Paramount has released the first trailer for Oren Peli‘s found footage horror Area 51. The new film is under Paramount Insurge, the studio’s horror branch.

In the movie, a group of friends head over to Vegas for a trip, where one convinces them that they should break into Area 51, where they find terrifying proof of alien presence. Hit the jump to check it out.

It’s being reported that Dan Trachtenberg will make his directorial debut on a movie titled Valencia being produced by J.J. Abrams’ Bad Robot for Paramount Insurge. The movie tells the story of a girl who wakes up in an underground cellar after a car accident who’s told by a strange companion that a nuclear attack has devastated society.

Trachtenberg is a commercial director who impressed with short films like More Than You Can Chew and the live-action Portal short No Escape, leading to feature directing jobs like Crime of the Century and the long-awaited adaptation of Brian K. Vaughan’s incredible graphic novel Y: The Last Man.

So what does this mean for the Y: The Last Man movie?