--------------------------------------------------------------------------------


                       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): December 31, 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
           Houston, Texas                                          77060
 --------------------------------------                           --------
(Address of Principal Executive Offices)                         (Zip Code)




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


--------------------------------------------------------------------------------

<PAGE>


Item 5. Other Events and Regulation FD Disclosure.

     The following press release was issued by the Company on January 17, 2002,
a copy of which is included as Exhibit 99.1 and incorporated herein by this
reference:

     Chaparral Resources, Inc. Announces Second Default Notice, Acceleration of
     --------------------------------------------------------------------------
     Its Loan Obligations with Shell Capital, and the Signing of a Letter of
     -----------------------------------------------------------------------
     Intent Regarding a Possible Business Combination with Burren Energy Plc
     -----------------------------------------------------------------------

     Houston, Texas, January 17, 2002 -- Chaparral Resources, Inc. (OTCBB: CHAR)
     received a notice of the occurrence of additional events of default
     ("Default Notice") and a notice accelerating the payment of $37,289,628 in
     outstanding principal, interest, and other fees and expenses ("Acceleration
     Notice") due under the Company's existing loans with Shell Capital Inc.
     (the "Loan Agreement"). Shell Capital Services Limited, as facility agent,
     also initiated legal proceedings against the Company in the United Kingdom
     and against one of the Company's subsidiaries in the Isle of Guernsey to
     enforce Shell Capital's rights under the Loan Agreement.

     The Default Notice addresses various events of default in addition to those
     previously disclosed by the Company on November 1, 2001, including: the
     Company's failure to pay $1,000,800 in principal and $1,676,395 in interest
     due under the Loan Agreement on December 31, 2001; the Company's failure to
     pay a $24,000 agency fee due to Shell Capital Services Limited on January
     1, 2002; certain accounts payable of Closed Type JSC Karakudukmunay
     ("KKM"), in the amount of $3,873,994 as of November 30, 2001, which are in
     excess of 90 days past due; failure of the Company to pay $30,000 in
     Delaware franchise tax due on December 1, 2001; and KKM's failure to pay
     local salaries for November 2001 on a timely basis.

     As previously reported, the Company was already in default of the Loan
     Agreement for the following: failure to pay or refinance the outstanding
     principal and accrued interest in the amount of approximately $3,339,490
     under the Company's bridge loan with Shell Capital, originally due on
     September 30, 2001; failure to achieve project completion by September 30,
     2001; failure to keep the Company's common stock listed on one of the three
     major stock exchanges (Nasdaq, NYSE, or Amex); and certain accounts payable
     of the Company and KKM in excess of 90 days past due. In addition, KKM had
     entered into a short-term debt arrangement with another financial
     institution, which has since been repaid. The Company also failed to make
     an interest payment in the amount of $189,280 due on September 28, 2001,
     which has since been repaid.

     As a result of the Company's failure to repay the bridge loan, the shares
     of preferred stock in the Company's subsidiary, Central Asian Petroleum
     (Guernsey) Limited ("CAP(G)"), which were issued to Shell Capital to induce
     it to enter into the bridge loan, were converted entitling Shell Capital to
     40% of the distributable profits of CAP(G). There are no such distributable
     profits at the present time.

<PAGE>


     The Acceleration Notice demands that the Company immediately pay the entire
     outstanding principal amount plus all interest and other fees payable under
     the Loan Agreement or Shell Capital Services Limited, as facility agent,
     will pursue available remedies under the Loan Agreement. Such remedies
     include taking ownership of the Company's investment in the Karakuduk
     Field. The Company is evaluating its rights under its various agreements
     with Shell Capital to consider what course of action the Company should
     pursue.

     The Company also announced today that it has signed a letter of intent with
     Burren Energy, Plc, ("Burren") regarding a possible combination of the two
     companies. Burren is a privately held UK based international oil and gas
     company engaged in oil production and development in the Caspian Region and
     West Africa. Burren is also engaged in the shipping and trading of a
     variety of oil and oil products. The Company and Burren will engage in a
     detailed evaluation of the assets of both companies, including an
     independent determination of the relative values of each company and the
     form and capital structure of the combined entity. Any transaction will be
     subject to a satisfactory resolution or restructuring of the Company's
     existing agreements with Shell Capital, the negotiation and execution of a
     definitive agreement with Burren, and the approval of the boards of
     directors and shareholders of both companies. No assurance can be given
     that any such resolution or restructuring of the Company's agreements with
     Shell Capital, or that the conclusion of a business combination with
     Burren, can be achieved.

     Chaparral Resources, Inc. is an international oil and gas exploration and
     production company. The Company participates in the development of the
     Karakuduk Field through KKM of which it is the operator. The Company 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 that may cause the Company's actual results in future periods
     to differ materially from forecasted results. These risks and uncertainties
     include, among other things, the ability of the Company to secure
     financing, volatility of oil prices, product demand, market competition,
     risks inherent in the Company's international operations, imprecision of
     reserve estimates and the Company's ability to replace and expand oil and
     gas reserves. These and other risks are described in the Company's Annual
     Report on Form 10-K and other filings with the Securities and Exchange
     Commission.

<PAGE>


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

     (c) Exhibits.

