Is this film based on a work by Bungie?Edit
No. The film is based on one of Dane Roberts's screenplays of "the zombie collection". Bungie was simply offered to direct the film and he didn't decline the offer.
Is there going to be a sequel?Edit
It is currently unknown. Bungie said he liked to direct the movie because it was fun, but he said that he is very busy and doesn't have time to direct or be involved with the project.
Also Dane Roberts said in an interview: "Films are very fun, but sequels now adays become worse then ever, I don't know, I think I won't."
This leaves a possible "no" to the anwser.