LAMAR ADVERTISING CO/NEW — Director's Dealing 2007

Sep 28, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2007-09-26

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
2007-09-27	Common Stock	P	8709	$49.12	Acquired	10128446	Indirect
2007-09-27	Common Stock	P	4167	$49.13	Acquired	10132613	Indirect
2007-09-27	Common Stock	P	5031	$49.14	Acquired	10137644	Indirect
2007-09-27	Common Stock	P	7724	$49.15	Acquired	10145368	Indirect
2007-09-27	Common Stock	P	7901	$49.16	Acquired	10153269	Indirect
2007-09-27	Common Stock	P	7906	$49.17	Acquired	10161175	Indirect
2007-09-27	Common Stock	P	5854	$49.18	Acquired	10167029	Indirect
2007-09-27	Common Stock	P	6021	$49.19	Acquired	10173050	Indirect
2007-09-27	Common Stock	P	11102	$49.20	Acquired	10184152	Indirect
2007-09-27	Common Stock	P	3247	$49.21	Acquired	10187399	Indirect
2007-09-27	Common Stock	P	239	$49.22	Acquired	10187638	Indirect
2007-09-27	Common Stock	P	2100	$49.23	Acquired	10189738	Indirect
2007-09-27	Common Stock	P	200	$49.24	Acquired	10189938	Indirect
2007-09-27	Common Stock	P	725	$49.25	Acquired	10190663	Indirect
2007-09-27	Common Stock	P	1536	$49.26	Acquired	10192199	Indirect
2007-09-27	Common Stock	P	2900	$49.27	Acquired	10195099	Indirect
2007-09-27	Common Stock	P	3040	$49.28	Acquired	10198139	Indirect
2007-09-27	Common Stock	P	2560	$49.29	Acquired	10200699	Indirect
2007-09-27	Common Stock	P	500	$49.30	Acquired	10201199	Indirect

Footnotes

F1: The entities acquiring these shares are SPO Partners II, L.P. ("SPO Partners"), which bought 155,429 shares, San Francisco Partners II, L.P. ("SF Partners"), which bought 8,500 shares, Phoebe Snow Foundation ("PSF"), which bought 3,900 shares and The Elizabeth R. & William J. Patterson Foundation ("WJPFND"), which bought 200 shares.

F2: As a result of the purchases causing this filing, 9,495,969 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, 469,630 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, 222,500 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, 9,700 shares are owned by WJPFND. Additionally, WJP owns 300 shares in his IRA, which is self-directed.