Secured Debenture Disclosure	3 Months Ended
May. 31, 2015
Notes
Secured Debenture Disclosure	Note 10 Secured Debenture The Secured Debenture is secured by our interest in Toole Leases. The Secured Debenture accrues interest at 4% per annum, and the principal and the accrued and unpaid interest becomes due and payable on September 1, 2016, as amended. The Secured Debenture contains certain retraction rights, whereby the holder shall be entitled, at its option, to retract certain principal and accrued interest, at specified dates and amounts and subject to our cash flow as defined in the agreement. Interest expense amounted to $11,535 USD ($14,284 CAD) and $29,638 USD ($35,554 CAD) in the three and nine months ended May 31, 2015, respectively.

Secured Debenture Disclosure

3 Months Ended

May. 31, 2015

Note 10 Secured Debenture

The Secured Debenture is secured by our interest in Toole Leases. The Secured Debenture accrues interest at 4% per annum, and the principal and the accrued and unpaid interest becomes due and payable on September 1, 2016, as amended. The Secured Debenture contains certain retraction rights, whereby the holder shall be entitled, at its option, to retract certain principal and accrued interest, at specified dates and amounts and subject to our cash flow as defined in the agreement. Interest expense amounted to $11,535 USD ($14,284 CAD) and $29,638 USD ($35,554 CAD) in the three and nine months ended May 31, 2015, respectively.

AXIOM OIL & GAS CORP. 10-Q