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	10183	$35.76	Acquired	16589914	Indirect
2008-07-02	Common Stock	P	17	$35.77	Acquired	16589931	Indirect
2008-07-02	Common Stock	P	6083	$35.78	Acquired	16596014	Indirect
2008-07-03	Common Stock	P	1000	$35.40	Acquired	16597014	Indirect
2008-07-03	Common Stock	P	2400	$35.44	Acquired	16599414	Indirect
2008-07-03	Common Stock	P	3300	$35.45	Acquired	16602714	Indirect
2008-07-03	Common Stock	P	150.	$35.49	Acquired	16602864	Indirect
2008-07-03	Common Stock	P	20401	$35.50	Acquired	16623265	Indirect
2008-07-03	Common Stock	P	464	$35.51	Acquired	16623729	Indirect
2008-07-03	Common Stock	P	300	$35.52	Acquired	16624029	Indirect
2008-07-03	Common Stock	P	500	$35.53	Acquired	16624529	Indirect
2008-07-03	Common Stock	P	700	$35.54	Acquired	16625229	Indirect
2008-07-03	Common Stock	P	28885	$35.55	Acquired	16654114	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.