Chaparral Resources, Inc., through its subsidiaries and joint ventures, engages in the exploration, development, and production of oil and gas properties. The company acquires and develops oil and gas projects, primarily fields with previously discovered reserves. Chaparral focuses on the exploration and development of the Karakuduk Field, a 16,900-acre oil field located in the central Asian Republic of Kazakhstan. As of December 31, 2003, the Karakuduk Field had total estimated proven reserves of approximately 25.62 million barrels. In addition, Chaparral also focuses its operations on other independent countries within the former Soviet Union. The company was founded in 1972 and is headquartered in White Plains, New York.