LAMAR ADVERTISING CO/NEW — Director's Dealing 2007

Aug 24, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2007-08-21

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
2007-08-21	Common Stock	P	1100	$52.89	Acquired	9487920	Indirect
2007-08-21	Common Stock	P	6568	$52.90	Acquired	9494488	Indirect
2007-08-21	Common Stock	P	1200	$52.98	Acquired	9495688	Indirect
2007-08-21	Common Stock	P	3068	$52.99	Acquired	9498756	Indirect
2007-08-21	Common Stock	P	3394	$53.00	Acquired	9502150	Indirect
2007-08-22	Common Stock	P	300	$52.17	Acquired	9502450	Indirect
2007-08-22	Common Stock	P	586	$52.18	Acquired	9503036	Indirect
2007-08-22	Common Stock	P	300	$52.19	Acquired	9503336	Indirect
2007-08-22	Common Stock	P	880	$52.20	Acquired	9504216	Indirect
2007-08-22	Common Stock	P	100	$52.205	Acquired	9504316	Indirect
2007-08-22	Common Stock	P	2200	$52.21	Acquired	9506516	Indirect
2007-08-22	Common Stock	P	100	$52.22	Acquired	9506616	Indirect
2007-08-22	Common Stock	P	1661	$52.23	Acquired	9508277	Indirect
2007-08-22	Common Stock	P	100	$52.235	Acquired	9508377	Indirect
2007-08-22	Common Stock	P	1900	$52.24	Acquired	9510277	Indirect
2007-08-22	Common Stock	P	3321	$52.25	Acquired	9513598	Indirect
2007-08-22	Common Stock	P	1769	$52.26	Acquired	9515367	Indirect
2007-08-22	Common Stock	P	1300	$52.27	Acquired	9516667	Indirect
2007-08-22	Common Stock	P	1551	$52.28	Acquired	9518218	Indirect
2007-08-22	Common Stock	P	2846	$52.29	Acquired	9521064	Indirect
2007-08-22	Common Stock	P	22505	$52.30	Acquired	9543569	Indirect
2007-08-22	Common Stock	P	700	$52.31	Acquired	9544269	Indirect
2007-08-22	Common Stock	P	4351	$52.32	Acquired	9548620	Indirect
2007-08-22	Common Stock	P	3466	$52.33	Acquired	9552086	Indirect
2007-08-22	Common Stock	P	5228	$52.34	Acquired	9557314	Indirect
2007-08-22	Common Stock	P	8808	$52.35	Acquired	9566122	Indirect
2007-08-22	Common Stock	P	2188	$52.36	Acquired	9568310	Indirect
2007-08-22	Common Stock	P	2138	$52.37	Acquired	9570448	Indirect
2007-08-22	Common Stock	P	3661	$52.38	Acquired	9574109	Indirect
2007-08-22	Common Stock	P	7959	$52.39	Acquired	9582068	Indirect

Footnotes

F1: The entities acquiring these shares are SPO Partners II, L.P. ("SPO Partners"), which bought 244,100 shares, Phoebe Snow Foundation ("PSF"), which bought 5,400 shares, John H. Scully ("JHS"), who bought 200 shares, the Elizabeth R. & William J. Patterson Foundation ("WJPFND"), which bought 200 shares and William J. Patterson, ("WJP"), who bought 100 shares.

F2: As a result of the purchases causing this filing, 8,971,200 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) JHS, William E. Oberndorf ("WEO") and 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, 207,300 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, 9,000 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.