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1
Preheat the oven to 375.
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2
In a large heatproof bowl, soak the morels in the boiling water until softened, 20 minutes.
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3
Reserving the soaking liquid, rub the morels under running water to remove any grit; coarsely chop any large ones.
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4
Season the roast with salt and pepper.
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5
In a very large ovenproof skillet, melt 2 tablespoons of the butter in the oil.
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6
Add the roast and brown over moderately high heat on 3 sides, about 4 minutes per side.
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7
Turn the roast on the fourth side and roast for about 35 minutes, or until an instant-read thermometer inserted in the center of the roast registers 125 for rare.
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8
Transfer the roast to a carving board and cover loosely with foil.
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9
Let rest for 10 minutes.
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10
Discard any fat from the skillet and set the pan over high heat.
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11
Slowly pour in the mushroom liquid, stopping when you reach the grit.
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12
Boil the liquid, scraping up the browned bits on the bottom of the skillet, until it reduces to 1/2 cup, about 3 minutes.
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13
Strain the liquid through a fine sieve set over a bowl.
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14
Wipe out the skillet and add the remaining 1 tablespoon of butter.
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15
Add the shallots and cook over moderate heat until softened, about 4 minutes.
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16
Stir in the morels.
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17
Add the heavy cream and the reserved mushroom liquid and simmer over moderate heat until the sauce is thickened, about 7 minutes.
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18
Season with salt and pepper.
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19
Slice the roast 1/2 inch thick and serve with the sauce.
