Eager to take advantage of a new oil boom, "Lucky" Conlon leaves his gas station and diner for Texas, with his wife Helen's blessing. In Texas, Lucky wins enough money in roulette to lease a parcel of land, and he and his friend "Smiley" begin drilling. Julia Frayne, whom Lucky met while gambling, turns out to be the daughter of oil tycoon Tom Frayne, who is eager to buy out the leases of the growing number of independent drillers, called "wildcatters," in order to hold a monopoly on the local oil fields. When he runs out of money, Lucky "shoots" his well, trying to force the oil up using explosives, but gets only smoke. Julia then hires Lucky to drill her lease, thereby abandoning his own. She hopes Lucky's friends will follow his example and, seeing the futility of their drilling, sell to Frayne Oil Company. Helen, meanwhile, visits and gets a job at a beauty shop, while Lucky spends his nights out on the town with Julia, believing he is winning favor with Frayne.