Contrary to popular belief, the Ant Hill Mob in this series is not the same Ant Hill Mob that was in Hanna-Barbera's previous cartoon series, Wacky Races (1968). While there are still seven members of the Mob and they are drawn in a similar style, there are enough differences in both appearance as well as names to indicate that these are two separate groups. The car used by the Mob ("Chug-a-Boom") is also of a different design than the car (the 'Bulletproof Bomb') in the Wacky Races.
Like its predecessor, Wacky Races (1968), the title and content of this series are spoofing a particular film, in this case the old silent movie serials, the most famous example being The Perils of Pauline (1914).
When looking at the original recording scripts, it becomes apparent that the episodes would originally feature an introduction to the story before the 'when we last left Penelope' bits. This explains why some episodes feature plot points that were never explained, like the phone call in "Wild West Peril".