Paradox Interactive has announced a sequel to Warlock: Master of the Arcane called Warlock 2: The Exiled. Here is the link to the games webpage , and the games trailer.
Journey back to the realm of Ardania, the land that cannot go an entire week without being conquered, and conquer it once again! Exiled to a shard from a shattered world, players of Warlock 2: The Exiled must contend with fellow exiled mages and a host of terrifying creatures. Wield ancient magic, summon even more terrifying creatures, wage constant war where every decision is crucial (warlocks don't do auto-resolving battles), and discover just who possesses the greatest balls of fire in a turn-based strategy game that offers no surrender or retreat.
-The battle for Ardania is constant, merciless, and challenging: your claim to the land will be tested with battles across the world map where each fight is worthy of your personal attention; you're not called a WAR-lock for nothing
-Over 150 spells to add to your tome, allowing command over powerful enchantments, nasty hexes, and elemental forces
-Hundreds of different mythical and magical beasts to deploy on the battlefield with distinct tactical uses, from giant rats and dwarven prospectors to werewolves with hats on them
-A multi-player experience as robust as the single-player experience, including PvP, Co-op PvE, and every combination in between
-Fight your way through the shards to reclaim Ardania in new 'Exile' mode, or relive the classic gameplay of 'Master of the Arcane' mode with new features from the sequel