The game has been rumoured for some time, but this marks the first official confirmation of its existence. Inquisition will run on a version of the Frostbite 2 engine used in Battlefield 3, specially optimised for role-playing games.
Aaryn Flynn, General Manager of BioWare Edmonton and Montreal, says that the game will provide "a great story with choices that matter, a massive world to explore, deep customization and combat that is both tactical and visceral.” He also states that many of the team who made the original Dragon Age game, Origins, are on the development team for Inquisition.
This is all that has been officially announced, but a questionnaire about Dragon Age which was circulating about a month ago suggests that you play as the leader of the Inquisition, the successor to the Chantry and the Templar Order. This idea is supported by the game's title.
Inquisition is currently set for release in late 2013.