Wild Horse Phantom which incidentally has nothing to do with wild horses opens in what you would think is a modern setting in a prison. Some stock footage from a prison picture is used showing Kermit Maynard and his gang escaping. But it's all part of a plan set up by Buster Crabbe so that Maynard will lead the gang to the loot he stashed from his last job.
For some reason some kid is forced to come along even though he's not part of the gang and he's shot when he wants to go back. As he's a friend of Crabbe's sidekick Al St. John that makes it personal.
At the same time a skinflint banker is trying to foreclose on ranches in the area. It was his bank that got robbed and the depositors were those said ranchers. They can't pay on their mortgages so he's cleaning up.
All the action takes place in an old mine where Maynard stashed the loot and where everybody's looking for it.
The inconsistencies of time and place are really bad even for a poverty row PRC release. At the same time the comedy of Al St. John truly redeems this film somewhat. Fuzzy's fight with Bela Lugosi's Devil Bat also a PRC release is hilarious. Might be worth tuning in for that alone.