Gunfighter Jesse James is framed for a Missouri bank job and murder by a black-cowled outlaw gang, known as "The Black Raiders".

Unable to clear his name, he and companion Steve Lane, whose father was murdered during the bank robbery, flee to escape the posse.

The same gang are led by Frank Lawton, who in turn had been hired by James Clark, a businessman.

Through him, The Black Raiders attempt to drive the Boltons and other farmers off their land because of localized oil reserves in the area.

[1] The serial was re-released on 28 March 1955 between the first runs of Panther Girl of the Kongo and King of the Carnival.