There’s still plenty of great parody territory to be mined for the Shrek franchise, and as long as Eddie Murphy is willing to continue voicing Donkey, I don’t think anyone’s going to complain if DreamWorks keeps right on making more movies.

The third installment in the series is already on the way, and DreamWorks Animation officially announced it’s approach today, along with the film’s title and release date. The movie will be called Shrek the Third, a title which signifies we’ve officially run out of creative ways to name multiple sequels. They should have just stuck with Shrek 3, since the previous one was simply Shrek 2.

But it’s Shrek the Third, and the film picks up not long after the last one left off, with Shrek and Fiona ruling over the land of Far Far Away. They are reluctant rulers. Since they’re ogres, they’d both rather be hanging out in a swamp than sitting in a dingy, cold castle dispensing rules and laws. To get out of their royal duties, they look for a missing heir to the throne. While Shrek, Donkey, and Puss in Boots go heir hunting, Fiona stays at home and fends off a hostile takeover attempt by the blonde bimbo Prince Charming.

The original cast is back, including Mike Meyers, Eddie Murphy, Cameron Diaz, and Antonio Banderas. Expect it to show up and set new, whalloping box office standards when it arrives in theaters May 18, 2007. Shrek 2 currently holds all kinds of unbroken ticket sales records, and is the third highest grossing film of all time.