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	3040	$34.88	Acquired	15736039	Indirect
2008-07-01	Common Stock	P	1898	$34.89	Acquired	15737937	Indirect
2008-07-01	Common Stock	P	6100	$34.90	Acquired	15744037	Indirect
2008-07-01	Common Stock	P	3000	$34.91	Acquired	15747037	Indirect
2008-07-01	Common Stock	P	1441	$34.92	Acquired	15748478	Indirect
2008-07-01	Common Stock	P	8659	$34.93	Acquired	15757137	Indirect
2008-07-01	Common Stock	P	4500	$34.94	Acquired	15761637	Indirect
2008-07-01	Common Stock	P	8634	$34.95	Acquired	15770271	Indirect
2008-07-01	Common Stock	P	1860	$34.96	Acquired	15772131	Indirect
2008-07-01	Common Stock	P	6100	$34.97	Acquired	15778231	Indirect
2008-07-01	Common Stock	P	14510	$34.98	Acquired	15792741	Indirect
2008-07-01	Common Stock	P	5400	$34.99	Acquired	15798141	Indirect
2008-07-01	Common Stock	P	18524	$35.00	Acquired	15816665	Indirect
2008-07-01	Common Stock	P	13266	$35.01	Acquired	15829931	Indirect
2008-07-01	Common Stock	P	5252	$35.02	Acquired	15835183	Indirect
2008-07-01	Common Stock	P	4914	$35.03	Acquired	15840097	Indirect
2008-07-01	Common Stock	P	2700	$35.04	Acquired	15842797	Indirect
2008-07-01	Common Stock	P	3775	$35.05	Acquired	15846572	Indirect
2008-07-01	Common Stock	P	1416	$35.06	Acquired	15847988	Indirect
2008-07-01	Common Stock	P	3200	$35.07	Acquired	15851188	Indirect
2008-07-01	Common Stock	P	2384	$35.08	Acquired	15853572	Indirect
2008-07-01	Common Stock	P	10100	$35.09	Acquired	15863672	Indirect
2008-07-01	Common Stock	P	19100	$35.10	Acquired	15882772	Indirect
2008-07-01	Common Stock	P	6002	$35.11	Acquired	15888774	Indirect
2008-07-01	Common Stock	P	10300	$35.12	Acquired	15899074	Indirect
2008-07-01	Common Stock	P	21408	$35.13	Acquired	15920482	Indirect
2008-07-01	Common Stock	P	4664	$35.14	Acquired	15925146	Indirect
2008-07-01	Common Stock	P	18754	$35.15	Acquired	15943900	Indirect
2008-07-01	Common Stock	P	9000	$35.16	Acquired	15952900	Indirect
2008-07-01	Common Stock	P	5645	$35.17	Acquired		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.