The large shell of interstellar gas (IG) discovered toward HD 50896 by Heckathorn and Fesen (1984) is characterized on the basis of high-dispersion IUE SWP and LWR spectra of 19 objects located within 4 deg of HD 50896 (but outside the optical ring nebula S308) at distances 0.6-2.9 kpc (compared to 1.5 kpc for HD 50896). The IG is found to have two components (at velocities -80 and -125 km/s), diameter 90 pc or greater, and distance 1.0 + or - 0.2 kpc, demonstrating that it is not related to HD 50896 and suggesting that it is a highly evolved supernova remnant associated with cluster Cr 121.