Following the record-setting box office tally of Paranormal Activity 2, the franchise’s producer and director Oren Pell says a third installment will be released Oct. 21, 2011 – just in time for Halloween. Despite the first two films’ small budgets, they have grossed more than $350 million, which breaks down to roughly one dollar per nightmare the film has induced in viewers. Are you ready for another Paranormal Activity?