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: SPO ADVISORY PARTNERS LP (10% Owner)
Reporting Person: SF 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
2008-06-24	Common Stock	P	3621	$32.83	Acquired	13659535	Indirect
2008-06-24	Common Stock	P	975	$32.84	Acquired	13660510	Indirect
2008-06-24	Common Stock	P	5909	$32.85	Acquired	13666419	Indirect
2008-06-24	Common Stock	P	200	$32.86	Acquired	13666619	Indirect
2008-06-24	Common Stock	P	900	$32.92	Acquired	13667519	Indirect
2008-06-24	Common Stock	P	300	$32.93	Acquired	13667819	Indirect
2008-06-24	Common Stock	P	382	$32.95	Acquired	13668201	Indirect
2008-06-24	Common Stock	P	900	$32.96	Acquired	13669101	Indirect
2008-06-24	Common Stock	P	518	$32.97	Acquired	13669619	Indirect
2008-06-24	Common Stock	P	1000	$32.98	Acquired	13670619	Indirect
2008-06-24	Common Stock	P	5015	$33.00	Acquired	13675634	Indirect
2008-06-24	Common Stock	P	200	$33.01	Acquired	13675834	Indirect
2008-06-24	Common Stock	P	1100	$33.02	Acquired	13676934	Indirect
2008-06-24	Common Stock	P	700	$33.04	Acquired	13677634	Indirect
2008-06-24	Common Stock	P	4300	$33.05	Acquired	13681934	Indirect
2008-06-24	Common Stock	P	3000	$33.06	Acquired	13684934	Indirect
2008-06-24	Common Stock	P	700	$33.07	Acquired	13685634	Indirect
2008-06-24	Common Stock	P	5085	$33.08	Acquired	13690719	Indirect
2008-06-24	Common Stock	P	100	$33.09	Acquired	13690819	Indirect
2008-06-24	Common Stock	P	298	$33.10	Acquired	13691117	Indirect
2008-06-24	Common Stock	P	202	$33.11	Acquired	13691319	Indirect
2008-06-24	Common Stock	P	900	$33.12	Acquired	13692219	Indirect
2008-06-24	Common Stock	P	2200	$33.13	Acquired	13694419	Indirect
2008-06-24	Common Stock	P	3200	$33.14	Acquired	13697619	Indirect
2008-06-24	Common Stock	P	7100	$33.15	Acquired	13704719	Indirect
2008-06-24	Common Stock	P	28700	$33.16	Acquired	13733419	Indirect
2008-06-24	Common Stock	P	3761	$33.17	Acquired	13737180	Indirect
2008-06-24	Common Stock	P	4895	$33.18	Acquired	13742075	Indirect
2008-06-24	Common Stock	P	2800	$33.19	Acquired	13744875	Indirect
2008-06-24	Common Stock	P	15201	$33.20	Acquired	13760076	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 and 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.