Sequel?

 

 (imdb)

WIZARDS OF THE LOST KINGDOM 2-1989-Failed wizard Caedmon (Mel Welles) guides a young stupid kid Tybor (Robert Jayne) with a terrible haircut, to becoming a wizard so they can free three cities from the clutches of 3 wizards. They want a mercenary The Dark One (David Carradine) to help them but he doesn't want to leave his busy bar. Meanwhile Princess Amathea (Lana Clarkson) helps them and organizes an army. One wizard Loki (Edward Blackoff) tries to turn them to stone. A sorceress Freya (Diana Barton) and the wizard Donar (Sid Haig) have a sword the good guys want. Later The Dark One shows up to help them battle Zatz (outrageously overacting Henry Brandon in his last film role). 

It's basically a comedy, one of the handful of movies directed by Charles Griffith better known for this screenwriting efforts (LITTLE SHOP OF HORRORS, NOT OF THIS EARTH), many produced (and or directed) by Roger Corman who co-produced this filmed in Argentina “sequel” which has no characters from the first one! It also features stock footage from other sword and sorcery productions made by Corman's company Concorde. Co-star Clarkson was shot and killed by Phil Spector in 2003.

Thanks for reading!