LAMAR ADVERTISING CO/NEW — Director's Dealing 2007

Oct 27, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2007-10-24

Reporting Person: SPO ADVISORY CORP (10% Owner)
Reporting Person: SPO ADVISORY PARTNERS LP (10% Owner)
Reporting Person: SPO PARTNERS II LP (10% Owner)
Reporting Person: SF ADVISORY PARTNERS LP (10% Owner)
Reporting Person: SAN FRANCISCO PARTNERS II LP (10% Owner)
Reporting Person: SCULLY JOHN H (10% Owner)
Reporting Person: OBERNDORF WILLIAM E (10% Owner)
Reporting Person: PATTERSON WILLIAM J (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-10-24	Common Stock	P	200	$50.71	Acquired	10578599	Indirect
2007-10-24	Common Stock	P	1700	$50.73	Acquired	10580299	Indirect
2007-10-24	Common Stock	P	500	$50.74	Acquired	10580799	Indirect
2007-10-24	Common Stock	P	1700	$50.75	Acquired	10582499	Indirect
2007-10-24	Common Stock	P	200	$50.76	Acquired	10582699	Indirect
2007-10-24	Common Stock	P	200	$50.77	Acquired	10582899	Indirect
2007-10-24	Common Stock	P	1239	$50.78	Acquired	10584138	Indirect
2007-10-24	Common Stock	P	500	$50.79	Acquired	10584638	Indirect
2007-10-24	Common Stock	P	4061	$50.80	Acquired	10588699	Indirect
2007-10-24	Common Stock	P	100	$50.81	Acquired	10588799	Indirect
2007-10-24	Common Stock	P	400	$50.84	Acquired	10589199	Indirect
2007-10-24	Common Stock	P	1500	$50.85	Acquired	10590699	Indirect
2007-10-24	Common Stock	P	500	$50.86	Acquired	10591199	Indirect
2007-10-24	Common Stock	P	100	$50.87	Acquired	10591299	Indirect
2007-10-24	Common Stock	P	2100	$50.88	Acquired	10593399	Indirect
2007-10-24	Common Stock	P	1100	$50.89	Acquired	10594499	Indirect
2007-10-24	Common Stock	P	1300	$50.90	Acquired	10595799	Indirect
2007-10-24	Common Stock	P	447	$50.91	Acquired	10596246	Indirect
2007-10-24	Common Stock	P	753	$50.93	Acquired	10596999	Indirect
2007-10-24	Common Stock	P	1100	$50.94	Acquired	10598099	Indirect
2007-10-24	Common Stock	P	10210	$50.95	Acquired	10608309	Indirect
2007-10-24	Common Stock	P	2890	$50.96	Acquired	10611199	Indirect
2007-10-24	Common Stock	P	700	$50.97	Acquired	10611899	Indirect
2007-10-24	Common Stock	P	1400	$50.98	Acquired	10613299	Indirect
2007-10-25	Common Stock	P	500	$50.94	Acquired	10613799	Indirect
2007-10-25	Common Stock	P	1700	$50.95	Acquired	10615499	Indirect
2007-10-25	Common Stock	P	3400	$50.96	Acquired	10618899	Indirect
2007-10-25	Common Stock	P	400	$50.97	Acquired	10619299	Indirect
2007-10-25	Common Stock	P	15234	$50.98	Acquired	10634533	Indirect
2007-10-25	Common Stock	P	66	$51.905	Acquired	10634599	Indirect

Footnotes

F1: The entities acquiring these shares are SPO Partners II, L.P. ("SPO Partners"), which bought 53,300 shares, San Francisco Partners II, L.P. ("SF Partners"), which bought 2,900 shares and John H. Scully ("JHS"), who bought 100 shares.

F2: As a result of the purchases causing this filing, 10,130,069 shares of the issuer's common stock are owned directly by SPO Partners, and may be deemed to be indirectly beneficially owned by (i) SPO Advisory Partners, L.P ("SPO Advisory"), the sole general partner of SPO Partners, (ii) SPO Advisory Corp. ("SPO Corp."), the sole general partner of SPO Advisory, and (iii) JHS, William E. Oberndorf ("WEO") and William J. Patterson ("WJP"), the three controlling persons of SPO Corp. Additionally, 504,530 shares of the issuer's common stock are owned directly by SF Partners, and may be deemed to be indirectly beneficially owned by (i) SF Advisory Partners, L.P. ("SF Advisory"), the sole general partner of SF Partners, (ii) SPO Corp., the sole general partner of SF Advisory, and (iii) JHS, WEO & WJP, the three controlling persons of SPO Corp.

F3: Additionally, as a result of the purchases causing this filing, JHS owns 3,800 shares in his IRAs, which are self-directed. Additionally, WJP owns 300 shares in his IRA, which is self-directed.