HEAT oven to 350 degrees F. Coat 12 muffin cups generously with no-stick cooking spray.
STIR together preserves and butter in small bowl. Place 1 tablespoon in bottom of each muffin cup. Top with 1 apricot half, rounded side down.
BEAT flour, sugar, baking powder, salt, shortening, egg, milk, vanilla and almond extract in large bowl with electric mixer on medium for 2 minutes or until smooth. Top each muffin cup with about 3 tablespoons batter.
BAKE 18 to 20 minutes or until toothpick inserted in center comes out clean. Cool 10 minutes. Run sharp knife around edge of each cup. Invert onto cookie sheet. Spoon any remaining preserves from cups over top of cakes. Serve warm with whipped cream, if desired.
If there are not enough apricot halves in the can, cut larger ones in half, then evenly divide among the muffin cups.