That's very interesting. Not much doubt in my mind those are independent, individual lights, not three lights on a single triangular platform. I'm also fairly certain they are pyrotechnic in nature, probably flares.
If I were trying to hoax this as UFO event, I know how I would create that effect. I would (badly, as done here) video the flares at deployment/ignition, then continue to video until they burned out. I'd then run the video backwards to make it look like the lights came on at the time they were actually burning out. Afterwards add the folksy dialogue and you have a UFO video. Mind you, I'm saying that's one way to get the video image presented, but I have no idea how doable what I'm suggesting is to do.
The relatively short duration of the video, combined with its poor quality (grainy, camera movement, poor framing etc.) makes it difficult to track as one continuous event. I think it's a hoax, but can't prove it. I will be looking to see if this "sighting" is reported to the NUFORC.