Exhibit 10.69

On the Letterhead of Ryder Scott Company, L.P.





                                                              April 9, 2001





Chaparral Resources, Inc.
16945 Northchase, Suite 1620
Houston, Texas 77060

Gentlemen:

     At your request, we have prepared an estimate of the reserves, future
production, and income attributable to certain leasehold and royalty interests
of Karakuduk-Munay, JSC ("KKM"), in the Karakuduk Field as of December 31, 2000.
The subject properties are located in the Republic of Kazakhstan. The income
data were estimated using the Securities and Exchange Commission (SEC)
requirements for future price and cost parameters.

     The estimated reserves and future income amounts presented in this report
are related to hydrocarbon prices. Hydrocarbon prices in effect at December 31,
2000 were used in the preparation of this report as required by SEC rules;
however, actual future prices may vary significantly from December 31, 2000
prices. Therefore, volumes of reserves actually recovered and amounts of income
actually received may differ significantly from the estimated quantities
presented in this report. The results of this study are summarized below.


                                 SEC PARAMETERS
                     Estimated Net Reserves and Income Data
                   Certain Leasehold and Royalty Interests of
                              Karakuduk-Munay, JSC
                             As of December 31, 2000
         --------------------------------------------------------------

                                                   Proved
                             ---------------------------------------------------
                                   Developed
                             -------------------------                  Total
                             Producing   Non-Producing  Undeveloped     Proved
                             ---------   -------------  -----------   ----------
Net Remaining Reserves
  Oil/Condensate - Barrels   4,722,114     6,315,300     23,985,010   35,022,424

Income Data ($M)
  Future Gross Revenue         $84,253      $112,678      $427,945      $624,875
  Deductions                    39,619        52,553       241,784       333,956
                                ------        ------       -------       -------
  Future Net Income (FNI)      $44,634       $60,125      $186,161      $290,919

  Discounted FNI @ 10%         $35,577       $37,833      $111,782      $185,192


         Liquid hydrocarbons are expressed in standard 42 gallon barrels.

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Chaparral Resources, Inc.
April 9, 2001
Page 2


     The future gross revenue is after the deduction of royalty. The deductions
comprise the normal direct costs of operating the wells, Stasco Commission,
export tariff, local sales tariff, recompletion costs, development costs, and
certain abandonment costs. The future net income is before the deduction of
state and federal income taxes and general administrative overhead, and has not
been adjusted for outstanding loans that may exist nor does it include any
adjustment for cash on hand or undistributed income. Liquid hydrocarbon reserves
account for 100 percent of total future gross revenue from proved reserves.

     The calculation of royalty in this analysis has been handled as a deduction
from the future gross revenue. At the request of KKM, the value of the royalty
deduction has been converted to equivalent barrels. The net remaining reserves
after deduction of those equivalent barrels is shown in the following table.
These reserve numbers reflect both gravity conversion losses and equivalent
royalty barrels.


                                 SEC PARAMETERS
            Estimated Net Reserves after Deduction of Royalty Barrels
                   Certain Leasehold and Royalty Interests of
                              Karakuduk-Munay, JSC
                             As of December 31, 2000
           ----------------------------------------------------------

                                                    Proved
                             ---------------------------------------------------
                                    Developed
                             -------------------------                  Total
                             Producing   Non-Producing   Undeveloped    Proved
                             ---------   -------------   -----------  ----------
Net Remaining Reserves
  Oil/Condensate - Barrels   4,455,483     5,958,663      22,630,594  33,044,740



     The discounted future net income shown above was calculated using a
discount rate of 10 percent per annum compounded monthly. Future net income was
discounted at four other discount rates which were also compounded monthly.
These results are shown on each estimated projection of future production and
income presented in a later section of this report and in summary form below.



                                    Discounted Future Net Income
                                       As of December 31, 2000
                              ---------------------------------------
   Discount Rate                                Total
      Percent                                   Proved
---------------------                     -------------------

         12                                   $170,541M
         15                                   $151,399M
         18                                   $135,106M
         20                                   $125,170M

     The results shown above are presented for your information and should not
be construed as our estimate of fair market value.

<PAGE>


Chaparral Resources, Inc.
April 9, 2001
Page 3


Reserves Included in This Report

     The proved reserves included herein conform to the definition as set forth
in the Securities and Exchange Commission's Regulation S-X Part 210.4-10 (a) as
clarified by subsequent Commission Staff Accounting Bulletins. The definitions
of proved reserves are included under the tab "Reserve Definitions" in this
report.

     Because of the direct relationship between volumes of proved undeveloped
reserves and development plans, we include in the proved undeveloped category
only reserves assigned to undeveloped locations that we have been assured will
definitely be drilled. Undeveloped reserves included in this evaluation only
reflect the reserves assigned to undeveloped locations that are direct offsets
to producing wells or direct offsets to exploration wells that were tested at
significant rates.

     KKM has interests in certain areas of the Karakuduk Field that may contain
substantial additional hydrocarbon potential not included herein. KKM has active
exploratory and development drilling programs that may result in the discovery
or reclassification of significant additional volumes.

