LAMAR ADVERTISING CO/NEW — Director's Dealing 2007

Jul 31, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2007-07-26

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: SF ADVISORY PARTNERS LP (10% Owner)
Reporting Person: SAN FRANCISCO 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
2007-07-26	Common Stock	P	29450	$58	Acquired	9127400	Indirect
2007-07-26	Common Stock	P	100	$58.01	Acquired	9127500	Indirect
2007-07-26	Common Stock	P	1800	$58.02	Acquired	9129300	Indirect
2007-07-26	Common Stock	P	1200	$58.03	Acquired	9130500	Indirect
2007-07-26	Common Stock	P	1900	$58.04	Acquired	9132400	Indirect
2007-07-26	Common Stock	P	400	$58.06	Acquired	9132800	Indirect
2007-07-26	Common Stock	P	400	$58.07	Acquired	9133200	Indirect
2007-07-26	Common Stock	P	300	$58.08	Acquired	9133500	Indirect
2007-07-26	Common Stock	P	2300	$58.09	Acquired	9135800	Indirect
2007-07-26	Common Stock	P	1680	$58.10	Acquired	9137480	Indirect
2007-07-26	Common Stock	P	3360	$58.11	Acquired	9140840	Indirect
2007-07-26	Common Stock	P	5000	$58.115	Acquired	9145840	Indirect
2007-07-26	Common Stock	P	83960	$58.12	Acquired	9229800	Indirect
2007-07-26	Common Stock	P	1200	$58.1225	Acquired	9231000	Indirect
2007-07-26	Common Stock	P	7404	$58.13	Acquired	9238404	Indirect
2007-07-26	Common Stock	P	3380	$58.14	Acquired	9241784	Indirect
2007-07-26	Common Stock	P	22521	$58.15	Acquired	9264305	Indirect
2007-07-26	Common Stock	P	6669	$58.16	Acquired	9270974	Indirect
2007-07-26	Common Stock	P	4132	$58.17	Acquired	9275105	Indirect
2007-07-26	Common Stock	P	2395	$58.18	Acquired	9277501	Indirect
2007-07-26	Common Stock	P	4508	$58.19	Acquired	9282009	Indirect
2007-07-26	Common Stock	P	800	$58.195	Acquired	9282809	Indirect
2007-07-26	Common Stock	P	7921	$58.20	Acquired	9290730	Indirect
2007-07-26	Common Stock	P	100	$58.205	Acquired	9290830	Indirect
2007-07-26	Common Stock	P	6999	$58.21	Acquired	9297829	Indirect
2007-07-26	Common Stock	P	5472	$58.22	Acquired	9303301	Indirect
2007-07-26	Common Stock	P	9434	$58.23	Acquired	9312735	Indirect
2007-07-26	Common Stock	P	3631	$58.24	Acquired	9316366	Indirect
2007-07-26	Common Stock	P	13584	$58.25	Acquired	9329950	Indirect
2007-07-27	Common Stock	P	1000	$58	Acquired	9330950	Indirect

Footnotes

F1: The entities acquiring these shares are SPO Partners II, L.P. ("SPO Partners"), which bought 55,800 shares, San Francisco Partners II, L.P. ("SF Partners"), which bought 34,600 shares, the Phoebe Snow Foundation ("PSF"), which bought 145,200 shares, the Elizabeth R. & William J. Patterson Foundation ("WJPFND"), which bought 6,900 shares and John H. Scully ("JHS"), who bought 1,700 shares.

F2: As a result of the purchases causing this filing, 8,727,100 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 William J. Patterson ("WJP"), the three controlling persons of SPO Corp. 461,130 shares of the issuer's common stock are owned directly by 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, 145,200 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. 1,600 shares are held in the JHS Individual Retirement Account ( Rollover ), which is self-directed. 100 shares areheld in the JHS SEP-IRA, which is also self-directed. Additionally, 6,900 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, 120 shares of the issuer's common stock are owned directly by Eli J. Weinberg.