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	10500.	$34.45	Acquired	14746416	Indirect
2008-06-26	Common Stock	P	11200	$34.46	Acquired	14757616	Indirect
2008-06-26	Common Stock	P	8803	$34.47	Acquired	14766419	Indirect
2008-06-26	Common Stock	P	3097	$34.48	Acquired	14769516	Indirect
2008-06-26	Common Stock	P	3500	$34.49	Acquired	14773016	Indirect
2008-06-26	Common Stock	P	7600	$34.50	Acquired	14780616	Indirect
2008-06-26	Common Stock	P	1100	$34.51	Acquired	14781716	Indirect
2008-06-26	Common Stock	P	1335	$34.52	Acquired	14783051	Indirect
2008-06-26	Common Stock	P	2283	$34.53	Acquired	14785334	Indirect
2008-06-26	Common Stock	P	1600	$34.54	Acquired	14786934	Indirect
2008-06-26	Common Stock	P	1552	$34.55	Acquired	14788486	Indirect
2008-06-26	Common Stock	P	928	$34.56	Acquired	14789414	Indirect
2008-06-26	Common Stock	P	900	$34.57	Acquired	14790314	Indirect
2008-06-26	Common Stock	P	1100	$34.58	Acquired	14791414	Indirect
2008-06-26	Common Stock	P	500	$34.59	Acquired	14791914	Indirect
2008-06-26	Common Stock	P	1600	$34.60	Acquired	14793514	Indirect
2008-06-26	Common Stock	P	1700	$34.61	Acquired	14795214	Indirect
2008-06-26	Common Stock	P	2600	$34.62	Acquired	14797814	Indirect
2008-06-26	Common Stock	P	1700	$34.63	Acquired	14799514	Indirect
2008-06-26	Common Stock	P	1200	$34.64	Acquired	14800714	Indirect
2008-06-26	Common Stock	P	1500	$34.65	Acquired	14802214	Indirect
2008-06-26	Common Stock	P	6000	$34.66	Acquired	14808214	Indirect
2008-06-26	Common Stock	P	4600	$34.67	Acquired	14812814	Indirect
2008-06-26	Common Stock	P	1600	$34.68	Acquired	14814414	Indirect
2008-06-26	Common Stock	P	1800	$34.69	Acquired	14816214	Indirect
2008-06-26	Common Stock	P	1500	$34.70	Acquired	14817714	Indirect
2008-06-26	Common Stock	P	3500	$34.71	Acquired	14821214	Indirect
2008-06-26	Common Stock	P	1900	$34.72	Acquired	14823114	Indirect
2008-06-26	Common Stock	P	1500	$34.73	Acquired	14824614	Indirect
2008-06-26	Common Stock	P	2900	$34.74	Acquired	14827514	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.