Remove steaks about 35 minutes before cooking to bring them to room temperature.
In a small bowl mix chili powder, cumin, coriander, cayenne, salt, and pepper.
Generously rub both sides of the steaks. Let sit for 10 minutes or place in an air-tight plastic bag and refrigerate up to 24 hours.
Preheat a 12-inch skillet over medium-high heat. Add olive oil and butter and heat until it just starts to smoke.
Add the cowboy steaks to the hot pan and sear for 4 to 5 minutes on each side, or until the internal temperature reaches 125 to 130 degrees F.
Remove ribeyes from the heat and place them on a clean plate or cutting board. Cover will foil and let rest 5 to 6 minutes.
The temperature will continue to increase a few degrees reaching medium-rare (130 to 135 degrees F)
Kori's Tips
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VARIATIONS: Add more cayenne pepper to increase spice level.
TOP TIPS: Remove steaks 5 degrees less than your desired final doneness: the final cooking temperature for medium-rare is 130 to 135 degrees F, medium 140 to 145° F, and medium-well: 150 to 155° F