LAMAR ADVERTISING CO/NEW — Director's Dealing 2007

Aug 28, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2007-08-23

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
2007-08-24	Common Stock	P	500	$52.72	Acquired	9770948	Indirect
2007-08-24	Common Stock	P	1062	$52.73	Acquired	9772010	Indirect
2007-08-24	Common Stock	P	2160	$52.74	Acquired	9774170	Indirect
2007-08-24	Common Stock	P	8978	$52.75	Acquired	9783148	Indirect
2007-08-24	Common Stock	P	1009	$52.76	Acquired	9784157	Indirect
2007-08-24	Common Stock	P	2566	$52.77	Acquired	9786723	Indirect
2007-08-24	Common Stock	P	1500	$52.78	Acquired	9788223	Indirect
2007-08-24	Common Stock	P	1227	$52.79	Acquired	9789450	Indirect
2007-08-24	Common Stock	P	1581	$52.80	Acquired	9791031	Indirect
2007-08-24	Common Stock	P	640	$52.81	Acquired	9791671	Indirect
2007-08-24	Common Stock	P	500	$52.87	Acquired	9792171	Indirect
2007-08-24	Common Stock	P	300	$52.89	Acquired	9792471	Indirect
2007-08-24	Common Stock	P	3279	$52.90	Acquired	9795750	Indirect
2007-08-24	Common Stock	P	300	$52.92	Acquired	9796050	Indirect
2007-08-24	Common Stock	P	200	$52.93	Acquired	9796250	Indirect
2007-08-27	Common Stock	P	16700	$52.95	Acquired	9812950	Indirect

Footnotes

F1: The entities acquiring these shares are SPO Partners II, L.P. ("SPO Partners"), which bought 157,000 shares, Phoebe Snow Foundation ("PSF"), which bought 3,700 shares and The Elizabeth R. & William J. Patterson Foundation ("WJPFND"), which bought 100 shares.

F2: As a result of the purchases causing this filing, 9,128,200 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, 211,000 shares of the issuer's common stock are owned directly by PSF, and may be deemed to be indirectly beneficially owned by JHS, the controlling person, sole director and executive officer of PSF. Additionally, JHS owns 3,100 shares in his IRAs, which are self-directed. Additionally, 9,100 shares are owned by WJPFND, and may be deemed to be indirectly beneficially owned by WJP solely in his capacity as one of the directors of 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.