SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 8-K


                                 CURRENT REPORT


                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


         Date of Report (Date of earliest event reported) April 17, 1997



                            CHAPARRAL RESOURCES, INC.
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)




         Colorado                      0-7261                  84-0630863
  ----------------------------    -------------------     ------------------
     (State or other             (Commission File No.)     (I.R.S. Employer
 jurisdiction of incorporation)                           Identification No.)





     3400 Bissonnet Street, Suite 135, Houston, Texas          77005
     ------------------------------------------------         --------
         (Address of principal executive offices)            (Zip Code)



        Registrant's telephone number including area code: (713) 669-0932









Item 5.  OTHER EVENTS.
         -------------

     On April 17, 1997,  Chaparral  Resources,  Inc.  ("Company") entered into a
Memorandum of Understanding ("MOU") with MMS Petroleum,  PLC ("MMS"), an oil and
gas company incorporated under the laws of the Republic of Ireland.  Pursuant to
the MOU, the Company  expressed its intention to assign to MMS a 35% interest in
Central Asian  Petroleum  Guernsey  Limited  ("CAP-G") which would result in MMS
acquiring a 17.5% interest in Karakuduk Munay, Inc. which owns 100% of the right
to develop the Karakuduk Oil Field in Kazakstan  ("Karakuduk  Project").  If the
transaction is consummated, MMS would pay the Company cash in an amount equal to
35% of the past costs  incurred by the Company in connection  with the Karakuduk
Project up to and  including  the date of execution  of a  definitive  agreement
relating  to the sale.  14% of the costs  would be paid  upon  execution  of the
purchase agreement,  9% of the costs would be paid on the later of the spud date
of the first  development  well to be drilled under the development plan adopted
by CAP-G or September  1, 1997,  and 12% of the costs would be paid at such time
as the oil  production  from  the  Karakuduk  Project  under  a sales  agreement
averages  3,000 barrels of oil per day for a period of 30 days. In addition,  if
the purchase  agreement is  consummated,  MMS would issue the Company  2,000,000
shares of MMS' common  stock upon  execution of the  purchase  agreement  and an
additional  500,000 shares at such time as the oil production from the Karakuduk
Project under a sales agreement  averages 12,500 barrels per day for a period of
30 days.

     MMS has until June 1, 1997 within which to complete its  commercial,  legal
and technical due diligence of the Karakuduk  Project.  During such period,  MMS
has the exclusive right to acquire the interest in CAP-G and, for such exclusive
right MMS is required to pay the Company $200,000 by May 1, 1997. The deposit is
nonrefundable except under limited circumstances.

     Consummation  of the transaction is subject to the execution and closing of
a definitive purchase agreement.

     On April 22,  1997,  the Company  sold  3,076,923  shares of the  Company's
common  stock  for  $0.65  per  share  for a total of  $2,000,000  to a  private
investor. In connection with the transaction,  the Company also issued a warrant
to  the  investor  to  purchase  up to an  additional  4,615,385  shares  of the
Company's common stock for $3,000,000 or $0.65 per share. The warrant expires on
December 31, 1997, if not previously exercised.

     The private investor also converted a $500,000 promissory note (plus $2,000
of accrued  interest) that had previously  been issued by the Company to it into
772,308 shares of the Company's  common stock at a conversion price of $0.65 per
share.



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                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

Date:    April 28, 1997

                                              CHAPARRAL RESOURCES, INC.




                                              By:  /s/ Howard Karren
                                                   -----------------------------
                                                   Howard Karren, President


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