MainStay Productions released a trailer on YouTube last year, about a movie project they are working on with BluFire Studios, ostensibly called Crimson Skies.
The premise is that a volcanic island erupts, releasing thousands of dragons from millenia-long slumber, that attack a small fleet of Navy vessels.
I checked on both MainStay and BluFire's websites, neither of which make any mention of the project, which makes me think that the trailer may simply be a "pitch demo" to try and find a studio willing to underwrite it. There is no other mention of the movie, other than the video, that I can find.
Of course, this may also be just another elaborate YouTube hoax.