This is Primal Carnage.
Carnage looks to be a primarily multiplayer affair centering around two gametypes, although the team has talked about having a single player mode as well. These two gametypes are Powergrid and Survival, both of which are very similar to gametypes we've seen before. Powergrid gives the mercenary players a fixed amount of time to activate power nodes spread across the island in order to power a radio and call for help. Of course, while you and your friends are hastily running around the island trying to activate the grid, the other team has taken control of the islands native fauna (In other words, they play as the dinos) to try their hand at putting dinos at the top of the food chain again. Mmmm...humans!
In a Survivor game, the team attempts to escort a package to a particular point (think of Payload from TF2) while fighting off hordes of AI-controlled dinosaurs and a surviving a last desperate stand of a boss battle. While this mode limits players to humans only, the idea of AI controlled packs of Raptors working to separate and pick off members of my struggling squad brings a smile to my face.
The team is still working on the game, and even has plans for additional DLC after launch to continue to improve and update the game. You can visit their site at www.primalcarnage.com, which I would completely recommend doing. If you're interested further, I would also recommend peeking around the forums a bit, a lot of newer information is listed there.
Primal Carnage looks like one to watch.