# Calculating Statutory interest on late payments
**URL:** https://www.mineralrightsforum.com/t/calculating-statutory-interest-on-late-payments/47371
**Category:** Grady County, OK
**Created:** [June 18, 2019, 10:16pm UTC](https://www.mineralrightsforum.com/t/calculating-statutory-interest-on-late-payments/47371 "2019-06-18T22:16:26Z")
**Posts on this page:** 4
**Page:** 1
### Author:  [@Tom\_Wells](https://www.mineralrightsforum.com/u/Tom_Wells)
#### Post date: [June 18, 2019, 10:16pm UTC](https://www.mineralrightsforum.com/t/calculating-statutory-interest-on-late-payments/47371/1 "2019-06-18T22:16:26Z")
I would like some clarification on the calculation for statutory interest on royalties not paid within 180 days of first production. For example, if a well has first production on Dec. 1, 2018, and first royalty paid on July 1, 2019, would the interest be calculated for each month of production until actual payment? For example, December royalty x 12% pa x 7 months + Jan royalty x 12% x 6 months and so forth for each month through April or through May or is there a different method?
---
### Author:  [@TODD\_M\_Baker](https://www.mineralrightsforum.com/u/TODD_M_Baker)
#### Post date: [June 18, 2019, 11:27pm UTC](https://www.mineralrightsforum.com/t/calculating-statutory-interest-on-late-payments/47371/2 "2019-06-18T23:27:06Z")
Tom: I am assuming your “pa” is per annum, so yes, your calculation is correct. In other words, take the December revenue X 1%; January revenue X 1%, etc.
---
### Author:  [@Tom\_Wells](https://www.mineralrightsforum.com/u/Tom_Wells)
#### Post date: [June 20, 2019, 9:47pm UTC](https://www.mineralrightsforum.com/t/calculating-statutory-interest-on-late-payments/47371/3 "2019-06-20T21:47:12Z")
Yes. pa is per annum so 1% is correct assuming a 365 day year basis. Thanks for the reply.
---
### Author:  [@MRFAdmin\_SV](https://www.mineralrightsforum.com/u/MRFAdmin_SV)
#### Post date: [January 11, 2025, 6:11pm UTC](https://www.mineralrightsforum.com/t/calculating-statutory-interest-on-late-payments/47371/4 "2025-01-11T18:11:27Z")