Allow beef roast to come to room temperature before cooking (about 2 hours out of the frig.).
In small bowl, blend butter with salt, pepper, rosemary, thyme, and garlic. Spread butter mixture evenly over all side of roast.
Preheat oven to 325 degrees and place rack in center of oven.
Heat olive oil in large skillet over medium-high heat for one minute. Sear roast in skillet on all sides until well-browned (about 8-10 minutes). Transfer roast, bone-side down, to a roasting pan with rack.
Roast beef until thermometer inserted in center reads 125 degrees for rare (about 2 hours), 135 degreed for medium-rare, (about 2 1/4 hours), or 145 degrees for medium (about 2 1/2 hours). Let meat rest at least 15 minutes before carving.