Fox,
I take you point re competitions but as far as the OP we have no way of knowing how accurate this info is. The entry height could have been 5000ft and they are both lucky to be alive or 700ft is a figment of an imaginative mind, maybe he dropped the 2 in front for artistic license.
personally I think its a figment of imagination. like the time someone at a party was telling anyone who would listen how went up in a extra 300 with ultimate high and did -6g.