Droopy is guarding his flock of sheep from the rebel wolf.
Butch and Droopy have equal shares in a gold mine. When they finally strike gold, Butch tries to make his share more equal by doing away with Droopy, with no success.
Sir Droopalot and Sir Butchalot (Droopy and Butch) vie with each other to kill a dragon that is terrorizing their kingdom. Whomever vanquishes the dragon will marry the king's daughter.