Remove any hard fibrous stems from the mushrooms. Wash morels very carefully to remove all sand and dirt. Brush the remaining mushrooms with a damp cloth or mushroom brush to remove excess dirt. Slice the mushrooms in half or quarters depending on size.
Heat butter in a large skillet over high heat until hot. Add the chopped shallots and saute until translucent. Add the mushrooms to the shallot butter mixture. Saute until the mushrooms begin to wilt, about 7 to 8 minutes. Add the chicken stock or reserved mushroomsoaking liquid. Bring to a boil, then reduce to a simmer and allow the liquid to cook off in the uncovered saute pan.
By the time the liquid has cooked off, the mushrooms should be tender. Add the vermouth and allow to cook for 1 minute before adding the cream. Heat the cream to just below the boil and add the herbs, salt, and pepper and serve immediately.