This is so, so good! It's an all-time favorite dinner for my husband and I both, and what we usually have (spooned over grilled steaks) for our special occasion dinners. It's a rich, creamy morel sauce that was created by my brother-in-law who first discovered it on a business trip to Micronesia. He loved it so much and worked on duplicating the sauce so he could serve it at home. This is his recipe.
Soak the dried morel mushrooms in the red wine just long enough to rehydrate them, about 20-30 minutes is usually sufficient. (I use a plastic container with a lid for this step. That way, I can tilt the container occasionally or shake it around a bit, to be sure all the mushrooms are adequately rehydrating.).
After the mushrooms are rehydrated, place them in a colander and rinse with cool water to remove any grit from the mushrooms. Leave the colander in the sink to allow the excess water to drain from the colander.
Finely mince the rehydrated mushrooms; set aside.
In a large skillet, sauté the minced shallots in butter just until they are clear, about 3-4 minutes. Add the minced mushrooms and beef base, and stir well. While stirring, add the cream and pepper, continuing to stir constantly until the sauce is thickened.
Spoon the sauce over grilled steaks (especially New York or Sirloin), veal, lamb, grilled chicken breasts, or pasta.
NOTE: For the wine, it doesn't really matter what kind of red wine you use. The wine is primarily to rehydrate the mushrooms, and not really to flavor the sauce. So feel free to use whatever red wine you have on hand, they all seem to work equally fine.