In a medium saucepan, melt the butter and olive oil over medium heat.
Add the chopped shallot and sauté for about 2-3 minutes until translucent.
Stir in the minced garlic and cook for an additional minute until fragrant.
Pour in the heavy cream and lobster stock, whisking to combine.
Allow the sauce to simmer for 5-7 minutes, stirring occasionally until it thickens slightly.
Stir in the grated Parmesan cheese until melted and smooth.
Add red pepper flakes if desired, and season with salt and black pepper to taste.
Remove from heat and serve immediately over cooked lobster ravioli, garnished with fresh parsley.
For a richer flavor, you can add cooked lobster meat to the sauce.
This sauce can be made a day in advance and reheated before serving. Just be sure to stir in a splash of cream or stock to bring it back to the desired consistency.