First observed 4 lights at varying altitudes above the Potomac River at Colonial Beach, Virginia at 2315 hours. Highest light would disappear and then would see another at less than 500 feet moving up the river at a high rate of speed. Light would then hover and appear to move up and away from observer until disappearing at approximately 5000 feet ASL. At the time the highest light would disappear, another would come moving in on the same path as the previous. Each would remain visible for approximately 1 minute. At all times 4 lights were seen. My friend was also a witness to this event. I was able to capture a one minute 15 second cell phone video of the event. There were no sounds heard other than cars and golf carts. My friend and i went to walk towards the river to get a better view of the event and at that time all lights disappeared and were not seen again that night.