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Preheat the oven to 375°. In a huge heatproof bowl, soak the morels in the boiling water unless softened, 20 minutes. Reserving the soaking liquid, rub the morels below working water to amass any grit; coarsely cleave any huge ones.
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Season the roast with salt and pepper. In a truly huge ovenproof skillet, soften 2 tablespoons of the butter in the oil. Add the roast and brown over moderately excessive warmth on 3 sides, about 4 minutes per facet. Flip the roast on the fourth facet and roast for roughly 35 minutes, or unless an instantaneous-read thermometer inserted in the guts of the roast registers 125° for uncommon. Switch the roast to a carving board and quilt loosely with foil. Let leisure for 10 minutes.
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Discard any plump from the skillet and dwelling the pan over excessive warmth. Slowly pour in the mushroom liquid, stopping when you attain the grit. Boil the liquid, scraping up the browned bits on the underside of the skillet, unless it reduces to 1/2 cup, about 3 minutes. Strain the liquid by a comely sieve dwelling over a bowl.
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Wipe out the skillet and add the last 1 tablespoon of butter. Add the shallots and cook over moderate warmth unless softened, about 4 minutes. Pace in the morels. Add the heavy cream and the reserved mushroom liquid and simmer over moderate warmth unless the sauce is thickened, about 7 minutes. Season with salt and pepper. Carve the roast 1/2 lunge thick and wait on with the sauce.