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	2800	$34.02	Acquired	14674114	Indirect
2008-06-26	Common Stock	P	3200	$34.03	Acquired	14677314	Indirect
2008-06-26	Common Stock	P	200	$34.04	Acquired	14677514	Indirect
2008-06-26	Common Stock	P	300	$34.06	Acquired	14677814	Indirect
2008-06-26	Common Stock	P	100	$34.07	Acquired	14677914	Indirect
2008-06-26	Common Stock	P	300	$34.14	Acquired	14678214	Indirect
2008-06-26	Common Stock	P	2000	$34.15	Acquired	14680214	Indirect
2008-06-26	Common Stock	P	100	$34.17	Acquired	14680314	Indirect
2008-06-26	Common Stock	P	400	$34.18	Acquired	14680714	Indirect
2008-06-26	Common Stock	P	100	$34.19	Acquired	14680814	Indirect
2008-06-26	Common Stock	P	300	$34.21	Acquired	14681114	Indirect
2008-06-26	Common Stock	P	300	$34.22	Acquired	14681414	Indirect
2008-06-26	Common Stock	P	200	$34.23	Acquired	14681614	Indirect
2008-06-26	Common Stock	P	500	$34.25	Acquired	14682114	Indirect
2008-06-26	Common Stock	P	100	$34.26	Acquired	14682214	Indirect
2008-06-26	Common Stock	P	200	$34.27	Acquired	14682414	Indirect
2008-06-26	Common Stock	P	500	$34.29	Acquired	14682914	Indirect
2008-06-26	Common Stock	P	100	$34.30	Acquired	14683014	Indirect
2008-06-26	Common Stock	P	1600	$34.33	Acquired	14684614	Indirect
2008-06-26	Common Stock	P	6600	$34.34	Acquired	14691214	Indirect
2008-06-26	Common Stock	P	7300	$34.35	Acquired	14698514	Indirect
2008-06-26	Common Stock	P	3200	$34.36	Acquired	14701714	Indirect
2008-06-26	Common Stock	P	3700	$34.37	Acquired	14705414	Indirect
2008-06-26	Common Stock	P	1700	$34.38	Acquired	14707114	Indirect
2008-06-26	Common Stock	P	2300	$34.39	Acquired	14709414	Indirect
2008-06-26	Common Stock	P	6617	$34.40	Acquired	14716031	Indirect
2008-06-26	Common Stock	P	5783	$34.41	Acquired	14721814	Indirect
2008-06-26	Common Stock	P	1700	$34.42	Acquired	14723514	Indirect
2008-06-26	Common Stock	P	3600	$34.43	Acquired	14727114	Indirect
2008-06-26	Common Stock	P	8802	$34.44	Acquired	14735916	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.