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The official names of Peter Jackson‘s two-part big-screen adaptation of The Hobbit have now been announced — along with release dates!

OK! VIDEO: PETER JACKSON REVEALS FIRST PRODUCTION VIDEO FROM SET OF THE HOBBIT

“New Line Cinema, Warner Bros. Pictures and MGM have announced the titles and release dates for filmmaker Peter Jackson’s two-film adaptation of J.R.R. Tolkien’s enduringly popular masterpiece The Hobbit,” an official press release states (via Huffington Post). “The first film, titled The Hobbit: An Unexpected Journey, will be released on December 14, 2012. The second film, titled The Hobbit: There and Back Again, is slated for release the following year, on December 13, 2013.”

Twilight fans can sympathize with the long wait!

OK! NEWS: THE HOBBIT DIRECTOR PETER JACKSON “THRILLED” TO WORK WITH ORLANDO BLOOM

“Under Jackson’s direction, both movies are being shot consecutively in digital 3D using the latest camera and stereo technology,” the statement continues. “Filming is taking place at Stone Street Studios, Wellington, and on location around New Zealand.”

And the cast list is very impressive!

Ian McKellen returns as Gandalf the Grey, the character he played in The Lord of the Rings trilogy, and Martin Freeman, who just won a BAFTA TV Award for Best Supporting Actor for his role in the BBC series Sherlock, takes on the central role of Bilbo Baggins,” the press release sates. “Also reprising their roles from The Lord of the Rings movies are: Cate Blanchett as Galadriel; Orlando Bloom as Legolas; Ian Holm as the elder Bilbo; Christopher Lee as Saruman; Hugo Weaving as Elrond; Elijah Wood as Frodo; and Andy Serkis as Gollum.”

What do you think of the titles for the films? And the release dates?

Watch Peter’s video blog from The Hobbit set, below!

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