Object emitting Green and or Red light fell 1 mile away at 700 mph.Heading west on West Reserve myself and the driver of the vehicle observed a luminated object (Traveling from south to North). The object had a Green and or Red light emitting from it and left a white trail of light behind it as it fell at an estimated 700 mph. Seconds after observing the object it disappeared from view behind a mountain approx. 1 mile away.