Number    Exhibit
------    -------
99.1      Press Release, dated January 17, 2002, 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:  January 24, 2002                     By:  /s/  Michael B. Young
                                               --------------------------------
                                                      Michael B. Young
                                                      Treasurer and Controller
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--------------------------------------------------------------------------------

                       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): December 31, 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
           Houston, Texas                                          77060
 --------------------------------------                           --------
(Address of Principal Executive Offices)                         (Zip Code)

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

--------------------------------------------------------------------------------
Item 5. Other Events and Regulation FD Disclosure.

     The following press release was issued by the Company on January 17, 2002,
a copy of which is included as Exhibit 99.1 and incorporated herein by this
reference:

     Chaparral Resources, Inc. Announces Second Default Notice, Acceleration of
     --------------------------------------------------------------------------
     Its Loan Obligations with Shell Capital, and the Signing of a Letter of
     -----------------------------------------------------------------------
     Intent Regarding a Possible Business Combination with Burren Energy Plc
     -----------------------------------------------------------------------

     Houston, Texas, January 17, 2002 -- Chaparral Resources, Inc. (OTCBB: CHAR)
     received a notice of the occurrence of additional events of default
     ("Default Notice") and a notice accelerating the payment of $37,289,628 in
     outstanding principal, interest, and other fees and expenses ("Acceleration
     Notice") due under the Company's existing loans with Shell Capital Inc.
     (the "Loan Agreement"). Shell Capital Services Limited, as facility agent,
     also initiated legal proceedings against the Company in the United Kingdom
     and against one of the Company's subsidiaries in the Isle of Guernsey to
     enforce Shell Capital's rights under the Loan Agreement.

     The Default Notice addresses various events of default in addition to those
     previously disclosed by the Company on November 1, 2001, including: the
     Company's failure to pay $1,000,800 in principal and $1,676,395 in interest
     due under the Loan Agreement on December 31, 2001; the Company's failure to
     pay a $24,000 agency fee due to Shell Capital Services Limited on January
     1, 2002; certain accounts payable of Closed Type JSC Karakudukmunay
     ("KKM"), in the amount of $3,873,994 as of November 30, 2001, which are in
     excess of 90 days past due; failure of the Company to pay $30,000 in
     Delaware franchise tax due on December 1, 2001; and KKM's failure to pay
     local salaries for November 2001 on a timely basis.

     As previously reported, the Company was already in default of the Loan
     Agreement for the following: failure to pay or refinance the outstanding
     principal and accrued interest in the amount of approximately $3,339,490
     under the Company's bridge loan with Shell Capital, originally due on
     September 30, 2001; failure to achieve project completion by September 30,
     2001; failure to keep the Company's common stock listed on one of the three
     major stock exchanges (Nasdaq, NYSE, or Amex); and certain accounts payable
     of the Company and KKM in excess of 90 days past due. In addition, KKM had
     entered into a short-term debt arrangement with another financial
     institution, which has since been repaid. The Company also failed to make
     an interest payment in the amount of $189,280 due on September 28, 2001,
     which has since been repaid.

     As a result of the Company's failure to repay the bridge loan, the shares
     of preferred stock in the Company's subsidiary, Central Asian Petroleum
     (Guernsey) Limited ("CAP(G)"), which were issued to Shell Capital to induce
     it to enter into the bridge loan, were converted entitling Shell Capital to
     40% of the distributable profits of CAP(G). There are no such distributable
     profits at the present time.
The Acceleration Notice demands that the Company immediately pay the entire
     outstanding principal amount plus all interest and other fees payable under
     the Loan Agreement or Shell Capital Services Limited, as facility agent,
     will pursue available remedies under the Loan Agreement. Such remedies
     include taking ownership of the Company's investment in the Karakuduk
     Field. The Company is evaluating its rights under its various agreements
     with Shell Capital to consider what course of action the Company should
     pursue.

     The Company also announced today that it has signed a letter of intent with
     Burren Energy, Plc, ("Burren") regarding a possible combination of the two
     companies. Burren is a privately held UK based international oil and gas
     company engaged in oil production and development in the Caspian Region and
     West Africa. Burren is also engaged in the shipping and trading of a
     variety of oil and oil products. The Company and Burren will engage in a
     detailed evaluation of the assets of both companies, including an
     independent determination of the relative values of each company and the
     form and capital structure of the combined entity. Any transaction will be
     subject to a satisfactory resolution or restructuring of the Company's
     existing agreements with Shell Capital, the negotiation and execution of a
     definitive agreement with Burren, and the approval of the boards of
     directors and shareholders of both companies. No assurance can be given
     that any such resolution or restructuring of the Company's agreements with
     Shell Capital, or that the conclusion of a business combination with
     Burren, can be achieved.

     Chaparral Resources, Inc. is an international oil and gas exploration and
     production company. The Company participates in the development of the
     Karakuduk Field through KKM of which it is the operator. The Company 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 that may cause the Company's actual results in future periods
     to differ materially from forecasted results. These risks and uncertainties
     include, among other things, the ability of the Company to secure
     financing, volatility of oil prices, product demand, market competition,
     risks inherent in the Company's international operations, imprecision of
     reserve estimates and the Company's ability to replace and expand oil and
     gas reserves. These and other risks are described in the Company's Annual
     Report on Form 10-K and other filings with the Securities and Exchange
     Commission.
Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

     (c) Exhibits.

Number    Exhibit
------    -------
99.1      Press Release, dated January 17, 2002, 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:  January 24, 2002                     By:  /s/  Michael B. Young
                                               --------------------------------
                                                      Michael B. Young
                                                      Treasurer and Controller