Drain oysters and reserve 1/4 cup liquid. Melt butter in a saucepan over moderate heat, blend in flour, slowly add cream, and heat stirring until thickened. Add reserved liquid, lemon juice, nutmeg and paprika, reduce heat and simmer, stirring 1 minute. Add oysters and cook, swirling pan occasionally, 4 to 5 minutes until edges begin to curl. Serve as is or spooned over buttered toast. About 300 calories per serving (without toast). Makes 4 servings.