The sauce for this recipe is an old standard from Christopher Cote, which was published many years ago in Wine and Food Magazine. It is a spectacular centerpiece to a holiday dinner and quite easy to cook and will be great matched with Stony Hill Cabernet Sauvignon.
Preheat the oven to 375 degrees. In a large heatproof bowl, soak the morels in the boling water until softened, 20 minutes. Reserving the soaking liquid, rub the morels under running water to remove and grit, coarsely chop ony large ones.
Season the roast with salt and pepper. In a very large ovenproof skillet, melt 2 Tbsp. of the butter in the oil. Add the roast and brown over moderately high heat on 3 sides, about 4 minutes per side. 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 degrees for rare. Transfer the roast to a carving board and cover loosely with foil. Let rest for 10 minutes.
Discard any fat from the skillet and set the pan over high heat. 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 fine sieve set over a bowl.
Wipe out the skillet and add the remaining 1 Tbsp. of butter. Add the shallots and cook over moderate heat until softened, about 4 minutes. Stir in the morels. Add the heavy cream and the reserved mushroom liquid and simmer over moderate heat until the sauce is thickened, about 7 minutes. Season with salt and pepper. Slice the roast 1/2″ thick and serve with sauce.