In a mixing bowl, combine the oil and 1/2 cup Essence, stirring well. Place the steaks on a baking dish and rub the oil mixture on both sides. Let sit for at least 1 hour. (If marinating longer, refrigerate the meat, then bring to room temperature before cooking.)

Preheat the grill, and preheat the oil in a deep fat fryer to 350 degrees F.

Place the steaks on the grill and cook for 6 to 8 minutes on each side for medium-rare.

In a shallow bowl, combine the flour with 1 tablespoon of the Essence. In another bowl, combine the masa with the remaining tablespoon of Essence. In a third bowl, combine the eggs and milk and beat well. In batches, dredge the pepper rings in the flour, egg wash, and masa mixtures, shaking to remove any excess. Fry, turning, until golden brown, 2 to 3 minutes. Remove the pepper rings from the oil and drain on paper towels. Season lightly with Essence.

To serve, place the steaks on a plate. Stack the pepper rings on top and place a 2 tablespoon slice of the compound butter on each steak in the center of the peppers. Sprinkle with parsley and serve immediately.

Combine all ingredients thoroughly and store in an airtight jar or container.

Yield: about 2/3 cup

Recipe from "New New Orleans Cooking", by Emeril Lagasse and Jessie Tirsch. Published by William and Morrow, 1993.

Place the butter in a medium bowl and cream with a wooden spoon or rubber spatula. Add the remaining ingredients and mix well. Place on a large sheet of plastic wrap and form into a cylinder, about 1 1/2-inches in diameter. Roll up in the plastic wrap, pushing in as you go, to form a tight log. Refrigerate or freeze until needed.

Yield: 1/2 pound