Remove the small side muscle from the scallops, rinse with cold water and thoroughly pat dry.
Add the butter and oil to a 12 to 14-inch saute pan on high heat. Salt and pepper the scallops. Once the fat begins to smoke, gently add the scallops, making sure they are not touching each other. Sear the scallops for 1 1/2 minutes on each side. The scallops should have a 1/4-inch golden crust on each side while still being translucent in the center. Serve immediately.
Drying the scallops (with paper towels) is critical when searing. Warm serving plates in the oven to preserve and maintain the heat of the entrée.