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) March 6, 1998



                            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.)





          2211 Norfolk, Suite 1150, Houston, Texas              77098
          ----------------------------------------              -----
         (Address of principal executive offices)             (Zip Code)



       Registrant's telephone number, including area code: (713) 807-7100







<PAGE>



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

     On  November  24,  1997,  the  Company  executed a  Subscription  Agreement
("Agreement")  with an  investor  which  was not  affiliated  with the  Company.
Pursuant to the  Agreement,  the Company  agreed to sell to the investor  75,000
shares of the Company's  Series A Preferred  Stock, no par value, for a purchase
price of $100.00 per share or an aggregate  purchase price of Seven Million Five
Hundred Thousand Dollars  ($7,500,000),  75,000 shares of the Company's Series B
Preferred  Stock, no par value,  for a purchase price of $100.00 per share or an
aggregate  purchase  price  of  Seven  Million  Five  Hundred  Thousand  Dollars
($7,500,000),  and 75,000 shares of the Company's  Series C Preferred  Stock, no
par value,  for a purchase  price of $100.00 per share or an aggregate  purchase
price of Seven Million Five Hundred Thousand Dollars ($7,500,000).

     The purchase and sale of the Series A Preferred  Stock,  Series B Preferred
Stock and Series C Preferred Stock was to occur at four separate  closings.  The
funds for the  first  purchase,  which  consisted  of 50,000  shares of Series A
Preferred  Stock for a purchase price of  $5,000,000,  were received on November
25, 1997.

     On March 6, 1998, the Company and the investor  entered into a Termination
Agreement  which  terminated any  obligations  that the investor may have had to
make any  additional  purchases  under  the  Agreement.  Also,  as a part of the
Termination   Agreement,   the  Company  and  the   investor   agreed  that  the
anti-dilution provisions of the Series A Preferred Stock would not be applicable
if the  Company  sold  securities  below the  conversion  price of the  Series A
Preferred Stock that the investor had purchased.


Item 7.  FINANCIAL STATEMENTS AND EXHIBITS.
         ----------------------------------

(c) Exhibits.

Exhibit 10.1      Termination Agreement dated March 6, 1998, by and between
                  Chaparral Resources, Inc. and Exeter Finance Group, Inc.


                                        2

<PAGE>




                                   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:    March 17, 1998

                                             CHAPARRAL RESOURCES, INC.




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




                                        3

<PAGE>



                                  EXHIBIT INDEX


Exhibit 10.1      Termination Agreement dated March 6, 1998, by and between
                  Chaparral Resources, Inc. and Exeter Finance Group, Inc.



                                        4
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 4179}]
{"company-data": {"conformed-name": "CHAPARRAL RESOURCES INC", "cik": "0000019252", "assigned-sic": "1311", "irs-number": "840630863", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-07261", "film-number": "98567964"}, "business-address": {"street1": "2211 NORFOLK", "street2": "SUITE 1150", "city": "HOUSTON", "state": "TX", "zip": "77098", "phone": "713-807-7100"}, "mail-address": {"street1": "621 17TH STREET SUITE 1301", "city": "DENVER", "state": "CO", "zip": "80293"}}
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) March 6, 1998

                            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.)

          2211 Norfolk, Suite 1150, Houston, Texas              77098
          ----------------------------------------              -----
         (Address of principal executive offices)             (Zip Code)

       Registrant's telephone number, including area code: (713) 807-7100
Item 5.  OTHER EVENTS.
         -------------

     On  November  24,  1997,  the  Company  executed a  Subscription  Agreement
("Agreement")  with an  investor  which  was not  affiliated  with the  Company.
Pursuant to the  Agreement,  the Company  agreed to sell to the investor  75,000
shares of the Company's  Series A Preferred  Stock, no par value, for a purchase
price of $100.00 per share or an aggregate  purchase price of Seven Million Five
Hundred Thousand Dollars  ($7,500,000),  75,000 shares of the Company's Series B
Preferred  Stock, no par value,  for a purchase price of $100.00 per share or an
aggregate  purchase  price  of  Seven  Million  Five  Hundred  Thousand  Dollars
($7,500,000),  and 75,000 shares of the Company's  Series C Preferred  Stock, no
par value,  for a purchase  price of $100.00 per share or an aggregate  purchase
price of Seven Million Five Hundred Thousand Dollars ($7,500,000).

     The purchase and sale of the Series A Preferred  Stock,  Series B Preferred
Stock and Series C Preferred Stock was to occur at four separate  closings.  The
funds for the  first  purchase,  which  consisted  of 50,000  shares of Series A
Preferred  Stock for a purchase price of  $5,000,000,  were received on November
25, 1997.

     On March 6, 1998, the Company and the investor  entered into a Termination
Agreement  which  terminated any  obligations  that the investor may have had to
make any  additional  purchases  under  the  Agreement.  Also,  as a part of the
Termination   Agreement,   the  Company  and  the   investor   agreed  that  the
anti-dilution provisions of the Series A Preferred Stock would not be applicable
if the  Company  sold  securities  below the  conversion  price of the  Series A
Preferred Stock that the investor had purchased.

Item 7.  FINANCIAL STATEMENTS AND EXHIBITS.
         ----------------------------------

(c) Exhibits.

Exhibit 10.1      Termination Agreement dated March 6, 1998, by and between
                  Chaparral Resources, Inc. and Exeter Finance Group, Inc.

                                        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:    March 17, 1998

                                             CHAPARRAL RESOURCES, INC.

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

                                        3
EXHIBIT INDEX

Exhibit 10.1      Termination Agreement dated March 6, 1998, by and between
                  Chaparral Resources, Inc. and Exeter Finance Group, Inc.

                                        4