There really is not much of a "conquest" in Conquest of Cheyenne. The title character, Cheyenne Jackson, is a feisty young woman who owns a cattle ranch, but has gone missing. Tom Dean (Jay Kirby) happens to find her horse stuck in some brush and frees it. For this he is mistaken for being responsible for Cheyenne's disappearance. She rolls into town with her new automobile that upsets the town as a nuisance the sheriff wants to ban. Tom makes the case that automobiles cause great demand for Texas oil as electricity diminishes the need for lamp oil. As it turns out, he is a geologist who suspects there may be oil in West Texas. His speech about the meaning of oil in Texas' future is met by skepticism that probably matches the way some Texans felt at the turn of the century.
Of course, the local banker, Tuttle, knows there is oil in the ground on the Jackson ranch, but he does not want anyone to know until he can appropriate the property for himself with a false due date for a bank loan payment. An oil well is built with local investors' money. In order for Tuttle to grab the land he must eliminate the oil well and Tom Dean. Red Ryder does very little more than act as a referee between Tom and the mob that has turned against him as a result of Tuttle's manipulation.
Rather than being a Red Ryder adventure for Red and Little Beaver, Conquest of Cheyenne is an interesting story that takes place around them. With a few shoot-outs and chases thrown in for western flair, this movie is more of a drama about a young man with a vision. Jay Kirby is the center of attention for most of this film. While not having Red as the focal point, Conquest of Cheyenne is still a good entry in the Red Ryder series.