That's a really good synopsis.
In a little more detail:
23rd century Earth is out of meat. So they send cowboys back to cull the dinosaurs (the Real Reason the Dinosaurs Became Extinct!, so said the tagline).
Old Red Eye (One eye?), female leader of a pack of T-Rexes, gets a taste for man-meat and goes on a bloody rampage.
That's about it. The main characters were some non-descript do-gooder and "Claw" Carver, a mean spirited hard son-of-a-gun with a velociraptor claw for a hand (having killed the critter that bit it off).
I'm sure there will be a summary in the prog. But, TBH, it was all about Old Red killing cowboys.
EDIT: Satanus, of Judge Dredd fame, was Old Red's son. But that's a whole lotta continuity chaos right there.