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
2007-09-26	Common Stock	P	5642	$47.84	Acquired	10085170	Indirect
2007-09-26	Common Stock	P	500	$47.85	Acquired	10085670	Indirect
2007-09-26	Common Stock	P	1400	$47.86	Acquired	10087070	Indirect
2007-09-26	Common Stock	P	900	$47.87	Acquired	10087970	Indirect
2007-09-26	Common Stock	P	500	$47.88	Acquired	10088470	Indirect
2007-09-26	Common Stock	P	191	$47.89	Acquired	10088661	Indirect
2007-09-26	Common Stock	P	100	$47.895	Acquired	10088761	Indirect
2007-09-26	Common Stock	P	4300	$47.90	Acquired	10093061	Indirect
2007-09-26	Common Stock	P	400	$47.91	Acquired	10093461	Indirect
2007-09-26	Common Stock	P	500	$47.92	Acquired	10093961	Indirect
2007-09-26	Common Stock	P	100	$47.925	Acquired	10094061	Indirect
2007-09-26	Common Stock	P	1509	$47.93	Acquired	10095570	Indirect
2007-09-26	Common Stock	P	1700	$47.94	Acquired	10097270	Indirect
2007-09-26	Common Stock	P	100	$47.945	Acquired	10097370	Indirect
2007-09-26	Common Stock	P	7529	$47.95	Acquired	10104899	Indirect
2007-09-26	Common Stock	P	100	$47.96	Acquired	10104999	Indirect
2007-09-26	Common Stock	P	1200	$47.98	Acquired	10106199	Indirect
2007-09-26	Common Stock	P	300	$47.99	Acquired	10106499	Indirect
2007-09-27	Common Stock	P	100	$48.98	Acquired	10106599	Indirect
2007-09-27	Common Stock	P	200	$49.01	Acquired	10106799	Indirect
2007-09-27	Common Stock	P	100	$49.02	Acquired	10106899	Indirect
2007-09-27	Common Stock	P	600	$49.03	Acquired	10107499	Indirect
2007-09-27	Common Stock	P	400	$49.04	Acquired	10107899	Indirect
2007-09-27	Common Stock	P	100	$49.05	Acquired	10107999	Indirect
2007-09-27	Common Stock	P	1010	$49.06	Acquired	10109009	Indirect
2007-09-27	Common Stock	P	500	$49.07	Acquired	10109509	Indirect
2007-09-27	Common Stock	P	590	$49.08	Acquired	10110099	Indirect
2007-09-27	Common Stock	P	1000	$49.09	Acquired	10111099	Indirect
2007-09-27	Common Stock	P	4000	$49.10	Acquired	10115099	Indirect
2007-09-27	Common Stock	P	4638	$49.11	Acquired	10119737	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.