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) November 6, 1997



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




          Colorado                      0-7261                    84-0630863
- ----------------------------     ---------------------       -------------------
(State or other jurisdiction     (Commission File No.)        (I.R.S. Employer
    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 7.  FINANCIAL STATEMENTS AND EXHIBITS

          (a)  Financial Statements of Businesses Acquired

               Not Applicable

          (b)  Pro Forma Financial Information

               Not Applicable

          (c)  Exhibits

               (99) Notice of Certain Proposed Unregistered Offering (Rule 135c)



                                        2





                                   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:    November 6, 1997

                                       CHAPARRAL RESOURCES, INC.




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


                                       3




                                    CHAPARRAL
                            CHAPARRAL RESOURCES, INC.




                                                                    NEWS RELEASE

FOR IMMEDIATE RELEASE
THURSDAY, NOVEMBER 6, 1997

CHAPARRAL RESOURCES ANNOUNCES FINANCING COMMITMENT

Houston,  Texas,  November 6, 1997,  Chaparral  Resources,  Inc. (NASDAQ:  CHAR)
announced  today that it has  received a  commitment  from  investors to acquire
$22,500,000 of convertible  preferred  stock.  The  convertible  preferred stock
would have voting rights and would be issued in three equal series of $7,500,000
each with conversion prices of $2.25,  $3.00 and $4.25 per share,  respectively.
The convertible  preferred stock would be issued in four closings with the first
closing (for $5,000,000 of preferred  stock) occurring on or before November 30,
1997 and the  fourth  closing  occurring  on or  before  June 30,  1998.  If not
converted,  the convertible preferred stock will be required to be redeemed five
(5) years  after  each  closing.  Chaparral  Resources  expects  the  definitive
documents for the proposed transaction to be completed within the next week. The
definitive  documents  are  subject to  approval  by the Board of  Directors  of
Chaparral Resources.

THE SECURITIES  DESCRIBED IN THIS NEWS RELEASE WILL NOT BE REGISTERED  UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED
STATES  ABSENT  REGISTRATION  OR  AN  APPLICABLE   EXEMPTION  FROM  REGISTRATION
REQUIREMENTS.












              3400 Bissonnet * Suite 135 * Houston, Texas 77005 *
                         713-669-0932 * 713-669-0994 Fax