brockmaier: Well according to the PostMortem, Monolith is planning on doing something with the series. I recall someone comparing it to Zdaemon, not sure how that'll work, but I personally think THEY SHOULD FINISH THE STORY TO BLLOD 2!!!!
HenitoKisou: It's not the Monolith, it's the Jace Hall himself for his personal community effort in getting source code for first Blood released, as well as possible official modern source-port for it. That support is not actually a sequel to Blood 2: The Chosen, as these efforts are oriented on original first game.
I know this means pretty much nothing because I have no proof. but I was actually in a video chat with Jace Hall on Tinychat.com. About every weekend he puts up this video chat and everybody is free to join and he will talk about anything. Long story short, I kept mentioning Blood by how great it was, asking miscellaneous questions about it, how the source-port would be great, I want to verse him in Bloodbath like the readme said, etc. He said that this remake WILL happen FOR SURE. He just doesn't have a specific time for it but he promised this. He literally said he promised. Again, sorry I have no proof, but if you guys have facebook, you can send him a friend request on facebook and everytime he has these chats he posts the link on his timeline or news feed or whatever it's called. I know most of you will not believe me, so do yourself a favor and make a facebook and add him, and look out for the chat!