LAMAR ADVERTISING CO/NEW — Director's Dealing 2008

May 31, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2008-05-28

Reporting Person: SPO ADVISORY CORP (10% Owner)
Reporting Person: SF ADVISORY PARTNERS 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
2008-05-28	Common Stock	P	100	$39.25	Acquired	13349705	Indirect
2008-05-28	Common Stock	P	100	$39.26	Acquired	13349805	Indirect
2008-05-28	Common Stock	P	100	$39.27	Acquired	13349905	Indirect
2008-05-28	Common Stock	P	200	$39.28	Acquired	13350105	Indirect
2008-05-28	Common Stock	P	200	$39.29	Acquired	13350305	Indirect
2008-05-28	Common Stock	P	3400	$39.30	Acquired	13353705	Indirect
2008-05-28	Common Stock	P	5900	$39.31	Acquired	13359605	Indirect
2008-05-28	Common Stock	P	8971	$39.32	Acquired	13368576	Indirect
2008-05-28	Common Stock	P	7517	$39.33	Acquired	13376093	Indirect
2008-05-28	Common Stock	P	5812	$39.34	Acquired	13381905	Indirect
2008-05-28	Common Stock	P	6000	$39.35	Acquired	13387905	Indirect
2008-05-28	Common Stock	P	2600	$39.36	Acquired	13390505	Indirect
2008-05-28	Common Stock	P	5709	$39.37	Acquired	13396214	Indirect
2008-05-28	Common Stock	P	4700	$39.38	Acquired	13400914	Indirect
2008-05-28	Common Stock	P	3237	$39.39	Acquired	13404151	Indirect
2008-05-28	Common Stock	P	3263	$39.40	Acquired	13407414	Indirect
2008-05-28	Common Stock	P	900	$39.41	Acquired	13408314	Indirect
2008-05-28	Common Stock	P	1400	$39.42	Acquired	13409714	Indirect
2008-05-28	Common Stock	P	2400	$39.43	Acquired	13412114	Indirect
2008-05-28	Common Stock	P	300	$39.44	Acquired	13412414	Indirect
2008-05-28	Common Stock	P	100	$39.45	Acquired	13412514	Indirect
2008-05-28	Common Stock	P	300	$39.46	Acquired	13412814	Indirect
2008-05-28	Common Stock	P	100	$39.48	Acquired	13412914	Indirect
2008-05-28	Common Stock	P	2300	$39.50	Acquired	13415214	Indirect

Footnotes

F1: The entities directly acquiring the shares reported on this form are San Francisco Partners II, L.P. ("SF Partners"), which bought 123,800 shares, Phoebe Snow Foundation ("PSF"), which bought 27,100 shares, John H. Scully ("JHS"), who bought 11,100 shares and William J. Patterson ("WJP"), who bought 300 shares.

F2: Due to the purchases causing this filing and related filings today, 12,743,384 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, William E. Oberndorf ("WEO") and WJP, the three controlling persons of SPO Corp. Additionally, 671,830 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 258,200 shares. Additionally, JHS owns 16,300 shares in his IRAs, which are self-directed. Additionally, WJP owns 1,600 shares in his IRA, which is self-directed.