Dimension Films is moving forward with a sequel to "Piranha 3D" after it grossed $10 million at the boxoffice and earned favorable critical reaction.

Directed by Alexandre Aja ("Haute Tension," "The Hills Have Eyes"), the reboot of Joe Dante's 1978 film unites humor, terror and unrestrained gore, climaxing with an ambitious beach party massacre featuring 500 extras and around 5,000 gallons of blood.

We are thrilled that audiences are not just loving 'Piranha 3D,' but cheering for it," said producer Mark Canton. "And its fantastic that so many critics are really getting the movie and recommending it. We cant wait to get to work on the sequel.

Buzz about the film recently increased after Dimension Films and Funny Or Die -- a comedy website founded by Will Ferrell and Adam McKay -- launched the For Your Consideration internet campaign, which promoted the film as a top candidate for Best Picture of the year. View the video here.

A new video, which will feature Academy Award nominee Elisabeth Shue, is expected to be released this week.

"Piranha 3D" centers on sleepy Lake Victoria's annual spring break party as it turns into a bloodbath after an underwater tremor unleashes thousands of prehistoric piranhas.

The film stars Shue, Christopher Lloyd, Ving Rhames, Adam Scott, Jessica Szohr, Steven McQueen, Jerry O'Connell and Richard Dreyfuss in a "Jaws" inspired cameo.