09/19/2011 02:17 pm ET | Updated Nov 19, 2011

'The Blair Witch Project' Creator Talks Third Sequel: Another 'Blair Witch Project' In Development?

"The Blair Witch Project" was a stunning entrance into film for creators Eduardo Sanchez and Daniel Myrick.

The shaky, notoriously low-rent thriller earned a whopping 250 million and pioneered a new style of horror film while inspiring feelings of palpable fear, nausea, and the widespread belief that, Hey, I can make a scary movie with my friends, too.

The film's remarkable popularity also inspired Sanchez and Myrick to attempt a sequel--and fast. Unfortunately, for the two novice filmakers, lightning did not strike twice.

But, what about a third time?

The creators have kind of cooled it since "The Blair Witch 2: The Book of Shadows." Sanchez, however, hopes that there will be a third "Blair Witch."

After the premier of his new critically acclaimed movie,"Lovely Molly," Sanchez said they're just waiting on the go-ahead from Lionsgate.

"Dan and I are ready to do it. We've been toying around with a sequel idea that we really like. It's just a matter of getting our schedules in line and having Lionsgate sign off on the idea. We've been ready to do a 'Blair Witch' movie for a long time."

But, are we ready?