As I've found, the band is not often the first to make announcements about themselves. Rather, I almost always stumble upon updates accidentally. At one point the album was reported to be a double album, although the recent announcement suggests this record will be a single with continuation of the story in future releases.
While Munly's label Alternative Tentacles does not yet have the album for sale in the store, it is posted for presale here and at various other places on the web. It appears that the release will be available on CD and LP, as well as mp3 download.
Below is an abbreviated description of the album pulled from this press release:
The first installment in a multi-album set describing The Kinnery of Lupercalia, Petr & The Wulf is the correct telling of a story about which most have been woefully misinformed. This truth is courtesy of Munly (known as both a solo artist and as the co-frontman of Slim Cessna's Auto Club) and his extremely talented backing band, The Lupercalians (which includes Daniel Granbois of Slim Cessna's Auto Club and Tarantella). [...]Having caught the Lupercalians performance to a packed house at this year's UMS, I am very excited about this record. Not to mention the fact that it has been 6 years since the brilliant album from Munly & the Lee Lewis Harlots, with very few updates about new material during that span. The wait should soon be over.
The record begins with Petr, "the last of the Northrops," who tells how he will bring his people back to greatness by rescuing Grandfater from the Bedlam. The Three Wise Hunters let all know that they can be hired to rid the land of whatever menace is present. The Wulf tells of his love for the Northrops despite their continued refusal of his offerings.
Munly writes, "Hopefully you will accept the current Lupercalians offering with open heart and understanding mind."