Yes, it is a compilation. First track ft. DJ Dogdick was released on Youtube in 2012. It is one of the few videos uploaded to LUMs official Youtube channel. A month later LUM uploaded Underwater Tank ft Antwon on his channel, and that is the second song on this new EP.
Third song Passion Sceptre/Dert Mystery was made shortly after Uneven Compromise and was released in 2014 as the b-side for the On Doing An Evil Deed Blues 7"
Fourth song Hideous Disfigurement was made during the Mista Thug Isolation sessions, but scrapped from the album. You could consider it a b-side from MTI.
Fifth song is only produced by LUM under his Shawn Kemp alias. The rapper is Nikelus F. There was supposed to be a collaboration album with Shawn Kemp and Nikelus F but it never happened, probably due to LUM never being satisfied with his recordings. He has admitted to being a perfectionist, and never feeling fully satisfied with his works. I don't know what else, if anything, was recorded for the project, but the instrumental to this song appears on LUM's mixtape Three Sided Tape Vol. 2
Underwater Tank sounds like it was actually ripped from Youtube which is unfortunate because many were hoping for a high quality version. The first two tracks are being released on a 7" flexidisc through Ormolycka - or the 7" is possibly part of the FINAL box set. Hopefully it will be a remastered version, but at this point everyone knows Underwater Tank is a certified slap regardless.
The sixth song is a two second sound effect, which may not seem like anything. However, analyze the spectrum of frequencies in the audio file and you will find a hidden message from the Mane himself: http://i.imgur.com/awqJsAS.png
It says "I Hate Working On This Project"
Despite rumors, this is NOT the final release. Ugly is indeed not recording any more raps, but there is a huge box set on the way that includes a FULL NEW ALBUM and several unreleased songs, b-sides, and instrumentals. It will also include physical copies of his digital only albums. A few people have already posted that info above, so check it out for a full list of what to expect. The release date hasn't been announced, but the Evil Deed Blues 7" were made to help raise money, and get things in order for the release. It is already recorded, but it is a lot of work and money to produce the vinyl and get everything in order. It's no secret that the label Ormolycka is a very small DIY label that has been screwed over by PayPal several times. It's one thing to ship out a few records a week, another thing to handle something as big and hyped as the last Lil Ugly Mane album.
To anybody still wondering, LUM created all his own artwork and produced all of his songs. Earlier recordings credit other producers like "Greg Da Breadman" and "Sweaty Pimp" but they are still only aliases to add authenticity to the project. I believe he initially linked up with artists like SGP because they wanted him to create album art.