Introduction
Here is an enhanced copy of MUFON #133930, with crude tracking, illustrating a number of smaller "blinking" lights beyond the two large objects noticed by the observer. This video was posted by /u/emveetu to /r/UFOs. It has been suggested that these large lights are flares.
This analysis was conducted in DaVinci Resolve. For the sake of duplication, verification, and provenance, the project file and source materials are available via the archive link.
02.
Methodology
The transforms conducted were to invert the blue channel, perform a localized sharpening on the sky, apply a drastic luma curve, increase sharpness and midtone detail, and finally an increase of lift and gamma slightly. Arrows appear two frames before the lights and end two frames after except in scenarios where the object is clearly transiting. This analysis was performed on the 24fps, 720p, 2mbps Dropbox video.
03.
Observations
Most of the newly revealed small flashes are a single frame on with a few two frames long. It should be noticed, while observing flashes, the tower's flash is also only one frame long (possibly causing lens reflections), however the timing of the tower strobe (on off sequence) in the towers is different and much slower than the observed small strobing objects.
There is parallax visible for the small flashes and that parallax exactly matches the other large lights. It's unlikely these are close by, fireflies, reflections, or other physically close natural phenomena. The intermittent flashing further demonstrates they are not internal lens reflections of the consistent bright objects.
04.
Conclusion
It is my professional opinion that this video is not altered, cgi, or otherwise digital trickery. These are legitimate objects, possibly flares. It is possible the blinking lights are strobes on an aircraft. It is curious that these strobes are distinct from anti-collision lights normally found on aircraft operating under civil air conditions. Research needs to be performed on how often those expected safety features are entirely absent.