[Philip Lelyveld comment: The fact that this is a conversion of a 3D film into VR opens it up to questions of how 360 'immersive' it really is versus sitting close to a wide-screen experience. In fact the comments on the download site state that you watch a cropped version of a wide screen movie. This isn't what people expect in a VR experience.]
The 2013 horror indie “Banshee Chapter,” produced by Zachary Quinto and directed by Blair Erickson, is the first feature film to be released on Oculus Rift headsets. San Francisco-based Jamwix is making the movie available for free via its website. Jamwix’s Chimera software was used to convert “Banshee Chapter,” which was already shot in 3D, into a virtual reality feature. The digital studio is using the project to promote how Chimera can transition films into an immersive VR experience.
Digital studio Jamwix, based in San Francisco, is making the low-budget indie available for free as a download through Jamwix.com.
See the full story here: http://variety.com/2014/digital/news/banshee-chapter-first-film-released-on-oculus-rift-1201338518/