Surveyors and treasure hunters for centuries have sunk their fortunes into Oak Island in search of the elusive lost treasure. Rumor has it that there are thousands of pounds of lost gold and jewelry buried beneath the islands treacherous waters. A fortune in wealth apparently disappeared from sinking ships during the war between the newly founded American colonies and the French conquerors.

Still to this day surveyors comb the island searching for the mysterious lost treasure. One surveyor, John Scottsdale, who has resorted to selling all his worldly possessions, is down to his last dollar continuing to search while time is running out. He's closer than anyone has ever come to finding the lost treasure. "The treasure is here and with any luck at all, I’ll be the first to find it." "And for all those critics who claim I’ve lost my money and my senses will have to eat their words." "Finding the buried treasure will bring me notoriety in my profession!" Unfortunately the Dean of the school which funds his excavations does not agree. Scottsdale is to immediately cancel his foolish excavation and return to the University or lose his prestigious position as the head of the Archaeology department.

Unknown to Scottsdale his employees are a band of ruthless thugs, unfaithful men who are secretly working for a rival surveyor and wealthy man, Whitney Patterson. Patterson’s pockets are deep and at any cost must be the first to claim the lost fortune. This wealthy and eccentric opponent has no intention of letting Scottsdale find the treasure and his men are all too certain that if the treasure is ever found, they will keep it for themselves. They also promise a swift and untimely accidental death for the quirky Scottsdale.

The only other inhabitants of the island are two families, the Robbins’ and the Baron’s. Tommy Robbins and Andy Baron are two young boys (10 year olds) who happen to also be best friends.

Tommy’s sister Anna, (14) is afflicted with an illness that requires large sums of money to bring her back to good health. Her family is financially strapped and unable to raise the money for the medical care she needs. So Anna awaits a miracle. Andy’s family likewise has fallen on hard times. Their home is in the final stage of being foreclosed. The Baron’s will have to move back to the city, a fate worse than death to the boy’s father, who loathes the noise, pollution and crowds of urban life. If the Baron’s move the boys will lose each other. They need a miracle as well. The only way out of this terrible dilemma is to find the lost treasure!

One day against their parent best wishes, like most mischievous boys, they take the skiff into the bay (with their dog Sparky). They daydream and scheme of ways to make money. Then suddenly a storm begins to threaten on the horizon. Knowing full well they’re not supposed to be out in the dangerous waters, (because storms, rip currents and mean waves pound the coastline at any given time) they attempt to row back toward land. Too late, they have drifted too far out to sea and the storm looms upon them. Torrential rains and huge surging waves pound the small vessel. Finally it capsizes under the power of a huge storm wave. The boys go under.

Dissolve To:

The sun shines brightly.

Tommy and Andy are washed upon the shore of an unfamiliar part of the island. Sparky barks and gnaws at their pant legs. The boys awake, look about and begin to admonish each other for getting themselves into this fix. "This is another fine mess you’ve gotten us into." "Says who?" "Says me!" They don’t seem to notice that they’re both wearing clothing from three centuries earlier. They trek off into the woods in search of home. "My dad’s gonna clobber me when I get home." "Me too!"

The woods do not seem familiar. There are hoot owls, scary moss dangling from trees with branches like menacing arms that are just as frightening. There are giant snakes and quicksand, strange animals and surrealistic images even the sky is a bright orange as if it is filled with flames. Suddenly, they come upon a hillside. There is a strange and barbaric music coming from the other side of the hill. The boys scurry up the hillside to get a better look. Down below is a tribe of vicious cannibals. Heads are boiling in a wicked gooey vat. There is a strange and voodoo like ceremony taking place. Many of the tribesmen appear to be in a hypnotic trance. The boys creep up closer to get a better look. They accidentally tumble down the hillside interrupting this devilish ritual. An arrow rips past the boys and into a tree. A war cry and the tribesmen charge towards the boys. The boys hightail it out of the dense jungle, running for their lives.

