Smothered Beef and Peppers

2 tablespoons vegetable oil
1/2 pound sliced fresh mushrooms
2 bell peppers (1 red, 1 green), cut into thin strips
2 onions, sliced
1 (2 pound) beef round steak, cut into thin strips
1 teaspoon salt
1 teaspoon black pepper
1 (10 3/4 ounce) can condensed cream of mushroom soup
3/4 cup dry red wine or beef broth
2/3 cup water
1 1/2 teaspoons browning and seasoning sauce

In a large skillet, heat the oil over medium-high heat until hot. Add the mushrooms, bell peppers, and onions, and saut