We were on the public wharf north side of petty harbor NL. We were a group of teenagers just listening to music and hanging out. My attention was drawn to the sky at which time I noticed a bright light traveling west to east, faster than an aircraft would travel. It was not on the normal flight paths of aircraft which frequently passed over our town enroute east across the Atlantic. I initially thought it was a satellite. It travelled in a straight path, faster than an aircraft. It looked like a star but was obviously within our atmosphere. When it reached due east of our position it suddenly flashed and shot off at tremendous speed, it looked as if it travelled into space at a 90 degree angle from its original path, not toward earth as a shooting star or meteor appears. Immediately my close friend said "did you see that!" I did not realize he was also watching the object. We discussed what it could be for a few minutes then passed it off as something explainable. Recently my old friend and I met over the holidays and after 25 years we both vividly recalled the incident. I decided it was time to report it to Mufon.