Generously season chicken thighs on skin side only with salt and pepper. Dredge them lightly on top with flour, using a fine sieve; set aside.
In a large skillet over medium-high heat, add oil and 1 tbsp. butter. When it starts sizzling, place thighs, skin side down, and season the tops with salt and pepper. Cook until golden brown, about 3 to 3:30 minutes.
Flip them and cook for an additional 2 to 2:30 minutes. Transfer them to a plate and set aside.
Reduce the heat to medium, add the remaining 1 tbsp. butter and when melted, add onions Sauté for 1:30 to 2 minutes, scraping the bottom of the skillet to dislodge any brown bits.
Add mushrooms and season with salt and pepper. Sauté them for 5 minutes.
Add garlic, thyme and hot paprika; sauté for 1 minute.
Pour in dry white wine and cook until the liquid is mostly evaporated, about 2 to 3 minutes.
Stir in broth, can of tomatoes, tomato paste, sliced black olives and bay leaf. Return chicken thighs to skillet including any accumulated juices. Spoon sauce over the meat and bring to a low boil.
Cover, reduce the heat to medium-low and simmer gently for 25 to 30 minutes or until the chicken’s internal temperature reaches 165ºF, basting every 10 minutes to keep the thighs from drying out.
Sprinkle on fresh chopped parsley and serve as is, with rice or noodles.