LAMAR ADVERTISING CO/NEW — Director's Dealing 2007

Oct 23, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2007-10-18

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
2007-10-19	Common Stock	P	2300	$50.76	Acquired	10501718	Indirect
2007-10-19	Common Stock	P	1062	$50.77	Acquired	10502780	Indirect
2007-10-19	Common Stock	P	638	$50.78	Acquired	10503418	Indirect
2007-10-19	Common Stock	P	207	$50.80	Acquired	10503625	Indirect
2007-10-19	Common Stock	P	1331	$50.81	Acquired	10504956	Indirect
2007-10-19	Common Stock	P	1500	$50.82	Acquired	10506456	Indirect
2007-10-19	Common Stock	P	943	$50.83	Acquired	10507399	Indirect
2007-10-19	Common Stock	P	3400	$50.84	Acquired	10510799	Indirect
2007-10-19	Common Stock	P	23765	$50.85	Acquired	10534564	Indirect
2007-10-19	Common Stock	P	6626	$50.86	Acquired	10541190	Indirect
2007-10-19	Common Stock	P	1409	$50.87	Acquired	10542599	Indirect
2007-10-19	Common Stock	P	2900	$50.88	Acquired	10545499	Indirect
2007-10-19	Common Stock	P	600	$50.89	Acquired	10546099	Indirect
2007-10-19	Common Stock	P	3393	$50.90	Acquired	10549492	Indirect
2007-10-19	Common Stock	P	3800	$50.91	Acquired	10553292	Indirect
2007-10-19	Common Stock	P	2207	$50.92	Acquired	10555499	Indirect
2007-10-19	Common Stock	P	1400	$50.93	Acquired	10556899	Indirect
2007-10-19	Common Stock	P	4100	$50.94	Acquired	10560999	Indirect
2007-10-19	Common Stock	P	3100	$50.95	Acquired	10564099	Indirect
2007-10-19	Common Stock	P	1876	$50.96	Acquired	10565975	Indirect
2007-10-19	Common Stock	P	1324	$50.97	Acquired	10567299	Indirect
2007-10-19	Common Stock	P	8800	$50.98	Acquired	10576099	Indirect
2007-10-22	Common Stock	P	534	$50.59	Acquired	10576633	Indirect
2007-10-22	Common Stock	P	66	$50.60	Acquired	10576699	Indirect
2007-10-22	Common Stock	P	500	$50.66	Acquired	10577199	Indirect
2007-10-22	Common Stock	P	200	$50.78	Acquired	10577399	Indirect
2007-10-22	Common Stock	P	167	$50.89	Acquired	10577566	Indirect
2007-10-22	Common Stock	P	833	$50.90	Acquired	10578399	Indirect

Footnotes

F1: The entities acquiring these shares are SPO Partners II, L.P. ("SPO Partners"), which bought 253,500 shares, San Francisco Partners II, L.P. ("SF Partners"), which bought 13,900 shares and John H. Scully ("JHS"), who bought 600 shares.

F2: As a result of the purchases causing this filing, 10,076,769 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, 501,630 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 3,700 shares in his IRAs, which are self-directed. Additionally, WJP owns 300 shares in his IRA, which is self-directed.