Exhibit 10.6


                                    AGREEMENT

     This Agreement is made as of the 8th day of May, 2002 between Chaparral
Resources, Inc., a Delaware Corporation ("Chaparral") and Exeter Finance Group,
Inc., a corporation organized under the law of the Turks and Caicos ("Exeter").
Chaparral and Exeter are sometimes hereinafter collectively referred to as the
"Parties", and individually as a "Party".

     WHEREAS, Exeter acquired 50,000 shares of Chaparral's Series A Preferred
Stock ("Preferred Stock") which is currently convertible into 473,980 shares of
Chaparral's common stock for US$5,000,000, pursuant to a Subscription Agreement
dated November 21, 1997, and modified on March 6, 1998 (the Subscription
Agreement as modified is hereinafter referred to as the "Subscription
Agreement").

     WHEREAS, Chaparral has entered into a Letter of Intent with Central Asian
Industrial Holdings, NV ("CAIH") dated March 21, 2002 that contemplates that
CAIH will make an investment in Chaparral's common stock.

     WHEREAS, the Parties have agreed that in connection with such investment,
the Preferred Stock owned by Exeter should be redeemed by Chaparral.

     NOW THEREFORE, in consideration of the mutual promises contained herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereby agree as follows:


1.   Basic Transaction. Subject to the terms and conditions of this Agreement,
     the Chaparral agrees to purchase from Exeter, and Exeter agrees to sell to
     the Buyer, all of the Preferred Stock owned by Exeter for the consideration
     specified in Paragraph 2 below.

2.   Purchase Price. Chaparral agrees to pay to Exeter at the closing of this
     transaction, US$2,300,000 (the "Purchase Price") payable in cash or by the
     delivery of other immediately available funds pursuant to instructions to
     be provided by Exeter in writing.

3.   The Closing. The closing of the transactions contemplated by this Agreement
     ("Closing") shall take place at the offices of Chaparral in Houston, Texas,
     commencing at 10:00 a.m. local time on the next business day following the
     completion of the investment by CAIH in Chaparral ("Closing Date").
     Chaparral will provide Exeter two business days notice of the expected date
     of the Closing.

4.   Deliveries at the Closing. At the Closing, Exeter will deliver to Chaparral
     stock certificates representing all of its Preferred Stock, endorsed in
     blank or accompanied by duly executed assignment documents, and Chaparral
     will deliver to Exeter the consideration specified in Paragraph 2 above.

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5.   Representations and Warranties of Exeter. Exeter represents and warrants to
     Chaparral that the statements contained in this Paragraph 5 are correct and
     complete as of the date of this Agreement and will be correct and complete
     as of the Closing Date.

     (a)  Exeter is duly organized, validly existing, and in good standing under
          the laws of the jurisdiction of its incorporation.

     (b)  Exeter has full power and authority to execute and deliver this
          Agreement and to perform its obligations hereunder. This Agreement
          constitutes the valid and legally binding obligation of Exeter,
          enforceable in accordance with its terms and conditions. Exeter need
          not give any notice to, make any filing with, or obtain any
          authorization, consent, or approval of any government or governmental
          agency in order to consummate the transactions contemplated by this
          Agreement.

     (c)  Neither the execution and the delivery of this Agreement, nor the
          consummation of the transactions contemplated hereby, will (i) violate
          any constitution, statute, regulation, rule, injunction, judgment,
          order, decree, ruling, charge, or other restriction of any government,
          governmental agency, or court to which Exeter is subject or any
          provision of its charter or bylaws.

     (d)  Exeter has no liability or obligation to pay any fees or commissions
          to any broker, finder, or agent with respect to the transactions
          contemplated by this Agreement for which Chaparral could become liable
          or obligated.

     (e)  Exeter holds of record and owns beneficially the Preferred Stock free
          and clear of any restrictions on transfer, taxes, security interests,
          options, warrants, purchase rights, contracts, commitments, equities,
          claims, and demands. Exeter is not a party to any option, warrant,
          purchase right, or other contract or commitment that could require it
          to sell, transfer, or otherwise dispose of the Preferred Stock (other
          than this Agreement).

6.   Representations and Warranties of Chaparral. Chaparral represents and
     warrants to Exeter that the statements contained in this Paragraph 6 are
     correct and complete as of the date of this Agreement and will be correct
     and complete as of the Closing Date.

     (a)  Chaparral is duly organized, validly existing, and in good standing
          under the laws of the jurisdiction of its incorporation.

     (b)  Chaparral has full power and authority to execute and deliver this
          Agreement and to perform its obligations hereunder. This Agreement
          constitutes the valid and legally binding obligation of Chaparral,
          enforceable in accordance with its terms and conditions. Chaparral
          need not give any notice to, make any filing with, or obtain any
          authorization, consent, or approval of any government or governmental
          agency in order to consummate the transactions contemplated by this
          Agreement.

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     (c)  Neither the execution and the delivery of this Agreement, nor the
          consummation of the transactions contemplated hereby, will (i) violate
          any constitution, statute, regulation, rule, injunction, judgment,
          order, decree, ruling, charge, or other restriction of any government,
          governmental agency, or court to which Chaparral is subject or any
          provision of its charter or bylaws.

     (d)  Chaparral has no liability or obligation to pay any fees or
          commissions to any broker, finder, or agent with respect to the
          transactions contemplated by this Agreement for which Exeter could
          become liable or obligated.

7. Conditions to Obligation to Close.
   ----------------------------------

     The obligation of the Parties to consummate the transactions contemplated
     hereunder to be performed in connection with the Closing is subject to
     satisfaction of the following conditions:

     (a)  the representations and warranties set forth in Paragraphs 5 and 6
          above shall be true and correct in all material respects as of the
          Closing Date and the Parties shall have delivered to each other,
          certificates signed by their respective authorized officers or by
          their counsel to this effect;

     (b)  CAIH shall have completed its investment in Chaparral.

