1. Line a baking sheet with buttered parchment paper.
2. Fry the bacon until crispy and crumble it into small pieces.
3. Chop the peanuts and mix with bacon, set aside.
4. To make the brittle, brush a 2 quart heavy bottomed sauce pan with oil.
5. Add the water and sugar and heat over a high heat stirring occasionally with a wooden spoon.
6. When mixture starts to boil cover the pan and cook for three minutes.
7. Remove the lid, lower the heat to medium and let it simmer for 20 minutes, until the sugar turns a light amber color.
8. Stir in the bacon peanut mixture.
9. Pour the mixture onto the prepared pan. Press the brittle into a thin even layer, using the buttered spatula.
10. Break the peanut brittle with bacon into desired size and serve.
Be very careful not to splash the boiling sugar mixture onto yourself during the preparation as it will cause serious burns.