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1. In a small saucepan bring several inches of water to boiling. Break ancho chile pepper open, remove stem and shake out seeds. Add seeded pepper to boiling water, reduce heat to low and simmer for 15 minutes. Drain water; let pepper cool.
2. Place chile pepper on a cutting board. Using the side of a sharp knife, gently scrape off pepper skin; discard. Finely chop pepper flesh.
3. For chile-garlic butter, in a mixing bowl beat chopped chile pepper, butter, garlic, lime peel, lime juice, tequila, and salt with electric mixer on low speed for 1 minute; beat on high for 2 to 3 minutes or until mixture is light and fluffy. Scoop butter onto the center of a sheet of waxed paper; form into a 3-inch-long log. Roll waxed paper around butter to form an even cylinder; refrigerate for at least 4 hours.
4. Thaw fish, if frozen. Sprinkle lightly with salt and pepper. In a large nonstick skillet cook fish in hot oil over medium-high heat for 4 to 6 minutes per 1/2-inch thickness or until fish is golden and begins to flake when tested with a fork, turning once. Drain on paper towels.
5. Remove chile-garlic butter from refrigerator; unwrap. Using half the butter, cut crosswise into slices; reserve remaining butter for another use. Transfer halibut to serving plates; immediately top with butter.