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
2007-10-18	Common Stock	P	7290	$50.84	Acquired	10318289	Indirect
2007-10-18	Common Stock	P	11180	$50.85	Acquired	10329469	Indirect
2007-10-18	Common Stock	P	7100	$50.86	Acquired	10336569	Indirect
2007-10-18	Common Stock	P	4030	$50.87	Acquired	10340599	Indirect
2007-10-18	Common Stock	P	3500	$50.88	Acquired	10344099	Indirect
2007-10-18	Common Stock	P	4500	$50.89	Acquired	10348599	Indirect
2007-10-18	Common Stock	P	50800	$50.90	Acquired	10399399	Indirect
2007-10-18	Common Stock	P	12277	$50.91	Acquired	10411676	Indirect
2007-10-18	Common Stock	P	13273	$50.92	Acquired	10424949	Indirect
2007-10-18	Common Stock	P	1075	$50.93	Acquired	10426024	Indirect
2007-10-18	Common Stock	P	1556	$50.94	Acquired	10427580	Indirect
2007-10-18	Common Stock	P	13219	$50.95	Acquired	10440799	Indirect
2007-10-19	Common Stock	P	200	$50.58	Acquired	10440999	Indirect
2007-10-19	Common Stock	P	4660	$50.59	Acquired	10445659	Indirect
2007-10-19	Common Stock	P	6619	$50.60	Acquired	10452278	Indirect
2007-10-19	Common Stock	P	7921	$50.61	Acquired	10460199	Indirect
2007-10-19	Common Stock	P	1700	$50.62	Acquired	10461899	Indirect
2007-10-19	Common Stock	P	1300	$50.63	Acquired	10463199	Indirect
2007-10-19	Common Stock	P	4600	$50.64	Acquired	10467799	Indirect
2007-10-19	Common Stock	P	3100	$50.65	Acquired	10470899	Indirect
2007-10-19	Common Stock	P	1300	$50.66	Acquired	10472199	Indirect
2007-10-19	Common Stock	P	200	$50.67	Acquired	10472399	Indirect
2007-10-19	Common Stock	P	400	$50.68	Acquired	10472799	Indirect
2007-10-19	Common Stock	P	800	$50.69	Acquired	10473599	Indirect
2007-10-19	Common Stock	P	5600	$50.70	Acquired	10479199	Indirect
2007-10-19	Common Stock	P	2700	$50.71	Acquired	10481899	Indirect
2007-10-19	Common Stock	P	500	$50.72	Acquired	10482399	Indirect
2007-10-19	Common Stock	P	4277	$50.73	Acquired	10486676	Indirect
2007-10-19	Common Stock	P	835	$50.74	Acquired	10487511	Indirect
2007-10-19	Common Stock	P	11907	$50.75	Acquired	10499418	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.