In Oil Well aka Ashby's Folly, Ranger Bill meets with Miles Ashby, an old friend who has been trying to drill for oil on his property. Despite his optimism and extensive research, Ashby has faced nothing but disappointment and financial strain. The bank, which has been supporting his drilling efforts, informs him that they can no longer provide funding, leaving him in a precarious position. Bill listens intently as Ashby expresses his frustration and fears about the future of his venture.