8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549




                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITES EXCHANGE ACT OF 1934


        Date of report (Date of earliest event reported): August 9, 2001



                            CHAPARRAL RESOURCES, INC.
               (Exact Name of Registrant as Specified in Charter)



          DELAWARE                   0-7261                      84-0630863
(State or Other Jurisdiction      (Commission                   (IRS Employer
     of Incorporation)            File Number)               Identification No.)



   16945 Northchase, Suite 1620                                     77060
           Houston, Texas                                        (Zip Code)
(Address of Principal Executive Offices)




       Registrant's telephone number, including area code: (281) 877-7100




Item 5. Other Events.

On August 9, 2001, the Company's common stock was delisted from the Nasdaq
SmallCap Market for failure to comply with Nasdaq Marketplace Rules
4350(i)(1)(A), 4350(i)(1)(B) and 4350(i)(1)(D)(ii), which required the Company
to obtain stockholder approval prior to the conversion of its 8% Non-Negotiable
Subordinated Convertible Promissory Notes into 11,690,259 shares of its common
stock on September 21, 2000 and the issuance of 1,612,903 shares of common stock
on October 30, 2000. Nasdaq also cited a violation of its annual meeting
requirement. The Nasdaq Listing Qualifications Panel did not, however, cite any
public interest concerns as a basis for its determination. The Company's common
stock is currently being traded on the OTC Bulletin Board. The foregoing summary
is qualified in its entirety by the Company's press release, dated August 9,
2001, a copy of which is included as Exhibit 99.1 and incorporated herein by
this reference.

On August 13, 2001, Shell Capital Inc. waived its requirement under the loan
agreement with the Company that the Company's common stock be listed on one of
the three major exchanges (i.e. NASDAQ, NYSE, or AMEX), subject to the Company
not incurring another event of default under the loan agreement. Shell Capital
also waived as an event of default, the failure to pay certain trade payables,
which were in excess of 90 days past due. The waiver letter from Shell Capital
is included as Exhibit 10.1 and incorporated herein by this reference.


Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

     (c)  Exhibits.

          Number  Exhibit
          ------  -------

          10.1    Waiver letter from Shell Capital Inc. to Chaparral Resources,
                  Inc. dated August 13, 2001.

          99.1    Press Release, dated August 9, 2001, of Chaparral Resources,
                  Inc.





                                   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.

                                        CHAPARRAL RESOURCES, INC.



Date:  August 16, 2001                  By: /s/ Michael B. Young
                                        ----------------------------------------
                                        Michael B. Young, Treasurer, Controller,
                                        and Principal Accounting Officer

EX-10.1

                                                                    EXHIBIT 10.1

                            Shell Capital Letterhead





August 13, 2001

Mr. Michael B. Young
Treasurer
Chaparral Resources, Inc.
16945 Northchase Drive
Suite 1620
Houston, Texas 77060

Re:  Waiver of Default

Dear Michael:

By letter dated August 9, 2001, Chaparral Resources, Inc. ("Chaparral") advised
us that KKM has failed to pay trade payables in an amount of $151,764 for an
excess of 90 days. Under Section 17.4(a) of the Loan Agreement dated November 1,
1999, as amended May 31, 2001, among Chaparral Resources, Inc., as Borrower,
Central Asian Petroleum (Guernsey) Limited, Central Asian Petroleum, Inc. and
Closed Type JSC Karakudukmunay as Co-Obligors, Shell Capital Services Limited,
as Arranger, Facility Agent and Modeller, Shell Capital Inc. as Bridge Lender,
and the Lenders listed therein, the failure to timely pay such obligations is an
event of default. Shell Capital Inc. hereby confirms that it will forego
exercising its rights arising from such default through September 30, 2001.

You also advised that Chaparral's common stock was delisted from NASDAQ trading
on August 9, 2001. Such delisting is a violation of Section 16.1(b) of the Loan
Agreement. Shell Capital hereby confirms that it will forego exercising its
rights arising from such default.

These waivers shall immediately terminate upon the occurrence of any further or
other event of default under the Loan Agreement. For the avoidance of doubt,
these waivers do not constitute any actual or implied waiver of any right or
remedy of the Finance Parties (as defined in the amended Loan Agreement) that
may arise upon any further or other event of default under the Loan Agreement.

Regards,

/s/ Michael Keener
- ------------------
Michael Keener
Director, Business Development
Shell Capital Inc.

EX-99.1

                                                                    EXHIBIT 99.1

                                    CHAPARRAL
                            CHAPARRAL RESOURCES, INC.

================================================================================
NEWS RELEASE
                                                     ***For Immediate Release***

                                                        For further information:
                                                        ------------------------
                                                             Natalie S. Hairston
                                                                    281/877-7100


CHAPARRAL RESOURCES, INC. ANNOUNCES DELISTING FROM THE NASDAQ SMALLCAP MARKET
- -----------------------------------------------------------------------------

Houston, Texas, August 9, 2001 -- Chaparral Resources, Inc. (NASDAQ: CHAR)
announced today it has been notified its common stock will be delisted effective
August 9, 2001 from The Nasdaq SmallCap Market for failure to comply with all
Nasdaq marketplace guidelines required for continued listing. Chaparral will be
immediately eligible for quotation on the OTC Bulletin Board.

Chaparral's common stock was delisted for failure to comply with Nasdaq
Marketplace Rules 4350(i)(1)(A), 4350(i)(1)(B) and 4350(i)(1)(D)(ii), which
required Chaparral obtain stockholder approval prior to the conversion of its 8%
Non-Negotiable Subordinated Convertible Promissory Notes into 11,690,259 shares
of its common stock on September 21, 2000 and the issuance of 1,612,903 shares
of common stock on October 30, 2000. Nasdaq also cited a violation of its annual
meeting requirement. The Nasdaq Listing Qualifications Panel did not, however,
cite public interest concerns as a basis for its determination.

Chaparral's loan agreement with Shell Capital Inc. requires its common stock be
listed on one of the three major stock exchanges (NASDAQ, NYSE, or AMEX).
Failure to maintain a listing on The Nasdaq SmallCap Market is a technical event
of default under the loan agreement. If Shell Capital does not waive the event
of default, Shell Capital could exercise its remedies under the loan agreement,
including calling the loan due and payable. If so, Chaparral's investment in the
Karakuduk Field may be lost.

Chaparral Resources, Inc. is an international oil and gas exploration and
production company. Chaparral participates in the development of the Karakuduk
Field through KKM of which Chaparral is the operator. Chaparral owns a 50%
beneficial ownership interest in KKM with the other 50% ownership interest being
held by Kazakh companies, including KazakhOil, the government-owned oil company.

Information Regarding Forward-Looking Statements: Except for historical
information contained herein, the statements in this Press Release are
forward-looking statements that are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties which may cause the
Chaparral's actual results in future periods to differ materially from
forecasted results. These risks and uncertainties include, among other things,
the ability of Chaparral to secure financing, volatility of oil prices, product
demand, market competition, risks inherent in the Company's international
operations, imprecision of reserve estimates and Chaparral's ability to replace
and expand oil and gas reserves. These and other risks are described in the
Chaparral's Annual Report on Form 10-K and other filings with the Securities and
Exchange Commission.

                                       ###

================================================================================

           16945 Northchase Drive * Suite 1620 * Houston, Texas 77060
                         281-877-7100 * 281-877-0985 Fax
                           www.ChaparralResources.com