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Bring filets to room temperature. Preheat oven to 450.
Heat grill pan or cast iron skillet on high heat. While pan is heating, dry filets thoroughly and then brush with canola oil. Season liberally with salt and pepper.
Sear beef for 3 minutes on either side. Then transfer to oven. Bake for an additional 5 minutes for medium rare.
Meanwhile, slice mushrooms into quarters and prepare minced shallots.
Heat butter over medium heat in a small saucepan.
Add shallot and morels. Season lightly with salt and pepper. Saute for 5-6 minutes or until morels are softened.
Add cream and thyme. Simmer for 5 minutes or until sauce is slightly reduced.
Serve poured over steak.