EXHIBIT 99.2

Code of Ethics for CEO and Senior Financial Officers
Adopted and effective as of March 15, 2004

All of the employees of Chaparral Resources Inc ("Chaparral") are bound by the
provisions set forth in the Chaparral's General Policies and Procedures Manual
relating to ethical conduct, conflicts of interest and compliance with law. In
addition, Chaparral's Chief Executive Officer ("CEO"), Chief Financial Officer
and Vice President of Finance ("CFO") and Treasurer and Controller
("Controller"), are subject to the following additional policies:

1. The CEO, CFO and Controller are responsible for full, fair, accurate, timely
and understandable disclosure in the periodic reports filed by the Company with
the SEC and in other public communications. Accordingly, it is the
responsibility of the CEO, CFO and Controller promptly to bring to the attention
of the Corporate Governance Committee any material information that affects the
disclosures made by the Company in its public filings.

2. The CEO, CFO and Controller shall promptly bring to the attention of the
Corporate Governance Committee, the Audit Committee and the Chaparral's auditors
any information concerning (a) significant deficiencies in the design or
operation of internal controls which could adversely affect the Company's
ability to record, process, summarize and report financial data or (b) any
fraud, whether or not material, that involves management or other employees who
have a significant role in the Chaparral's financial reporting, disclosures or
internal controls.

3. The CEO, CFO and Controller shall promptly bring to the attention of the
General Counsel and the Audit Committee any information concerning (a) any
violation of this Code, including any actual or apparent conflicts of interest
between personal and professional relationships, involving any management or
other employees who have a significant role in the Chaparral's financial
reporting, disclosures or internal controls and (b) evidence of a material
violation of the securities or other laws, rules or regulations applicable to
the Company and the operation of its business, by the Company or any agent
thereof.

4. The Board of Directors shall determine, or designate appropriate persons to
determine, appropriate actions to be taken in the event of violations of this
Code by the CEO, CFO or Controller. Such actions shall be reasonably designed to
deter wrongdoing and to promote accountability for adherence to this Code. In
determining what action is appropriate in a particular case, the Board of
Directors or such designee shall take into account all relevant information,
including the nature and severity of the violation, whether the violation was a
single occurrence or a repeated occurrence, whether the violation appears to
have been intentional or inadvertent, whether the individual in question had
been advised prior to the violation as to the proper course of action and
whether or not the individual in question had committed other violations in the
past.

Any waiver of this Code for the CEO, CFO or Controller may be made only by the
Board or a Board committee and will be promptly disclosed as required by law or
stock exchange regulation.

Management shall periodically review and reassess the adequacy of this Code and
recommend changes to the Board for approval. The Board reserves the right to
amend this Code from time to time as it determines to be desirable or
appropriate. Any amendment of this Code will be promptly disclosed as required
by law or stock exchange regulation.