I remember the lyrics this way (and clearly I don't remember all of the words... Texs Williams might have sung this one on the record I listened to):

"You may look at that picture with wondfering eyes,
and then at the arrow,
that's hanging close by,

Saying tell me a story,
if there's one I know,
Of a horse I once owned,
in New Mexico.


He was swift as an antelope,
and black as a crow,
with a star on his forehead,
as white as the snow.

The country was new then,
and settlers were scarce,
The Indians on the warpath,
were savage and firerce.

My captaion was a-saying,
That someone must go,
For help to the borders,
of New Mexico.

Patonia was with me,
Her nose in my hand,
Said the captain, Your horse,
is the best in the land."

The tack struck a something (sorry... never did clearly hear or remember these lines),
and he kept it all night, till just as the East,
was beginning to rise,
When back from behind us,
We heard a fierce yell,
And we knew that the Indians,
were keen on our trail.

we were leaving the Indians,
it was only to blame (probably not right words),
When in my left leg,
I felt a sharp pain.

The blood went on through then (again, likely not correct words),
Can't remember words here,
But he never once shortened,
His something stride.

You may look at that picture,
That hangs on the wall,
I was shot through my leg,
Boot, stirrup, and all.

Oh many fine horses,
I met on the plains,
But none like Patonia,
the pride of the plains.