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	3220	$35.18	Acquired	15961765	Indirect
2008-07-01	Common Stock	P	18779	$35.19	Acquired	15980544	Indirect
2008-07-01	Common Stock	P	14382	$35.20	Acquired	15994926	Indirect
2008-07-01	Common Stock	P	9867	$35.21	Acquired	16004793	Indirect
2008-07-01	Common Stock	P	16127	$35.22	Acquired	16020920	Indirect
2008-07-01	Common Stock	P	8437	$35.23	Acquired	16029357	Indirect
2008-07-01	Common Stock	P	6702	$35.24	Acquired	16036059	Indirect
2008-07-01	Common Stock	P	6460	$35.25	Acquired	16042519	Indirect
2008-07-01	Common Stock	P	5746	$35.26	Acquired	16048265	Indirect
2008-07-01	Common Stock	P	2210	$35.27	Acquired	16050475	Indirect
2008-07-01	Common Stock	P	4700	$35.28	Acquired	16055175	Indirect
2008-07-01	Common Stock	P	2728	$35.29	Acquired	16057903	Indirect
2008-07-01	Common Stock	P	1900	$35.30	Acquired	16059803	Indirect
2008-07-01	Common Stock	P	6225	$35.31	Acquired	16066028	Indirect
2008-07-01	Common Stock	P	3500	$35.32	Acquired	16069528	Indirect
2008-07-01	Common Stock	P	2800	$35.33	Acquired	16072328	Indirect
2008-07-01	Common Stock	P	2300	$35.34	Acquired	16074628	Indirect
2008-07-01	Common Stock	P	1900	$35.35	Acquired	16076528	Indirect
2008-07-01	Common Stock	P	2821	$35.36	Acquired	16079349	Indirect
2008-07-01	Common Stock	P	2600	$35.37	Acquired	16081949	Indirect
2008-07-01	Common Stock	P	2100	$35.38	Acquired	16084049	Indirect
2008-07-01	Common Stock	P	2800	$35.39	Acquired	16086849	Indirect
2008-07-01	Common Stock	P	2200	$35.40	Acquired	16089049	Indirect
2008-07-01	Common Stock	P	3900	$35.41	Acquired	16092949	Indirect
2008-07-01	Common Stock	P	2765	$35.42	Acquired	16095714	Indirect
2008-07-01	Common Stock	P	1960	$35.43	Acquired	16097674	Indirect
2008-07-01	Common Stock	P	3493	$35.44	Acquired	16101167	Indirect
2008-07-01	Common Stock	P	2868	$35.45	Acquired	16104035	Indirect
2008-07-01	Common Stock	P	1700	$35.46	Acquired	16105735	Indirect
2008-07-01	Common Stock	P	6600	$35.47	Acquired	16112335	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, 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.