well no, because they are in series so its 700mA total. The current doesn't add because the same electron gets to visit each led.

Pinkrobe, if you don't want to get a bigger battery you could run the 4 leds in 2 parallel strings of 2 leds, so you are only driving about 7v and the current is split between the two strings. You'll have to measure the individual Vf to match the strings and it means you can only run 500mA. One of my lights runs like this and works great, you can add a small resistor and switch to dim one of the strings. That way you can switch between spot and flood.