LAMAR ADVERTISING CO/NEW — Director's Dealing 2007

Aug 31, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2007-08-28

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: 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
2007-08-29	Common Stock	P	800	$52.69	Acquired	10031240	Indirect
2007-08-29	Common Stock	P	200	$52.70	Acquired	10031440	Indirect
2007-08-29	Common Stock	P	1450	$52.71	Acquired	10032890	Indirect
2007-08-29	Common Stock	P	100	$52.715	Acquired	10032990	Indirect
2007-08-29	Common Stock	P	100	$52.72	Acquired	10033090	Indirect
2007-08-29	Common Stock	P	100	$52.725	Acquired	10033190	Indirect
2007-08-29	Common Stock	P	100	$52.74	Acquired	10033290	Indirect

Footnotes

F1: The entities acquiring these shares are SPO Partners II, L.P. ("SPO Partners"), which bought 212,340 shares, Phoebe Snow Foundation ("PSF"), which bought 7,600 shares and The Elizabeth R. & William J. Patterson Foundation ("WJPFND"), which bought 400 shares.

F2: As a result of the purchases causing this filing, 9,340,540 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. 461,130 shares of the issuer's common stock are owned directly by San Francisco Partners II, L.P., ("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, 218,600 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, as a result of the purchases causing this filing, 9,500 shares are owned by WJPFND. Additionally, WJP owns 300 shares in his IRA, which is self-directed. Additionally, 120 shares of the issuer's common stock are owned directly by Eli J. Weinberg.