LAMAR ADVERTISING CO/NEW — Director's Dealing 2007

Oct 6, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2007-10-03

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)
Reporting Person: PHOEBE SNOW FOUNDATION (10% Owner)
Reporting Person: Elizabeth R. & William J. Patterson Foundation (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-10-03	Common Stock	P	10000	$50.20	Acquired	10511199	Indirect
2007-10-03	Common Stock	P	700	$50.21	Acquired	10511899	Indirect
2007-10-03	Common Stock	P	500	$50.27	Acquired	10512399	Indirect
2007-10-03	Common Stock	P	2200	$50.29	Acquired	10514599	Indirect
2007-10-03	Common Stock	P	2100	$50.30	Acquired	10516699	Indirect
2007-10-03	Common Stock	P	300	$50.34	Acquired	10516999	Indirect
2007-10-03	Common Stock	P	900	$50.35	Acquired	10517899	Indirect
2007-10-03	Common Stock	P	1600	$50.37	Acquired	10519499	Indirect
2007-10-03	Common Stock	P	8400	$50.38	Acquired	10527899	Indirect
2007-10-03	Common Stock	P	3700	$50.39	Acquired	10531599	Indirect
2007-10-03	Common Stock	P	100	$50.40	Acquired	10531699	Indirect
2007-10-03	Common Stock	P	1200	$50.54	Acquired	10532899	Indirect
2007-10-03	Common Stock	P	1000	$50.55	Acquired	10533899	Indirect
2007-10-03	Common Stock	P	400	$50.56	Acquired	10534299	Indirect
2007-10-03	Common Stock	P	500	$50.59	Acquired	10534799	Indirect
2007-10-03	Common Stock	P	1000	$50.62	Acquired	10535799	Indirect
2007-10-03	Common Stock	P	388	$50.63	Acquired	10536187	Indirect
2007-10-03	Common Stock	P	1700	$50.64	Acquired	10537887	Indirect
2007-10-03	Common Stock	P	17712	$50.65	Acquired	10555599	Indirect

Footnotes

F1: The entities acquiring these shares are SPO Partners II, L.P. ("SPO Partners"), which bought 50,200 shares, San Francisco Partners II, L.P. ("SF Partners"), which bought 2,800 shares, Phoebe Snow Foundation ("PSF"), which bought 1,300 shares and The Elizabeth R. & William J. Patterson Foundation ("WJPFND"), which bought 100 shares.

F2: As a result of the purchases causing this filing, 9,823,269 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) John H. Scully ("JHS"), William E. Oberndorf ("WEO") and William J. Patterson ("WJP"), the three controlling persons of SPO Corp. Additionally, 487,730 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, 231,100 shares of the issuer's common stock are owned directly by PSF. Additionally, JHS owns 3,100 shares in his IRAs, which are self-directed. Additionally, 10,100 shares are owned by WJPFND. Additionally, WJP owns 300 shares in his IRA, which is self-directed.