Preheat your oven to 325°F (165°C).
Heat olive oil in a large skillet over medium-high heat. Season the elk roast with salt, pepper, garlic powder, onion powder, rosemary, and thyme.
Sear the roast on all sides until browned, about 2-3 minutes per side. Transfer to a roasting pan.
In the same skillet, sauté the onions and garlic until softened. Add the beef stock and red wine, scraping up browned bits from the pan. Bring to a simmer.
Pour the liquid over the roast in the roasting pan. Add carrots, celery, and bay leaves around the roast.
Cover tightly with aluminum foil or a lid and roast in the oven for 3 hours, basting occasionally.
Check for doneness with a meat thermometer; the internal temperature should reach 135°F for medium-rare or 145°F for medium.
Remove from the oven and let the roast rest for 15 minutes before slicing.