Our pals from Magnolia Pictures were up at Sundance 2008 in support of their Timecrimes acquisition -- but it looks like someone from the distribution department caught a few of the midnight screenings: According to Variety, Magnolia Pictures has acquired Olly Blackburn's UK thriller Donkey Punch, and they plan to release it through their newly-created Magnet division. (You can check out my DP review right here at FEARnet.)

The story of some sea-bound debauchery that goes horribly wrong (think Very Bad Things, only not as absurdly amusing), Donkey Punch is a handsome and tight-knuckled chiller -- even if it is more than a little beholden to movies like Dead Calm and Shallow Grave. It's about seven young adults who take off on a stunningly massive yacht, but when one partier ends up (accidentally dead), it sets off a series of events that leaves most of other the partiers, well, dead. (It is a horror flick after all.)

Donkey Punch will open in the UK (courtesy of Optimum) some time this summer. No word yet on when Magnolia aims to unleash this one -- but bet on a very limited release pattern before the arrival of a satisfyingly packed DVD. Also on the horizon from Magnolia: Big Man Japan, The Signal, Kiltro, Mirageman, Eden Log and (of course) Timecrimes.