In a separate saucepan over medium heat, add the butter, olive oil and shallots. Cook the shallots until they are tender and translucent, about 3 minutes.

Add the rice and stir, insuring that the rice is thoroughly coated with the butter and olive oil.

Add the wine to the rice mixture and stir until it is nearly evaporated.

While stirring the rice mixture, add ½ cup of the stock. Continue stirring until most of the stock has been absorbed by the rice. Continue to add stock in ½ cup increments until the rice is tender and at the desired consistency. This will take about 20-25 minutes.

Just before service, stir in the salt, pepper, parsley, basil and cheese. Immediately serve the risotto hot.

Stir in 1/3 cup cream if you desire a richer flavor.