Panfried Steak with Red-Wine Butter

From Every Day with Rachael Ray October 2006

3 shallots, finely chopped (about 1/2 C)
2 1/2 Tbsp unsalted butter, plus 4 tablespoons softened
1/2 C dry red wine
1 New York strip steak (about 12oz)
1 Tbsp crushed black peppercorns
Extra-virgin olive oil, for drizzling

Place the shallots in a small saucepan with the 2 1/2 tablespoons butter and cook over medium heat, stirring occasionally, until the shallots are tender, 8-10 minutes. Add the wine and cook until the liquid is reduced by half, about 5 minutes. Scrape the wine butter into a bowl and let cool in the refrigerator, about 15 minutes. Mix in the remaining 4 tablespoons softened butter with a fork.
Dimple the steak on both sides with the crushed peppercorns (push them into the steak). Heat a heavy skillet over medium-high heat; when the pan is hot, drizzle with olive oil and cook the steak until it's to your liking, about 4 minutes on each side for medium-rare.
Top the steak with some of the red-wine butter.