Running wildly through the woods the boys stumble upon an ancient reptilian treeman. He bids the boys to safety into an opening in a large tree trunk. The cannibals are gaining. The boys have no choice but to follow the treeman. The tribesmen run past the tree until there is silence. A narrow escape. The old treeman speaks in homily and unfamiliar jargon as he always does, "Welcome Sir Anthony and Sir Thomas." "Follow the meek if it is great treasures that ye seek." The treeman scurries up a branch hollow and through a cavernous maze. The boys follow.

The treeman through much riddling and an equal amount of bantering instructs Sir Thomas and Sir Anthony about the mystery of the lost treasure. He has been waiting patiently for centuries to give the boys the strangely coded map. Other strange creatures agree with this seeming profit that the boys are the chosen ones. Finally the aging treeman is able to rest in peace. The old man passes into his next life but not before warning the boys of the evil that will follow. "Hold steadfast to your courage." "Therefore, do not be discouraged." "Beware of the wickedness of the evil three." "Men of good fortune and honor are not these." "I bid you good hunting and farewell." "One day to your grandchildren this story you will tell."

The boys manage to figure out the maps encoding and they go off to find the lost treasure of Oak Island.

Sir Thomas and Sir Anthony find the hidden treasure. Enough to cure a ten thousand illnesses, enough to save a thousand homes. "Go to the cliff expediently." "For your men await you in the midst of the sea!" The boys race to the cliff’s edge and look down below through an ancient telescope.

Two ships collide in the bay. The white ship’s men, fight gallantly against the pirate ship. It’s captured. A huge pirate banner is raised. The pirates are the evil three who work for the surveyor Patterson. Scottsdale, dressed in white is forced to walk the plank as swords prod him along. Bloody fish carcasses as chum is poured into the bay and the waters rapidly become shark infested. Suddenly one of the pirates shout, "Land Ho!" Scottsdale is to be dealt with later. "At last we will find the treasure of Oak Island." The pirates cheer, drink, carouse and dance as they head toward the island.

The boys realize what is to come. They must fight for the treasure.

A battle ensues as the boys try to fire cannon balls at the pirates. The pirates take to the shore and the bad guys overtake them. They remember the words of the treeman, "Steadfast and wise." "Call on the spirits to arise." They do. Many corporeal spirits from the past rise from the ashes and ruin. The spirits cry out, "Here is our chance to redeem our souls from the eternal black lake!" One of these spirits is the ancient treeman. "Take your fortune and flee." "The island and its inhabitants no more shall ye see." The pirates are frightened off, running for their lives.

The boys, Sparky, Scottsdale and the treasure (with the help of the spirits) make it to a dory. They paddle frantically toward the white ship.

The island begins to shake from the eruption of a volcano. The boys and the surveyor escape the island just in time to see the volcano explode. A massive lava flow covers the island. They watch in astonishment as the island sinks into the depths of the sea!

The massive explosion of the volcano causes a huge tidal wave. The wave topples the dory crashing it to pieces. It too sinks into the depths of the ocean.

The boys are awoken on the shore of Oak Island by their growling dog who tugs at their pant legs once again. The surveyor too is awoken from sleep. The boys are dressed once again in their contemporary clothing.

Scottsdale at first does not remember how he got there and thanks to boys for finding him. He then realizes he had fired the three evil workers as ordered by the Dean of his school. Angrily they had thrown him from the cliff into the water below and left him for dead. He deduces that he must have floated down stream in the swift moving currents. He thanks the boys for pulling him from the water. But the boys are just as confused. "We better be getting back home." "Our folks are gonna be worried sick."

They rise from the sandy beach and begin their trek back home but Tommy stubs his toe on what appears to be an old wooden case. They in fact have stumbled upon the lost treasure of Oak Island.

The treasure is shared equally with the Dean of the school awarding Scottsdale with an honorary doctorate.

Anna receives the best medical treatment and is healed. The home is spared from foreclosure and the surveyor becomes world famous for finding the lost treasure of Oak Island.