Preheat the oven to 250°F.
In a shallow bowl, beat egg, with sugar, vanilla extract, cinnamon, and nutmeg.
Transfer the egg mixture into a large roasting pan (13x10 inches). Dip bread in egg mixture, then soak each piece of bread for at least 2 minutes each side (until it has absorbed most of the batter evenly across the bread, and is not soggy).
Preheat a-10 inch nonstick saute pan over medium heat. When the pot is hot enough, melt ½ tablespoon of butter and ½ tablespoon of oil. Place 2 slices of bread at a time into the pan, cook for about 2 minutes per side or until browned on both sides. Add butter if needed. Transfer the cooked French toast to the wire rack and keep it warm in the oven while you finish the other bread/toasts.
Wipe the skillet clean with paper towels. Repeat the process to cook the remaining bread, adding butter and oil as needed.
Serve warm with maple syrup, strawberry or fruit jam, fresh strawberries or berries, and/or confectioners' sugar.