Preheat the oven to 375°. In a large heatproof bowl, soakthe morels in the boiling water until softened, 20 minutes. Reserving thesoaking liquid, rub the morels under running water to remove any grit; coarselychop any large ones.
Season the roast with salt and pepper. In a large ovenproofskillet, melt 2 tablespoons of the butter in the oil. Add the roast and brownover moderately high heat on all sides, about 4 minutes per side. Place searedroast in oven and cook for about 35 minutes, or until an instant-readthermometer inserted in the center of the roast registers 125° for rare.Transfer the roast to a carving board and cover loosely with foil. Let rest for10 minutes.
Discard any fat from the skillet and set the pan over highheat. Slowly pour in the mushroom liquid, stopping when you reach the grit.Boil the liquid, scraping up the browned bits on the bottom of the skillet,until it reduces to 1/2 cup, about 3 minutes. Strain the liquid through a finesieve set over a bowl.
Wipe out the skillet and add the remaining 1 tablespoon ofbutter. Add the shallots and cook over moderate heat until softened, about 4minutes. Stir in the morels. Add the heavy cream and the reserved mushroomliquid and simmer over moderate heat until the sauce is thickened, about 7minutes. Season with salt and pepper. Slice the roast 1/2 inch thick and servewith the sauce.