http://karenswhimsy.com/mushrooms.shtm
First make sure you have edible Morel mushrooms. http://ohioline.osu.edu/hyg-fact/3000/3303.html
Cover the Mushrooms with a mixture of salt and water in a bowl. Let soak overnight in the refrigerator. You will be amazed at the number of bugs that rise to the top of the bowl by morning.
Drain and rinse well and let them dry on some paper towels. Cut in half vertically. Dredge in some flour mixed with a little salt and pepper if you like. Cook on medium heat in a skillet containing melted butter or olive oil. Thoroughly brown the mushrooms on both sides.
The best of the best. Yummy!
(Warning, The sooner you prepare and eat the mushrooms the better. Do not delay to avoid food poisoning. If you do not know your mushrooms, it is advised that you do not eat them. Many mushrooms could cause death.)