LAMAR ADVERTISING CO/NEW — Director's Dealing 2008

Jun 26, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2008-06-23

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)
Reporting Person: Elizabeth R. & William J. Patterson Foundation (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-06-25	Common Stock	P	12400	$34.89	Acquired	14531114	Indirect
2008-06-25	Common Stock	P	12500	$34.90	Acquired	14543614	Indirect
2008-06-25	Common Stock	P	15500	$34.91	Acquired	14559114	Indirect
2008-06-25	Common Stock	P	24788	$34.92	Acquired	14583902	Indirect
2008-06-25	Common Stock	P	29770	$34.93	Acquired	14613672	Indirect
2008-06-25	Common Stock	P	9700	$34.94	Acquired	14623372	Indirect
2008-06-25	Common Stock	P	47942	$34.95	Acquired	14671314	Indirect

Footnotes

F1: The entities directly acquiring the shares reported on this form are SPO Partners II, L.P.("SPO Partners"), which bought 1,206,400 shares,San Francisco Partners II, L.P. ("SF Partners"), which bought 49,700 shares, Phoebe Snow Foundation ("PSF"), which bought 19,900 shares, The Elizabeth R. and William J. Patterson Foundation ("WJPFND"), which bought 2,100 shares, John H. Scully ("JHS"), who bought 1,200 shares, William E. Oberndorf ("WEO"), who bought 17,000 shares, and William J. Patterson ("WJP"), who bought 100 shares.

F2: Due to the purchases causing this filing and related filings today, 13,949,784 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, 721,530 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 278,100 shares and WJPFND owns 50,800 shares. Additionally, JHS owns 17,500 shares in his IRAs, which are self-directed. Additionally, WEO owns 17,000 shares in his IRA, which is self-directed and WJP owns 1,700 shares in his IRA which is self-directed.