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	100	$52.27	Acquired	9402250	Indirect
2007-08-21	Common Stock	P	200	$52.31	Acquired	9402450	Indirect
2007-08-21	Common Stock	P	649	$52.33	Acquired	9403099	Indirect
2007-08-21	Common Stock	P	200	$52.34	Acquired	9403299	Indirect
2007-08-21	Common Stock	P	151	$52.35	Acquired	9403450	Indirect
2007-08-21	Common Stock	P	1100	$52.36	Acquired	9404550	Indirect
2007-08-21	Common Stock	P	1000	$52.39	Acquired	9405550	Indirect
2007-08-21	Common Stock	P	2300	$52.40	Acquired	9407850	Indirect
2007-08-21	Common Stock	P	300	$52.49	Acquired	9408150	Indirect
2007-08-21	Common Stock	P	200	$52.52	Acquired	9408350	Indirect
2007-08-21	Common Stock	P	105	$52.54	Acquired	9408455	Indirect
2007-08-21	Common Stock	P	100	$52.55	Acquired	9408555	Indirect
2007-08-21	Common Stock	P	2395	$52.56	Acquired	9410950	Indirect
2007-08-21	Common Stock	P	500	$52.58	Acquired	9411450	Indirect
2007-08-21	Common Stock	P	8420	$52.75	Acquired	9419870	Indirect
2007-08-21	Common Stock	P	900	$52.76	Acquired	9420770	Indirect
2007-08-21	Common Stock	P	399	$52.77	Acquired	9421169	Indirect
2007-08-21	Common Stock	P	2575	$52.78	Acquired	9423744	Indirect
2007-08-21	Common Stock	P	2237	$52.79	Acquired	9425981	Indirect
2007-08-21	Common Stock	P	1189	$52.80	Acquired	9427170	Indirect
2007-08-21	Common Stock	P	400	$52.805	Acquired	9427570	Indirect
2007-08-21	Common Stock	P	1360	$52.81	Acquired	9428930	Indirect
2007-08-21	Common Stock	P	412	$52.82	Acquired	9429342	Indirect
2007-08-21	Common Stock	P	17435	$52.83	Acquired	9446777	Indirect
2007-08-21	Common Stock	P	1432	$52.84	Acquired	9448209	Indirect
2007-08-21	Common Stock	P	19552	$52.85	Acquired	9467761	Indirect
2007-08-21	Common Stock	P	6000	$52.855	Acquired	9473761	Indirect
2007-08-21	Common Stock	P	9555	$52.86	Acquired	9483316	Indirect
2007-08-21	Common Stock	P	2204	$52.87	Acquired	9485520	Indirect
2007-08-21	Common Stock	P	1300	$52.88	Acquired	9486820	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.