Yoshinori Ono, videogame producer at Capcom and main producer of the Street Fighter IV series, announced Capcom's new next generation engine named Panta Rhei earlier today, showing off its stunning power with a new fantasy IP under the working title of Deep Down.

The video footage of the aforementioned title showed a warrior in heavy armour fighting a fire-breathing dragon with fire arrows in an icy cave, reminiscent somewhat of Capcom's latest franchise Dragon's Dogma. Ono did not confirm that the new IP would be an exclusive to the PS4, so it is likely that Deep Down will receive a multi-platform release.

You can watch the gameplay footage shown at the Sony conference below.