Fox Entertainment President Kevin Reilly told the Television Critics Association tour on January 8 that “we won’t be able to drag our feet for much longer” over a renewal for their highly-hyped dino drama Terra Nova.

The series has been the second-highest rated new drama of the 2011/12 season but Reilly admitted that “creatively, the show was hunting [for its identity], and we are trying to figure out … is that the best show [we can make],” according to Deadline. He noted that “If we had more holes in our network, we’d be thrilled to lock that right in” but even though it has made money for the studio and the network, it may not justify a place in the fall 2012 schedule.

Read our reviews of the first season here