LAMAR ADVERTISING CO/NEW — Director's Dealing 2007

Oct 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2007-09-28

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
2007-10-01	Common Stock	P	500	$48.74	Acquired	10448601	Indirect
2007-10-01	Common Stock	P	500	$48.75	Acquired	10449101	Indirect
2007-10-01	Common Stock	P	1300	$48.76	Acquired	10450401	Indirect
2007-10-01	Common Stock	P	4600	$48.77	Acquired	10455001	Indirect
2007-10-01	Common Stock	P	1796	$48.78	Acquired	10456797	Indirect
2007-10-01	Common Stock	P	3684	$48.79	Acquired	10460481	Indirect
2007-10-01	Common Stock	P	3918	$48.80	Acquired	10464399	Indirect
2007-10-01	Common Stock	P	300	$48.81	Acquired	10464699	Indirect
2007-10-01	Common Stock	P	2600	$48.82	Acquired	10467299	Indirect
2007-10-01	Common Stock	P	200	$48.83	Acquired	10467499	Indirect
2007-10-01	Common Stock	P	100	$48.84	Acquired	10467599	Indirect
2007-10-01	Common Stock	P	1500	$48.85	Acquired	10469099	Indirect
2007-10-01	Common Stock	P	600	$48.89	Acquired	10469699	Indirect
2007-10-01	Common Stock	P	500	$48.94	Acquired	10470199	Indirect
2007-10-01	Common Stock	P	4700	$48.96	Acquired	10474899	Indirect
2007-10-01	Common Stock	P	1353	$48.97	Acquired	10476252	Indirect
2007-10-01	Common Stock	P	1700	$48.98	Acquired	10477952	Indirect
2007-10-01	Common Stock	P	6167	$48.99	Acquired	10484119	Indirect
2007-10-01	Common Stock	P	610	$49.00	Acquired	10484729	Indirect
2007-10-01	Common Stock	P	2400	$49.03	Acquired	10487129	Indirect
2007-10-01	Common Stock	P	870	$49.04	Acquired	10487999	Indirect
2007-10-01	Common Stock	P	2530	$49.05	Acquired	10490529	Indirect
2007-10-01	Common Stock	P	3292	$49.06	Acquired	10493821	Indirect
2007-10-01	Common Stock	P	1178	$49.08	Acquired	10494999	Indirect
2007-10-01	Common Stock	P	2400	$49.10	Acquired	10497399	Indirect
2007-10-01	Common Stock	P	300	$49.11	Acquired	10497699	Indirect
2007-10-01	Common Stock	P	700	$49.12	Acquired	10498399	Indirect
2007-10-01	Common Stock	P	2800	$49.13	Acquired	10501199	Indirect

Footnotes

F1: The entities acquiring these shares are SPO Partners II, L.P. ("SPO Partners"), which bought 277,100 shares, San Francisco Partners II, L.P. ("SF Partners"), which bought 15,300 shares, Phoebe Snow Foundation ("PSF"), which bought 7,300 shares and The Elizabeth R. & William J. Patterson Foundation ("WJPFND"), which bought 300 shares.

F2: As a result of the purchases causing this filing, 9,773,069 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) John H. Scully ("JHS"), William E. Oberndorf ("WEO") and William J. Patterson ("WJP"), the three controlling persons of SPO Corp. Additionally, 484,930 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, 229,800 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, 10,000 shares are owned by WJPFND. Additionally, WJP owns 300 shares in his IRA, which is self-directed.