In 1905, in Ireland, two carnies, Angus Shaw and his infertile wife Lily, encounter a Mr. Woolrich during one of their shows.

During the scuffle, Woolrich dies of a heart attack, allowing Angus and the crew to abduct the mermaid and smuggle her aboard their ship.

As she is returned to her tank, she spits out Miles' ring, prompting Lily to realize that she killed and devoured him as a favor to her.

She reads the late Mrs. Teresa Woolrich's diary, which confirms her worry that the mermaid grants fertility by possessing women during sexual intercourse.

He and Gifford discuss the situation with the Captain Dunn, who confesses that the mermaid made him do things against his will before committing suicide.

The mermaid reveals her true monstrous form as the Queen of the Lair and her intention to feed the remaining crew to her people.

It was released by Lions Gate on April 18, 2006, as a part of a double-feature with another film in the series, The Day the World Ended.

Mill Creek released the film on February 25, 2014 and on June 7, 2016, as a part of two multi-feature movie packs.

[5] Arrow in the Head gave the film a score of 7/10, opining that "The many astounding performances also contributed to make the fantastic premise even more engrossing... Add to that some solid special effects courtesy of Stan Winston Studios, gorgeous cinematography, a couple of intense scares, stylish directing and you get a very strong horror offering.

Nusair criticized the film's first hour as being "limp", writing, "all we really want out of this movie is a bad-ass mermaid killin' lots of folks.