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At the Mammoth Rodeo in El Paso, Texas, Col. Shawnee Jefferson greets his friend, rodeo star and war veteran Rex Allen, who has been touring the country on the rodeo circuit for some time. When Sheriff Fuller sees Rex, he informs him that his father "Ace," who was a partner in the Dusty Acres Irrigation Company, has been accused of stealing the $50,000 that the company collected from ranchers anxious for a new reservoir. The sheriff says that Ace disappeared after being charged with robbery and asks Rex to come in for questioning later. Rex, however, quickly departs, and when he then meets Dusty Acres employee I. Q. Barton, he introduces himself as Arizona Jones. Later, Rex punches ranch foreman Slade in the face when he witnesses him brutally beating a horse. Although Slade and his ranch hands try to capture the horse, he runs away from them, but Rex finds and tames him. Later, Rex visits his friend, "Cactus" Kate Millican, who tells him that she believes that Ace is innocent. She tells him that she suspects that engineer Hugh Davenport, the nephew of banker Jim Davenport and fiancé of Laramie Carson, the daughter of Ace's partner, has framed Ace. Later, Rex offers to pay for the horse that he tamed, but since he has no money, he decides to become Laramie's ditch rider. Laramie agrees to the deal and takes Rex to the construction site, where I. Q. and his friend, Fogarty, have placed a bundle of dynamite inside one of the valve boxes. Just as Fogarty walks away to light the fuse, Laramie approaches and grabs I. Q.'s gun. When the gun goes off, Fogarty mistakes it for I. Q.'s all clear signal and lights the fuse. Suddenly, Rex and Laramie smell smoke, then discover the dynamite and quickly extinguish the fuse. Later, Rex tells Hugh and Jim that he thinks Slade and his accomplice, Applegate, are behind the recent sabotage attempts. When Slade and Applegate see I. Q. near the valve box, they grab him. Slade and Applegate then report to the sheriff that Rex lied about his identity. After Laramie rushes to warn Rex that there is a posse searching for him, I. Q. reports that he overheard Hugh give Slade instructions to meet him and then mention something about cobwebs. Kate assumes he was referring to the abandoned hotel nicknamed the "Cobweb Castle." Suddenly, the posse bursts in and, while Rex and I. Q. hide, they search the cabin. They decide to go to Cobweb Castle, where the outlaws have gathered to plan how they will tap the rich oil deposits that they have discovered on the ranchers' land. Jim explains that the ranchers mortgaged their land to pay for the reservoir, and now face foreclosure. Rex and I. Q. go to the Cobweb Castle, and when they break into the wine cellar, they find Ace trapped inside. A short time later, they escape from the cellar, but realize that the gang has sealed them all in. After they finally struggle free, Rex arrests the gang, and the next morning, the newspapers hail him as a hero. Meanwhile, the ranchers, who are now aware of the oil, throw a party to celebrate their newfound wealth.