Wild Horse Phantom starts off in modern times with a prison break for Kermit Maynard and his gang of heavies. In one of those strange time warps popular in the forties, they're dropped off by the getaway car into a frontier western setting where the rest of the movie takes place amidst oil lamps and horses.
Following the outlaws to a dark mine where the gang's loot is stashed, Billy and Fuzzy encounter a possibly insane cackling miner and other creepy plot devices in their quest to apprehend the escaped convicts and recover the money before the local bank forecloses on the property of the local ranchers from whom the cash had been stolen.
One of the best (and best known) of Producers Releasing Corporation's Billy Carson series, this is the only episode set in contemporary times.
Aided by better than usual writing and direction, Buster Crabbe and Al St. John are at the top of their game here.
The film's highlight has Fuzzy being attacked by the title prop from the P.R.C. produced Bela Lugosi vehicle, The Devil Bat. Fuzzy bites it in the butt!