It was announced at C2E2 that the rumors of Wolverine and the X-Men not returning for a second season are true. Director of Development Mark Fine for Marvel Animation stated that there were difficulties securing finances for season 2.
Season 2 was to focus on The Age of Apocalypse storyline, and would have featured the mutants Colossus, Magik, Deadpool, Jubilee, and Havok. I was a fan of this series and will be sad to see it gone. Lets keep our fingers crossed that we will see another animated X-Men series soon.