For Peli's alien-themed follow-up, he had an exponential increase in budget to a whopping...$5 million. Principal photography has already wrapped about three weeks ago, so we can assume a release sometime in 2010, logically around September/October, when Paramount started seriously rolling out Paranormal Activity. Variety tells us the film uses the same "found footage" construct in Paranormal Activity, focusing on three teens who stumble into the famed Area 51 at Nellis Air Force Base, Nevada.
I haven't gotten around to seeing Paranormal Activity so I can't really weigh in on Peli as a writer or director, but regardless, it's heartening to see some original genre properties emerging, especially low-budget ones. The "found footage" thing is a little disappointing though. With a Paranormal Activity sequel in the works, you have to wonder if Peli might be overdoing this faux documentary shtick.