LAMAR ADVERTISING CO/NEW — Director's Dealing 2008

Jul 4, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2008-07-01

Reporting Person: SPO ADVISORY CORP (10% Owner)
Reporting Person: SF ADVISORY PARTNERS LP (10% Owner)
Reporting Person: SPO 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
2008-07-01	Common Stock	P	200	$34.58	Acquired	15528614	Indirect
2008-07-01	Common Stock	P	400	$34.59	Acquired	15529014	Indirect
2008-07-01	Common Stock	P	13071	$34.60	Acquired	15542085	Indirect
2008-07-01	Common Stock	P	29	$34.61	Acquired	15542114	Indirect
2008-07-01	Common Stock	P	400	$34.62	Acquired	15542514	Indirect
2008-07-01	Common Stock	P	200	$34.63	Acquired	15542714	Indirect
2008-07-01	Common Stock	P	985	$34.64	Acquired	15543699	Indirect
2008-07-01	Common Stock	P	31579	$34.65	Acquired	15575278	Indirect
2008-07-01	Common Stock	P	1100	$34.66	Acquired	15576378	Indirect
2008-07-01	Common Stock	P	8883	$34.67	Acquired	15585261	Indirect
2008-07-01	Common Stock	P	1775	$34.68	Acquired	15587036	Indirect
2008-07-01	Common Stock	P	2442	$34.69	Acquired	15589478	Indirect
2008-07-01	Common Stock	P	37021	$34.70	Acquired	15626499	Indirect
2008-07-01	Common Stock	P	2100	$34.71	Acquired	15628599	Indirect
2008-07-01	Common Stock	P	1080	$34.72	Acquired	15629679	Indirect
2008-07-01	Common Stock	P	900	$34.73	Acquired	15630579	Indirect
2008-07-01	Common Stock	P	3800	$34.74	Acquired	15634379	Indirect
2008-07-01	Common Stock	P	52325	$34.75	Acquired	15686704	Indirect
2008-07-01	Common Stock	P	15200	$34.76	Acquired	15701904	Indirect
2008-07-01	Common Stock	P	698	$34.77	Acquired	15702602	Indirect
2008-07-01	Common Stock	P	202	$34.78	Acquired	15702804	Indirect
2008-07-01	Common Stock	P	1200	$34.79	Acquired	15704004	Indirect
2008-07-01	Common Stock	P	9593	$34.80	Acquired	15713597	Indirect
2008-07-01	Common Stock	P	800	$34.81	Acquired	15714397	Indirect
2008-07-01	Common Stock	P	14882	$34.82	Acquired	15729279	Indirect
2008-07-01	Common Stock	P	800	$34.83	Acquired	15730079	Indirect
2008-07-01	Common Stock	P	100	$34.84	Acquired	15730179	Indirect
2008-07-01	Common Stock	P	1500	$34.85	Acquired	15731679	Indirect
2008-07-01	Common Stock	P	320	$34.86	Acquired	15731999	Indirect
2008-07-01	Common Stock	P	1000	$34.87	Acquired	15732999	Indirect

Footnotes

F1: The entities directly acquiring the shares reported on this form are SPO Partners II, L.P.("SPO Partners"), which bought 1,125,700 shares,and William E. Oberndorf ("WEO"), who bought 11,800 shares.

F2: Due to the purchases causing this filing and related filings today, 15,918,384 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) John H. Scully ("JHS"), WEO, and William J. Patterson ("WJP"), the three controlling persons of SPO Corp. Additionally, 735,730 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 and related filings today, WEO owns 38,500 shares in his IRA, which is self-directed. Additionally shares, 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.