Prey 2 not canned but delayed, it’s official

After stories started to circulate that Prey 2 had been canned, Bethesda have kept pretty quiet on the status of the game. Until now.
In a statement released today, they have confirmed that Prey 2 is still in development but will not be released in 2012. They added that the game is not quite up to their standards so it sounds like it could be delayed for some time.
The statement reads:
“Development of Prey 2 has not been cancelled but the game will not be released in 2012 as planned. The delay is due to the fact that game development has not progressed satisfactorily this past year, and the game does not currently meet our quality standards. Prey 2 has shown great promise and we regret disappointing our fans. We have made a substantial investment in game development to deliver the experience fans want. We are determined only to release the AAA game that fans rightfully expect, and are unwilling to compromise our quality standards to meet a release schedule.”