If you're a fan of Spaced, Shaun of the Dead or anything that features geek royalty Nick Frost and Simon Pegg, then prepare for some awesome news. Frost and Pegg are expanding their unique brand of horror comedy by setting up a production banner, Stolen Picture.

The duo will be looking to produce film and TV projects geared towards the horror comedy genre. The first movie project from Stolen Picture will be Slaughterhouse Rulez, and Deadline's description sounds deliriously entertaining.

"Slaughterhouse Rulez is set in an elite boarding school. Welcome to Slaughterhouse where boys and girls are groomed for power and greatness and they're about to meet their match. The story's hero, Don Wallace, is a wide-eyed new boy from a modest background forced to navigate a baffling new world of arcane rules and rituals, presided by sadistic sixth formers. Matters of status are aggressively enforced and conversation with school goddess Clemsie, are strictly forbidden.

But this ancient and ordered world is about to be shaken to its foundations literally when a controversial frack site on prize school woodland causes seismic tremors, a mysterious sinkhole and an unspeakable horror is unleashed. Soon a new pecking order will be established as pupils, teachers and the school matron become locked in a bloody battle for survival."

Slaughterhouse Rulez will be directed by former Kulu Shaker member Crispian Mills who made his directorial debut with the Simon Pegg comedy A Fantastic Fear of Everything. Frost and Pegg will serve as Executive Producers, and we should expect to see them pop up in a cameo as a teacher or perhaps a concerned parent.

Earlier this year, Nick Frost revealed that he was working on something "special" with Pegg, at the time it was believed that Frost was referring to another on-screen reunion. While that still might transpire, I think it's an equally exciting prospect that the Spaced boys are forming their own production outfit.