Pee Wee (Jimmy Baird) comes back to visit the ranch. He's been learning all about petroleum engineering from his father. Joey and Pee Wee find old Mr. Farnum at his wildcat oil well and he's been hurt. Old Mr. Farnum has been experiencing unexplained accidents at the oil well. Joey and Pee Wee investigate.
A mining engineer and his son come to do some research near the Broken Wheel Ranch. Jim invites them to park their travel trailer at the ranch. An outlaw breaks into the barn at night and steals a horse. The Sheriff enlists Jim and Pete to join the posse. But while they're gone, Joey and Ronnie (Lars Henderson) go looking for the outlaw.
In this episode, Pee Wee (Jimmy Baird) leaves the Broken Wheel Ranch to move upstate to live with his dad. The guys meet little Packy Lambert. He wants to buy a horse and he has a whole two dollars to pay for it. But Packy's dad says they can't afford a horse. So Packy brings him back to the corral at the Broken Wheel Ranch. The horse, Lucky, follows Packy who's running away from home. The guy's go out to search for Packy.