Before carry on reading, please do note that this is currently still a rumor with nothing concrete from official sources. The logo you see above was the original one for Ultima Online 2 a few years back, which was ultimately canned mid-way through development by Electronic Arts (EA). According to unknown sources, it is said that the creator of the Ultima series of games, Richard Garriott, has bought over the rights of Ultima Online back from EA through his new company, Lord British Entertainment, and is currently working on Ultima Online 2 again.
The 2 artwork sketches here are supposedly to be recent, and please don’t blame me if they are not. This is just really a rumor post afterall, so do take the information with a pinch of salt.