LAMAR ADVERTISING CO/NEW — Director's Dealing 2007

Aug 11, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: SPO ADVISORY CORP (10% Owner)
Reporting Person: SCULLY JOHN H (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
2007-08-08	Common Stock	P	413	$56.00	Acquired	9342563	Indirect
2007-08-08	Common Stock	P	59587	$56.01	Acquired	9402150	Indirect

Footnotes

F1: The entities acquiring these shares are Phoebe Snow Foundation ("PSF"), which bought 56,700 shares, the Elizabeth R. & William J. Patterson Foundation ("WJPFND"), which bought 1,900 shares, John H. Scully ("JHS"), who bought 1,200 shares and William J. Patterson ("WJP"), who bought 200 shares.

F2: 8,727,100 shares of the issuer's common stock are owned directly by SPO Partners II, L.P. ("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, 201,900 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, 2,900 shares are held in JHS Individual Retirement Account, which is self-directed. Additionally, 8,800 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, 200 shares are held in WJP Individual Retirement Account, which is self-directed. Additionally, 120 shares of the issuer's common stock are owned directly by Eli J. Weinberg.