The Hollywood Reporter’s Heat Vision blog, says there’s activity on the paranormal front. Paramount has reportedly hired screenwriter Michael R. Perry and director Kevin Greutert to create the sequel to the surprise hit horror movie, ‘Paranormal Activity.’

Perry has written for television’s ‘Millennium’ and ‘The Guardian’ and Greutert edited five of the ‘Saw’ movies and directed the sixth. Interesting. Even more so is the news that, according to Heat Vision, plans are to release the sequel into theatres on the pre-Halloween weekend of October 22, meaning it will go head to head with the next ‘Saw,’ as the series traditionally opens on that weekend each year.

Greutert’s ‘Saw’ movie grossed just $31 million worldwide and prompted speculation that the franchise was on its last legs. But the producer and director of the first ‘Paranormal Activity,’ Jason Blum and Oren Peli, are not daunted by the showing and are confident in Greutert’s vision for the sequel.

“These guys get it, and the fans won’t be disappointed,” said Peli.

‘Paranormal Activity’ shocked everyone, including its own producers, when it took in $151 million in worldwide grosses last fall. The film was made on a shoestring $15,000 budget and shot in Oren Peli’s home.

Heat Vision says Paramount president Adam Goodman has since launched an initiative to spend $1 million a year to make 10-20 similarly micro-budgeted films, each costing less than $100,000. The studio is also releasing Peli’s follow-up, ‘Area 51.’

‘Paranormal Activity’ is often compared to 1999’s ‘The Blair Witch Project,’ another cheaply made horror, which went on to earn big. But the bigger budget sequel, ‘Book of Shadows: Blair Witch 2′ was both a critical and box office flop.

(Image: Paramount Pictures)