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On the day that his wildcat well comes in, Betsy Bartlett arrives to see her boyfriend, Square John Sand, and meets Big John McMasters, Square John's partner in the oil venture.  It is love at first sight for Betsy and Big John, and they marry, much to Square John's disappointment.

After a year of domesticity, the lure of the wildcatting life infects Big John, and Square John, angry at his partner's treatment of Betsy, tosses a coin for ownership of the well.  Square John wins and Big John and Betsy take to the road, where after hitting it rich in the Oklahoma oil fields, Big John becomes a major power in the industry.  In his role as oil baron, Big John meets wheeler dealer Harry Compton and his companion, Karen Vanmeer, and decides to expand his investments to the oil refineries back East.

In New York, Big John begins to spend his time with Karen and neglect his wife and young son Jack.  To help Betsy win back Big John, Square John teams with Compton in a business fight, which brings Big John to the attention of the government, which charges him with violation of the Sherman Anti-Trust Act.

At the trial, Square John comes to his ex-partner's rescue and testifies that Big John was really trying to conserve the supply of oil rather than trying to break the law.  Big John is then vindicated and rejoins his wife and old partner to wildcat once more.