It looks as though there'll be a third season of Black Lagoon after all. Unfortunately it might be limited to an OVA, but that's understandable considering the speed at which the manga is being released in Japan. Until now, the potential for a third season was hinging on the release schedule of the manga, which had been going at snail pace. As for this new OVA, Director Sunao Katabuchi will be making his return, along with the original character designer, Masanori Shino, and Madhouse.
An OVA is nice, but I had really been hoping for a full season. It's kind of a disappointment for me personally, since I absolutely love the series. It's just that once the OVA is out, the chances of a full season following it up drop drastically. Still, I suppose something is better than nothing. The OVA is scheduled for release sometime in 2010.
[via GX News]
So at the very least we shouldn't give up hope that it may happen somewhere down the line.