Francis Ridge of NICAP explains: "The earliest analyses of the Montana Film (then Top Secret) were conducted by the United States Air Force and the U. S. Navy. After the films were declassified they were used in a UFO documentary in 1956 by Green Rouse. Here is what the documentation showed.
The objects appears to be a light source rather than reflected light.
All the objects appear to be the same size and circular in shape.
The general color of the objects seems to be bluish-white.
If the distance is estimated to be 5 miles and the movement perpendicular to the line of sight, the velocity noted is 653.5 mph; likewise, at 2-1/2 miles distant the average speed is 326.75 mph.
Generally the movement in flight appears to follow an elliptical or circular pattern, within the group.
While the objects remain unidentified the following possibilities have been ruled out:
Balloons
Aircraft
Birds
Objects within five miles would have easily been identified. Objects in excess of five miles would be traveling faster than aircraft can achieve, except in straight-line speed runs.