Ubisoft just unveiled a new Far Cry game during the company’s E3 press conference. It’s due in 2012.
https://kotaku.com/live-at-ubisofts-e3-2011-press-conference-5809132
While details are scarce, you’ll be returning to a tropical island (the same setting, if not the same island/story, as the first Far Cry), and will be playing as a man “alone at the edge of the world”.
Far Cry 3 will be out on PC, PS3 and Xbox 360.
