I saw a bright oval object at night in the sky it was big ,fast,and gasious yellow,orange, red glowing.

As a boy I liked to ride bikes, and at nighttime there was less traffic on the highway. So I rode across the highway to get my friend to ride bikes, so I knocked on his door and his mother answered,she said," he's getting on his shoes,he'll be right out." She closed the door and we turned and looked across the road towards my house,and saw an oval bright gasous red orange yellow object that hovered about 20 feet from the ground. This object was about 50 yards long and about 30 yards tall,she looked at me and said what"is that?" and then I said I believe that its a ufo, by that time my friend came out then suddenly it took off and headed north about 1 second in time after my friend saw it ,we then got on our bikes and thought we were going to catch it, nontheless it was gone.
Date is approximate.  PD