     The various reserve status categories are defined under the tab "Reserve
Definitions" in this report. The developed non-producing reserves included
herein are comprised of the behind pipe category.

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Chaparral Resources, Inc.
April 9, 2001
Page 4


Estimates of Reserves

     In general, the reserves included herein were estimated by performance
methods or the volumetric method; however, other methods were used in certain
cases where characteristics of the data indicated such other methods were more
appropriate in our opinion. The reserves estimated by the performance method
utilized extrapolations of various historical data in those cases where such
data were definitive. Reserves were estimated by the volumetric method in those
cases where there were inadequate historical performance data to establish a
definitive trend or where the use of production performance data as a basis for
the reserve estimates was considered to be inappropriate.

     The reserves included in this report are estimates only and should not be
construed as being exact quantities. They may or may not be actually recovered,
and if recovered, the revenues therefrom and the actual costs related thereto
could be more or less than the estimated amounts. Moreover, estimates of
reserves may increase or decrease as a result of future operations.

Future Production Rates

     Initial production rates are based on the current producing rates for those
wells now on production. Test data and other related information were used to
estimate the anticipated initial production rates for those wells or locations
that are not currently producing. For wells on production, the established
decline trend was used as the basis for estimating future production rates. For
reserves not yet on production, sales were estimated to commence at an
anticipated date furnished by KKM.

     The future production rates from wells now on production may be more or
less than estimated because of changes in market demand or allowables set by
regulatory bodies. Wells or locations that are not currently producing may start
producing earlier or later than anticipated in our estimates of their future
production rates.

Hydrocarbon Prices

     KKM furnished us with both export and domestic hydrocarbon prices in effect
at December 31, 2000 and with its forecasts of future prices which take into
account SEC and Financial Accounting Standards Board (FASB) rules, current
market prices, contract prices, and fixed and determinable price escalations
where applicable.

     In accordance with FASB Statement No. 69, December 31, 2000 market prices
were determined using the daily oil price ("spot price") adjusted for oilfield
wellhead price differences (e.g. grade, transportation, gravity, sulfur and
BS&W) as appropriate. Also in accordance with SEC and FASB specifications,
changes in market prices subsequent to December 31, 2000 were not considered in
this report.

     KKM advised us that they have been required to sell a portion of their
production on the domestic market and for purposes of this report we should
assume KKM will export 80 percent of their crude production and sell 20 percent
on the domestic market.

     The effects of derivative instruments designated as price hedges of oil and
gas quantities are not reflected in our individual property evaluations.

<PAGE>


Chaparral Resources, Inc.
April 9, 2001
Page 5


Costs

     Operating costs for the wells in this report were supplied by KKM and
include only those costs directly applicable to the field operations. When
applicable, the operating costs include a portion of general and administrative
costs allocated directly to the field operations. No deduction was made for
indirect costs such as general administration and overhead expenses, loan
repayments, interest expenses, and exploration and development prepayments that
are not charged directly to the field.

     Development costs were furnished to us by KKM and are based on
authorizations for expenditure for the proposed work or actual costs for similar
projects. The estimated cost of abandonment was included. The estimates of the
abandonment costs furnished by KKM were accepted without independent
verification.

     Current costs were held constant throughout the life of the properties.

General

     Tables 1 through 77 present our estimated projection of production and
income by years beginning January 1, 2001, by reserve category and well.

     While it may reasonably be anticipated that the future prices received for
the sale of production and the operating costs and other costs relating to such
production may also increase or decrease from existing levels, such changes
were, in accordance with rules adopted by the SEC, omitted from consideration in
making this evaluation.

     The estimates of reserves presented herein were based upon a detailed study
of the properties in which KKM owns an interest; however, we have not made any
field examination of the properties. No consideration was given in this report
to potential environmental liabilities that may exist nor were any costs
included for potential liability to restore and clean up damages, if any, caused
by past operating practices. KKM has informed us that they have furnished us all
of the accounts, records, geological and engineering data, and reports and other
data required for this investigation. The ownership interests, prices, and other
factual data furnished by KKM were accepted without independent verification.
The estimates presented in this report are based on data available through
December 2000.

     KKM has assured us of their intent and ability to proceed with the
development activities included in this report, and that they are not aware of
any legal, regulatory or political obstacles that would significantly alter
their plans.

     Neither Ryder Scott Company nor any of our employees have any interest in
the subject properties and neither the employment to make this study nor the
compensation is contingent on our estimates of reserves and future income for
the subject properties.

<PAGE>


Chaparral Resources, Inc.
April 9, 2001
Page 6


     This report was prepared for the exclusive use and sole benefit of KKM and
Chaparral Resources, Inc. The data, work papers, and maps used in this report
are available for examination by authorized parties in our offices. Please
contact us if we can be of further service.

                                            Very truly yours,

                                            RYDER SCOTT COMPANY, L.P.

                                            By:  /s/  Larry T. Nelms
                                               --------------------------------
                                                      Larry T. Nelms, P.E.
                                                      Senior Vice President