Edit: The absence of Jason Anderson from the press release, as numerous people have mentioned, makes us very suspicious that he is not working on this game, but actually working on Wasteland 2.
Just not on what we had hoped for. DAC originally reported that Brian Fargo had let slip that he and inXile were working on an "underwraps" game for Bethesda. Speculation ran rampant that it might be Wasteland 2, but it turns out that it is something else entirely. The game in question is called Hunted: The Demon's Forge. Here's the story from Gamasutra:
Bethesda Softworks said Monday that it will publish Inxile-developed Hunted: The Demon's Forge, a "third-person co-op fantasy action game" for Xbox 360, PlayStation 3 and PC.
The publishing deals comes shortly after news emerged that Inxile's crime game Heist was canceled by Codemasters.
Bethesda said the game is powered by Epic's Unreal Engine 3, and is a "third-person dungeon crawl with the intensity and action of a modern-day shooter." The player and a partner go up against waves of enemies using ranged and melee weapons. The game will also sport co-op based puzzles.
Inxile was founded in 2002 by Interplay founder Brian Fargo, who worked on games inlcuding The Bard's Tale, Baldur's Gate and Fallout. Michael "Maxx" Kaufman is directing Hunted. Previously, Kaufman was art director on Kingpin: Life of Crime, Redneck Rampage and Gray Matter's Return to Castle Wolfenstein.
Bethesda Softworks president Vlatko Andonov said in a statement, "We believe gamers will be really excited about what these guys have in store for them."
Bethesda, which creates games such as Fallout 3 and Oblivion internally, is also publishing upcoming games such as Obsidian-developed Fallout: New Vegas, Splash Damage's Brink and Id Software's Rage.
Remember, you heard about the partnership here on DAC first
Thanks for the tip Ausir!