Parchment-Baked Sea Bass with Morels and Red Wine Sauce

Bring 1 1/4 cups clam juice to boil in small saucepan. Add morels; remove from heat. Let stand until soft, about 35 minutes. Strain mixture; reserve morels and soaking liquid separately. Preheat oven to 475 °F. To form heart-shape packets, stack two 14-inch squares of parchment or foil and fold in half, forming rectangle. Cut into half-heart shape. Open hearts; brush each with oil. Place 1 fish fillet on 1 half of each heart. Sprinkle fish with salt and pepper. Top fish with morels, dividing equally. Fold parchment or foil over fish, folding edges over tightly to seal and enclosing fish completely. Place on baking sheet. Bake until fish is opaque in center, about 15 minutes. Meanwhile, boil wine and shallots in small saucepan until wine is reduced to 1/4 cup, about 6 minutes. Add reserved mushroom soaking liquid; boil until reduced to 1/2 cup, about 4 minutes. Mix cornstarch and remaining 1/4 cup clam juice in small bowl. Whisk into sauce. Simmer over medium heat until sauce thickens, about 1 minute. Place packets on plates. Open packets; spoon sauce over fish and serve.