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	6200	$35.48	Acquired	16118535	Indirect
2008-07-01	Common Stock	P	4100	$35.49	Acquired	16122635	Indirect
2008-07-01	Common Stock	P	20879	$35.50	Acquired	16143514	Indirect
2008-07-01	Common Stock	P	100	$35.52	Acquired	16143614	Indirect
2008-07-01	Common Stock	P	400	$35.53	Acquired	16144014	Indirect
2008-07-01	Common Stock	P	400	$35.54	Acquired	16144414	Indirect
2008-07-01	Common Stock	P	500	$35.56	Acquired	16144914	Indirect
2008-07-01	Common Stock	P	100	$35.58	Acquired	16145014	Indirect
2008-07-01	Common Stock	P	300	$35.62	Acquired	16145314	Indirect
2008-07-01	Common Stock	P	100	$35.63	Acquired	16145414	Indirect
2008-07-01	Common Stock	P	100	$35.64	Acquired	16145514	Indirect
2008-07-01	Common Stock	P	300	$35.65	Acquired	16145814	Indirect
2008-07-01	Common Stock	P	900	$35.68	Acquired	16146714	Indirect
2008-07-01	Common Stock	P	200	$35.67	Acquired	16146914	Indirect
2008-07-02	Common Stock	P	5876	$35.09	Acquired	16152790	Indirect
2008-07-02	Common Stock	P	1124	$35.11	Acquired	16153914	Indirect
2008-07-02	Common Stock	P	1200	$35.12	Acquired	16155114	Indirect
2008-07-02	Common Stock	P	9398	$35.13	Acquired	16164512	Indirect
2008-07-02	Common Stock	P	4402	$35.15	Acquired	16168914	Indirect
2008-07-02	Common Stock	P	588	$35.16	Acquired	16169502	Indirect
2008-07-02	Common Stock	P	29900	$35.17	Acquired	16199402	Indirect
2008-07-02	Common Stock	P	5350	$35.18	Acquired	16204752	Indirect
2008-07-02	Common Stock	P	10000	$35.23	Acquired	16214752	Indirect
2008-07-02	Common Stock	P	11650	$35.24	Acquired	16226402	Indirect
2008-07-02	Common Stock	P	19000	$35.26	Acquired	16245402	Indirect
2008-07-02	Common Stock	P	2100	$35.27	Acquired	16247502	Indirect
2008-07-02	Common Stock	P	500	$35.28	Acquired	16248002	Indirect
2008-07-02	Common Stock	P	6555	$35.29	Acquired	16254557	Indirect
2008-07-02	Common Stock	P	8745	$35.30	Acquired	16263302	Indirect
2008-07-02	Common Stock	P	9700	$35.32	Acquired	16273002	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.