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John Mason returns to the Sally Ann mine to claim his half share. Janet Cater also returns although her father lost his half share to Joe Ryan. Ryan and his gang are also there to get the gold. A mysterious Phantom is also present. Mason's plan to expose Ryan as an outlaw and to force him to turn his share to Janet works. But when distracted by the Phantom, John is made a prisoner by the gang.
A Texas Ranger searches for his kidnapped sister.
When Len Stoddard wins Ted Ames ranch in a poker game he sends his brother Jake along with Ted to take over the ranch. When Jake is found murdered he offers a reward for the capture of Ted who now is believed to be a member of the Black Aces gang. Ted finds the probable location of the gang's hideout and sets out to clear himself.
Escaping from the Sheriff, Jim and Cookie decide to go straight. But when they meet their old cohort, The Blanco Kid, he tells their new boss they are outlaws and they are in trouble again.
