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
2007-08-23	Common Stock	P	100	$52.35	Acquired	9652250	Indirect
2007-08-23	Common Stock	P	300	$52.36	Acquired	9652550	Indirect
2007-08-23	Common Stock	P	200	$52.38	Acquired	9652750	Indirect
2007-08-23	Common Stock	P	347	$52.40	Acquired	9653097	Indirect
2007-08-23	Common Stock	P	110	$52.41	Acquired	9653207	Indirect
2007-08-23	Common Stock	P	500	$52.42	Acquired	9653707	Indirect
2007-08-23	Common Stock	P	100	$52.44	Acquired	9653807	Indirect
2007-08-23	Common Stock	P	2881	$52.45	Acquired	9656688	Indirect
2007-08-23	Common Stock	P	1000	$52.46	Acquired	9657688	Indirect
2007-08-23	Common Stock	P	400	$52.47	Acquired	9658088	Indirect
2007-08-23	Common Stock	P	700	$52.48	Acquired	9658788	Indirect
2007-08-23	Common Stock	P	449	$52.49	Acquired	9659237	Indirect
2007-08-23	Common Stock	P	6222	$52.50	Acquired	9665459	Indirect
2007-08-23	Common Stock	P	447	$52.51	Acquired	9665906	Indirect
2007-08-23	Common Stock	P	982	$52.52	Acquired	9666888	Indirect
2007-08-23	Common Stock	P	500	$52.53	Acquired	9667388	Indirect
2007-08-23	Common Stock	P	700	$52.54	Acquired	9668088	Indirect
2007-08-23	Common Stock	P	980	$52.55	Acquired	9669068	Indirect
2007-08-23	Common Stock	P	2590	$52.56	Acquired	9671658	Indirect
2007-08-23	Common Stock	P	4601	$52.57	Acquired	9676259	Indirect
2007-08-23	Common Stock	P	1779	$52.58	Acquired	9678038	Indirect
2007-08-23	Common Stock	P	1800	$52.59	Acquired	9679838	Indirect
2007-08-23	Common Stock	P	85849	$52.60	Acquired	9765687	Indirect
2007-08-23	Common Stock	P	63	$52.67	Acquired	9765750	Indirect
2007-08-24	Common Stock	P	1921	$52.65	Acquired	9767671	Indirect
2007-08-24	Common Stock	P	200	$52.66	Acquired	9767871	Indirect
2007-08-24	Common Stock	P	200	$52.68	Acquired	9768071	Indirect
2007-08-24	Common Stock	P	1300	$52.69	Acquired	9769371	Indirect
2007-08-24	Common Stock	P	700	$52.70	Acquired	9770071	Indirect
2007-08-24	Common Stock	P	377	$52.71	Acquired	9770448	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.