Higurashi Third Series, Not Third Season

It has been reported that news for the Higurashi third season will not be a third season, but a third series. It will be released in the form of OVA (Original Video Animation). (For those who do not know, OVA's are usually around the length of 2 episodes.) It is still unconfirmed whether the series will be based off of Higurashi no Naku Koro ni Rei (two stories that were originally released on a fandisc in 2006), however suspicions are still high that that will be the case. Source: [1]