LAMAR ADVERTISING CO/NEW — Director's Dealing 2008

Sep 20, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2008-09-18

Reporting Person: MCDERMOTT EDWARD H (Director, 10% Owner)
Reporting Person: SPO ADVISORY CORP (10% Owner)
Reporting Person: SPO ADVISORY PARTNERS LP (10% Owner)
Reporting Person: SF ADVISORY PARTNERS LP (10% Owner)
Reporting Person: SPO PARTNERS II 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)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-09-18	Common Stock	A	557	—	Acquired	18640071	Indirect

Footnotes

F1: This award of restricted stock was made to Edward H. McDermott ("EHM") as a Director of the Issuer. Pursuant to the partnership agreement governing SPO Partners II, L.P. ("SPO Partners"), these shares may be deemed to be beneficially owned by SPO Partners together with any profits arising therefrom. These shares are in addition to 800 shares owned by EHM in his IRA, which is self-directed, and included in Column 5 above.

F2: Additionally, 17,902,984 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 partners 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"), William J. Patterson ("WJP") and EHM, the four controlling persons of SPO Corp. Additionally, 735,730 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 partners of SF Partners, (ii) SPO Corp., the sole general partner of SF Advisory, and (iii) JHS, WEO, WJP and EHM, the four controlling persons of SPO Corp.

F3: Additionally, WEO owns 84,600 shares in his IRA, which is self-directed, JHS owns 18,700 shares in his IRAs, which are self-directed and WJP owns 1,700 shares in his IRA, which is self-directed.