Thanks for replying, Darryl! But I am strongly doubting an aircraft. First, my friend watched it for 10 to 15 minutes. I saw it for another 5 minutes. It didn't move, and I saw it through binoculars - I would think I would have noticed the other lights of the aircraft if it was one. And for an aircraft with lights that bright, I would think I would have heard something.
Also, it is important to note that this light was very high in the sky at about 70 to 80 degrees. A plane coming straight at me would have been doing one heck of a dive for 20 minutes! I live in a rural area and there are no big airports around within 40 miles. And for a small airplane coming in to the 3 other small airports, those lights would have been very big and I would have heard the plane.
Finally, my friend lives 7 miles away and we agreed on the position of it. If it was moving, I have to wonder what the chances are that its trajectory was just right for neither of us to notice movement.
Sign me still mystified.