Yes there is a planned expansion but nothing has been said except this. If you have patience wait a year if not buy it now. It doesn't matter really.
Link- http://basiliskgames.com/forums/viewtopic.php?f=26&t=9074&sid=18b94dec16bb8b181178bec57592996b
Link- http://basiliskgames.com/forums/viewtopic.php?f=26&t=9074&sid=18b94dec16bb8b181178bec57592996b
Yes, we are working on a add-on (much like the Secret of Fathamurk
add-on for Book 2). Also, we will be releasing dev tools so that fans can make their own add-on adventures. You will be able to get a lot more play out of your character.