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
2008-07-02	Common Stock	P	300	$35.34	Acquired	16273302	Indirect
2008-07-02	Common Stock	P	10100	$35.37	Acquired	16283402	Indirect
2008-07-02	Common Stock	P	10112	$35.38	Acquired	16293514	Indirect
2008-07-02	Common Stock	P	500	$35.39	Acquired	16294014	Indirect
2008-07-02	Common Stock	P	20000	$35.40	Acquired	16314014	Indirect
2008-07-02	Common Stock	P	14000	$35.42	Acquired	16328014	Indirect
2008-07-02	Common Stock	P	45300	$35.43	Acquired	16373314	Indirect
2008-07-02	Common Stock	P	5906	$35.44	Acquired	16379220	Indirect
2008-07-02	Common Stock	P	4654	$35.45	Acquired	16383874	Indirect
2008-07-02	Common Stock	P	13277	$35.46	Acquired	16397151	Indirect
2008-07-02	Common Stock	P	23200	$35.47	Acquired	16420351	Indirect
2008-07-02	Common Stock	P	9894	$35.48	Acquired	16430245	Indirect
2008-07-02	Common Stock	P	21202	$35.50	Acquired	16451447	Indirect
2008-07-02	Common Stock	P	21600	$35.52	Acquired	16473047	Indirect
2008-07-02	Common Stock	P	10000	$35.53	Acquired	16483047	Indirect
2008-07-02	Common Stock	P	6467	$35.55	Acquired	16489514	Indirect
2008-07-02	Common Stock	P	23600	$35.56	Acquired	16513114	Indirect
2008-07-02	Common Stock	P	7009	$35.57	Acquired	16520123	Indirect
2008-07-02	Common Stock	P	2991	$35.58	Acquired	16523114	Indirect
2008-07-02	Common Stock	P	7000	$35.59	Acquired	16530114	Indirect
2008-07-02	Common Stock	P	500	$35.60	Acquired	16530614	Indirect
2008-07-02	Common Stock	P	13600	$35.61	Acquired	16544214	Indirect
2008-07-02	Common Stock	P	513	$35.63	Acquired	16544727	Indirect
2008-07-02	Common Stock	P	6600	$35.64	Acquired	16551327	Indirect
2008-07-02	Common Stock	P	400	$35.65	Acquired	16551727	Indirect
2008-07-02	Common Stock	P	6400	$35.67	Acquired	16558127	Indirect
2008-07-02	Common Stock	P	100	$35.68	Acquired	16558227	Indirect
2008-07-02	Common Stock	P	7100	$35.69	Acquired	16565327	Indirect
2008-07-02	Common Stock	P	11617	$35.70	Acquired	16576944	Indirect
2008-07-02	Common Stock	P	2787	$35.73	Acquired	16579731	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.