Chaparral Resources Inc. Announces Its Annual Meeting Date and Restructuring of Its Senior Management Team.

Business/Energy Editors

HOUSTON--(BUSINESS WIRE)--Nov. 6, 2002

Chaparral Resources Inc. (OTCBB:CHAR) today announced that the annual meeting date for fiscal year 2001 will take place on Tuesday, Dec. 10, 2002 at 10:00 a.m. in New York City at the Inter-Continental Hotel. The record date for those shareholders registered to vote at the annual meeting will be Oct. 30, 2002.

The Company also announced the resignation of James A. Jeffs, the Company's chairman and chief executive officer, and a restructuring of the Company's senior management team. Mr. Jeffs, who resigned for personal reasons, has been replaced as the Company's Chief Executive Officer by Nikolai D. Klinchev, an existing director of the Company and General Director of Closed Joint Stock Company Karakudukmunai ("KKM"), the Company's operating subsidiary in the Republic of Kazakhstan. Mr. Klinchev has over 20 years of petroleum and energy industry experience in engineering and production management and has been a member of the KKM board of directors since 1996. Ian Connor, managing director of Kazkommertsbank, replaced Mr. Jeffs as chairman. Mr. Connor has served as managing director of Kazkommertsbank since April 2001 and previously held senior executive officer positions in brokerage and consultancy companies active in the Former Soviet Union ("F.S.U."). He holds a degree in mathematics and is a qualified member of the Institute of Charted Accountants in England and Wales.

In addition to the resignation of Mr. Jeffs, the Company announced that Michael B. Young, who had been based at the Company's office in Houston, has resigned as the Company's vice president-Finance and chief financial officer. Mr. Young has been replaced by Richard J. Moore, currently the finance director of KKM, who will assume the title of vice president-Finance and chief financial officer of the Company. Mr. Moore has served as KKM's finance director and has been a board member of KKM since 1998. He has over 25 years experience in the international petroleum industry, including 10 years of experience in the F.S.U.

Commenting on the changes, Mr. Connor stated, "The board would like to thank Mr. Jeffs and Mr. Young for their contribution to the development of the Company and assistance during the transition period following the acquisition of a controlling stake in the Company by Central Asia Industrial Holdings N.V. We believe that the prospects for the Company's existing operations in Kazakhstan and the opportunity to add further assets places the Company at an exciting juncture in its development. Mr. Klinchev and Mr. Moore have the experience and requisite skills to realize the next stage in the Company's development. As part of this restructuring, the Company's investor relations and certain reporting functions will continue to be located in Houston, with the Company considering establishing a representative office or other appropriate presence in Kazakhstan."

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 directly and indirectly 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.

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.