Eddie Dean is a Cattlemen's Association agent investigating a serious rash of rustlings along with sidekicks Soapy (Roscoe Ates) and Waco (Lee Bennett. The latter bears a striking resemblance to Lawrence ranch foreman Bert Ford (also Bennett), who has been the target of several assassination attempts. Rancher Lawrence (Lee Roberts) and Eddie decide that Waco shall impersonate Ford, who is hiding out in a hotel room.

A group of ranchers, led by Colonel Arnold and Ward Gordon, are drilling an oil well but getting fierce opposition from an unknown gang of outlaws. Eastern promoter J.B."Dude" Dawson, is behind the gang as he is out to prevent the co-op members from striking oil before their lease expires, so he can secure the property for his company. When Ward, with the help of Arnold and his daughter Sally, arranges for a new driller to be brought in, the replacement man is killed and one of Dawson's men takes his place.

When Decker's gang holds up a stage, henchman Lefty takes a lady's rings. Later lefty accidentally exposes the rings buying ammunition and Cheyenne sees them. When Lefty tries to shoot Cheyenne he is captured. Now Cheyenne wants the rest of the gang and their leader.