PROMISSORY NOTE - RELATED PARTY	3 Months Ended
PROMISSORY NOTE - RELATED PARTY	Mar. 31, 2013
Notes to Financial Statements
NOTE 2 - PROMISSORY NOTE - RELATED PARTY	On March 29, 2012 the Company issued a promissory note to a director of the Company for cash proceeds of $8,500 at simple annual interest rate of 7%. The promissory note is unsecured and matures on March 29, 2014, after which date interest is increased to 12% per annum on the total outstanding balance including the principal amount and interest accrued up to March 29, 2014. For the three months ending March 31, 2013, interest expense of $149 was accrued on the promissory note, resulting in an accrued interest balance of $595 as of period end.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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AYERS EXPLORATION INC. 10-Q