4 tablespoons butter; heat until butter is melted. Stir in 2 to 3 tablespoons of the roux, until mixture thickens. Cook on low heat for about 5 minutes to eliminate starchy flavor. Season with salt and pepper.