     (c)  no action, suit, or proceeding shall be pending or threatened before
          any court or administrative agency of any federal, state, local, or
          foreign jurisdiction or before any arbitrator wherein an unfavorable
          injunction, judgment, order, decree, ruling, or charge would (i)
          prevent consummation of any of the transactions contemplated by this
          Agreement, or (ii) cause any of the transactions contemplated by this
          Agreement to be rescinded following consummation (and no such
          injunction, judgment, order, decree, ruling, or charge shall be in
          effect);

     (d)  Either Party may waive any condition specified in this Paragraph 7 if
          it executes a writing so stating at or prior to the Closing.

8. Termination.
   ------------

         This Agreement may be terminated as set forth below in which case all
         rights and obligations of the Parties hereunder shall terminate without
         any liability of any Party to the other Party (except for any liability
         of any Party then in breach).:

     (a)  By mutual written consent of the Parties at any time prior to the
          Closing.

     (b)  Either Party may terminate this Agreement upon written notice to the
          other if the Closing, has not occurred by __________________________.


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9. Miscellaneous.
   --------------

     (a)  No Party shall issue any press release or make any public announcement
          relating to the subject matter of this Agreement prior to the Closing;
          provided, however, that any Party may make any public disclosure it
          believes in good faith is required by applicable law or any listing or
          trading agreement concerning its publicly-traded securities (in which
          case the disclosing Party will use its reasonable best efforts to
          advise the other Parties prior to making the disclosure).

     (b)  This Agreement shall not confer any rights or remedies upon any person
          or entity other than the Parties and their respective successors and
          permitted assigns.

     (c)  This Agreement (including the documents referred to herein)
          constitutes the entire agreement among the Parties and supersedes any
          prior understandings, agreements, or representations by or among the
          Parties, written or oral, to the extent they related in any way to the
          subject matter hereof.

     (d)  This Agreement shall be binding upon and inure to the benefit of the
          Parties and their respective successors and permitted assigns. Exeter
          may not assign either this Agreement or any of its rights, interests,
          or obligations hereunder without the prior written approval of
          Chaparral; provided, however, that Chaparral may assign any or all of
          its rights and interests hereunder to one or more of its affiliates.
          As used in this Agreement, the term affiliate shall have the meaning
          set forth in Rule 12b-2 of the regulations promulgated under the
          Securities Exchange Act of 1934, as amended.

     (e)  Except as herein expressly provided, the Closing of this Agreement and
          the transaction contemplated hereunder shall operate as a full and
          complete termination and discharge of all of the obligations of the
          Parties to each other. The Parties hereby release and discharge each
          other and their respective officers, directors, employees, agents,
          affiliates, shareholders, attorneys, representatives, successors and
          assigns form any and all claims, liabilities or obligations that are
          related to the Preferred Stock, the Subscription Agreement or this
          Agreement.

     (f)  This Agreement may be executed in one or more counterparts, each of
          which shall be deemed an original but all of which together will
          constitute one and the same instrument.

     (g)  For the purpose of this Agreement, notices and all other
          communications provided for in this Agreement shall be in writing and
          shall be deemed to have been duly given when personally hand-delivered
          or when mailed by registered or certified mail, or by such other
          commercially reasonable expedited delivery service as is generally
          relied upon by the Company (such as Federal Express), with all fees or
          postage prepaid, and addressed as follows or to such other address as
          any party may have furnished to the other in writing in accordance
          herewith, except that notices of change of address shall be effective
          only upon receipt:

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          If to Chaparral:

          Chaparral Resources, Inc.
          16945 Northchase Drive
          Suite 1620
          Houston, TX 77060
          Attention: Treasurer
          Telephone:        281-877-7100
          Fax:              281-877-0985

          With a copy to:

          Alan D. Berlin, Esq.
          Corporate Secretary
          c/o Aitken Irvin Berlin & Vrooman, LLP
          2 Gannett Drive
          White Plains, New York 10604
          Telephone:        914-694-5717
          Fax:              914-694-1647

          If to Exeter:


          With a copy to:



     (h)  This Agreement shall be governed by and construed in accordance with
          the domestic laws of the State of New York without giving effect to
          any choice or conflict of law provision or rule that would cause the
          application of the laws of any jurisdiction other than the State of
          New York.

     (i)  Except as provided in Paragraph 9(i) below, each of the Parties
          submits to the jurisdiction of any state or federal court sitting in
          New York, New York, in any action or proceeding arising out of or
          relating to this Agreement and agrees that all claims in respect of
          the action or proceeding may be heard and determined in any such
          court. Each of the Parties waives any defense of inconvenient forum to
          the maintenance of any action or proceeding so brought and waives any
          bond, surety, or other security that might be required of any other
          Party with respect thereto.

     (j)  Exeter acknowledges and agrees that Chaparral would be damaged
          irreparably in the event any of the provisions of this Agreement are
          breached by Exeter. Accordingly, Exeter agrees that Chaparral shall be
          entitled to an injunction to prevent any breach of this Agreement and
          to enforce specifically this Agreement and the terms and provisions
          hereof in any action instituted in any court of the United States or
          any state thereof having jurisdiction over Exeter and the matter, in
          addition to any other remedy to which Chaparral may be entitled, at
          law or in equity.

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     IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of
the date first above written.


CHAPARRAL RESOURCES, INC.


By: /s/  James A. Jeffs
    -------------------------------

Title:   Co-Chairman
      -----------------------------


EXETER FINANCE GROUP, INC.

By: /s/  G. Howard
    -------------------------------

Title:   Director
       ----------------------------

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