LAMAR ADVERTISING CO/NEW — Director's Dealing 2008

Jul 1, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2008-06-26

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)
Reporting Person: PHOEBE SNOW FOUNDATION (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-06-26	Common Stock	P	9500	$34.75	Acquired	14837014	Indirect
2008-06-26	Common Stock	P	10200	$35.00	Acquired	14847214	Indirect
2008-06-26	Common Stock	P	1600	$35.01	Acquired	14848814	Indirect
2008-06-26	Common Stock	P	12100	$35.02	Acquired	14860914	Indirect
2008-06-26	Common Stock	P	300	$35.03	Acquired	14861214	Indirect
2008-06-26	Common Stock	P	600	$35.04	Acquired	14861814	Indirect
2008-06-26	Common Stock	P	28400	$35.05	Acquired	14890214	Indirect
2008-06-26	Common Stock	P	5400	$35.06	Acquired	14895614	Indirect
2008-06-26	Common Stock	P	1100	$35.07	Acquired	14896714	Indirect
2008-06-26	Common Stock	P	300	$35.08	Acquired	14897014	Indirect
2008-06-26	Common Stock	P	2000	$35.09	Acquired	14899014	Indirect
2008-06-26	Common Stock	P	19600	$35.10	Acquired	14918614	Indirect
2008-06-26	Common Stock	P	300	$35.11	Acquired	14918914	Indirect
2008-06-26	Common Stock	P	4422	$35.12	Acquired	14923336	Indirect
2008-06-26	Common Stock	P	11659	$35.13	Acquired	14934995	Indirect
2008-06-26	Common Stock	P	7578	$35.14	Acquired	14942573	Indirect
2008-06-26	Common Stock	P	14218	$35.15	Acquired	14956791	Indirect
2008-06-26	Common Stock	P	11722	$35.16	Acquired	14968513	Indirect
2008-06-26	Common Stock	P	11500	$35.17	Acquired	14980013	Indirect
2008-06-26	Common Stock	P	3500	$35.18	Acquired	14983513	Indirect
2008-06-26	Common Stock	P	3800	$35.19	Acquired	14987313	Indirect
2008-06-26	Common Stock	P	15201	$35.2	Acquired	15002514	Indirect
2008-06-26	Common Stock	P	3700	$35.21	Acquired	15006214	Indirect
2008-06-26	Common Stock	P	900	$35.22	Acquired	15007114	Indirect
2008-06-26	Common Stock	P	15200	$35.23	Acquired	15022314	Indirect
2008-06-26	Common Stock	P	4600	$35.24	Acquired	15026914	Indirect
2008-06-26	Common Stock	P	4200	$35.25	Acquired	15031114	Indirect
2008-06-27	Common Stock	P	1600	$34.65	Acquired	15032714	Indirect
2008-06-27	Common Stock	P	400	$34.68	Acquired	15033114	Indirect
2008-06-27	Common Stock	P	5700	$34.69	Acquired	15038814	Indirect

Footnotes

F1: The entities directly acquiring the shares reported on this form are SPO Partners II, L.P.("SPO Partners"), which bought 842,900 shares,San Francisco Partners II, L.P. ("SF Partners"), which bought 14,200 shares, Phoebe Snow Foundation ("PSF"), which bought 6,500 shares, John H. Scully ("JHS"), who bought 1,200 shares, and William E. Oberndorf ("WEO"), who bought 9,700 shares.

F2: Due to the purchases causing this filing and related filings today, 14,792,684 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) JHS, WEO, and 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, PSF owns 284,600 shares,JHS owns 18,700 shares in his IRAs, which are self-directed and WEO owns 26,700 shares in his IRA, which is self-directed. Additionally WJP owns 1,700 shares in his IRA which is self-directed.