"It was determined that there were other, higher priority issues that merited funding, and it was in the best interest of the DoD to make a change", a Pentagon spokesperson said of the discontinued Advanced Aerospace Threat Identification Program.
The Pentagon confirmed the existence of the program, funded and activated thanks in large part to former U.S. Sen Harry Reid, D-Nevada, according to similar reports from the New York Times and Politico.
To The Stars Academy of Arts and Science - an organization leading on the issue that includes a former head of the now-defunct Pentagon program and was co-founded by former Blink182 musician Tom DeLonge - released the video titled "GO FAST" on Friday.
"This footage was captured by a U.S. Navy F/A-18 Super Hornet using the Raytheon ATFLIR Pod that was being operated by a highly trained aerial observer and weapons system operator whom the government has spent millions of dollars to train."
A new purported military video of an unidentified aircraft has been made public, following the Pentagon's acknowledgment a year ago that it had shelved an initiative devoted to identifying unknown objects in aerospace.
"Look at that flying!" the other pilot said.
Christopher Mellon, an adviser at the To The Stars Academy, wrote that he was concerned by the lack of government research into UFO sightings.
He questions whether the clip could be "evidence of some alien civilisation" or proof that the United States was "technologically leap-frogged by Russian Federation or China".
'Or after the videos were first published by the New York Times in December, might they be evidence of some alien civilization?'
"Reports from different services and agencies remain largely ignored and unevaluated inside their respective bureaucratic stovepipes".
"There is no Pentagon process for synthesising all the observations the military is making".
The DoD has declined to comment on the latest video but in a statement past year said it took all threats to mankind seriously. In one example, over the course of two weeks in November 2004, the USS Princeton, a guided-missile cruiser operating advanced naval radar, repeatedly detected unidentified aircraft operating in and around the Nimitz carrier battle group, which it was guarding off the coast of San Diego.
"We have no idea what's behind these weird incidents because we're not investigating", Mellon wrote. "I want to fly one".
"Nobody wants to be "the alien guy" in the national security bureaucracy", Mr Mellon wrote. "This is true up and down the chain of command, and it is a serious and recurring impediment to progress", he said.
Included in this report, the New York Times obtained video from the US government from a 2004 event in which a "whitish oval object" was chased by two F/A-18F fighter jets off the coast of San Diego.
"Whoa! Got it!" one of the pilots, yells out loud after locking on to the UFO. He is a private equity investor and an adviser to the To the Stars Academy for Arts and Science. Who knows what perils we may avoid or opportunities we might identify if we follow the data?