Forum members Arco and Jane have uncovered another Epic that is beginning to sound more likely as the "real" Epic.

Here's what we know about Epic #2 so far:

a comedy called EPIC, set in a fictitious Central Asian/Caucasian country called "Karastan" and dealing with (at least some of) the absurdities of making films, and fillm festivals. We will be shooting in Georgia and Germany in October and November.

source: Ben Hopkins (director/screenwriter)

And from the British Film Council, Epic is due out in 2013

Synopsis: Epic is a gentle black comedy about a confused, washed up British director who gets invited by a nascent state to make a national Epic in an obscure Caucasus Republic. The country led by an eccentric, enigmatic, if corrupt, benign dictator. It is a comedy and love story set against the backdrop of beautiful country fast falling into a state of disintegration. The cast includes Ethan Hawke as the filmmaker, Sir Ben Kingsley as the dictator, Christopher Lambert as the crazed star, and Chulpan Khamatova is the beauty and the brains.