To make this whole process work you need a smoking hot cast iron (or heavy duty) skillet. When I say smoking hot, I mean smoking hot. It also needs to be clean and without any oil (other than what a good cast iron skillet is seasoned with) or cooking spray. All the oil you need is already on the surface of the steak.
To test the heat, place a single drop of water on the pan. If it dances for a second before disappearing, the pan is hot enough. Make sure to have the steak, a clean plate, a heavy duty grill mitt, a pat of butter and a pair of tongs ready. You won't have a chance to step away once you start the cooking process.