Chaparral Resources Inc. Announces Discovery of New Oil Formation in The Karakuduk Field.

Energy Editors/Business Editors

HOUSTON--(BUSINESS WIRE)--April 15, 2003

Chaparral Resources Inc. (OTCBB:CHAR) announced today that its majority owned subsidiary, Karakuduk Munay, J.V. ("KKM"), has discovered a new productive zone in the Karakuduk Field's Lower Jurassic formation. The new zone, identified as J-11, is in addition to the existing 8 productive horizons. Testing continues in the new J-11 reservoir in order to determine its oil saturation content. Further analysis of the J-11 formation will be required to establish future well locations. The Karakuduk Field is in the Republic of Kazakhstan, about 360 kilometers from the Caspian Sea port city of Aktau.

The Company also announced the successful completion of the first two wells of its 2003 drilling program. Karakuduk Well No. 111 was spudded on March 12, 2003 and was drilled to a depth of approximately 10,700 feet (3,260 meters), with oil shows in 6 formations. Two horizons were subsequently perforated and the results are being evaluated.

Karakuduk Well No. 141, completed on March 4, 2003, is located in the Southern part of the Karakuduk Field. The well was drilled to a depth of approximately 10,500 feet (3,200 meters), with oil shows in 4 formations. The well has an initial production rate of approximately 630 barrels of oil per day through a 10-mm choke and is also undergoing further testing.

Karakuduk Well No. 193 was spudded on April 11, 2003 with a target depth of approximately 10,700 feet (3,260 meters). As previously announced, KKM plans to drill a series of 12 wells in 2003, which will increase the total number of wells drilled to 48 by year-end. KKM has successfully completed every well drilled to date. The Karakuduk Field is currently producing approximately 7,250 barrels of oil per day from 26 flowing wells.

As previously reported, Halliburton has been contracted to perform a pilot hydraulic fracturing program on three wells in 2003. The Company anticipates that the frac program will lead to an increase of oil flow and will complement the other elements of the artificial lift program currently being implemented in the Karakuduk Field.

Nikolai D. Klinchev, Chief Executive Officer of Chaparral, said, "We are delighted with the initial results of KKM's drilling program. The program continues to proceed with speed and efficiency, resulting in significant per-well cost savings. We are extremely encouraged by the discovery of the new J-11 formation which validates the interpretation of the results of our recent 3-D seismic study. I am also optimistic that the fracturing and artificial lift programs will help us achieve our targeted 2003 production levels, with significant increases in our daily production by the end of the year."

Chaparral Resources Inc. is an international oil and gas exploration and production company. The Company's only operating asset is its participation in the development of the Karakuduk Field through KKM, of which Chaparral is the operator. The Company owns a 60% ownership interest in KKM with the other 40% ownership interest being held by Joint Stock Company Kazmunaygaz, the government-owned oil company. Central Asia Industrial Holdings, a private investment holding company, holds a majority interest in Chaparral and is a significant investor in the Kazakh oil sector. More information is available on the Company's Web site, www.chaparralresources.com.

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 Company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, 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 Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.