According to LIP TV it is supposed to happen on April 5, 2014 at 8 PM eastern time.An now that you know, will it still go off as planned? Stay tuned.
Here's more from the YouTube description:
An alien invasion hoax involving UFO drones is planned for the beginning of April, and is being called "The Big UFO Project." The hoax has been started to create an apocalypse-like scenario in the media, and it has been moved from April Fools Day to April 5th to make the prank less obvious. Elliot Hill and Lissette Padilla discuss the reasons for this hoax, in this clip from the Lip News.