Season 1 was based on the first light novels.
Ended almost exactly like Kazuma No Stigma (Almost predictably)
obvious loose ends creating a very obvious Second Season Possibility
Rumors out there claim they've heard a possible production of a Second
season. Some time the end of 2012 early 2013.
Supposedly the light novels have gained some time to mature.
(Luckily for us the guy writing the series hasn't died --Like with Kazuma---
guaranteeing there NOT to be a second season.)
I only wish that a second season would hurry up, because I'd like it finished.