LAMAR ADVERTISING CO/NEW — Director's Dealing 2008

Apr 16, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2008-04-11

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-04-11	Common Stock	P	8315	$34.75	Acquired	12835229	Indirect
2008-04-11	Common Stock	P	11336	$34.76	Acquired	12846565	Indirect
2008-04-11	Common Stock	P	16900	$34.77	Acquired	12863465	Indirect
2008-04-11	Common Stock	P	16745	$34.78	Acquired	12880210	Indirect
2008-04-11	Common Stock	P	21437	$34.79	Acquired	12901647	Indirect
2008-04-11	Common Stock	P	8754	$34.80	Acquired	12910401	Indirect
2008-04-11	Common Stock	P	5000	$34.81	Acquired	12915401	Indirect
2008-04-11	Common Stock	P	800	$34.83	Acquired	12916201	Indirect
2008-04-11	Common Stock	P	4418	$34.84	Acquired	12920619	Indirect
2008-04-11	Common Stock	P	2500	$34.85	Acquired	12923119	Indirect
2008-04-11	Common Stock	P	1918	$34.86	Acquired	12925037	Indirect
2008-04-11	Common Stock	P	3310	$34.87	Acquired	12928347	Indirect
2008-04-11	Common Stock	P	9082	$34.88	Acquired	12937429	Indirect
2008-04-11	Common Stock	P	1200	$34.89	Acquired	12938629	Indirect
2008-04-11	Common Stock	P	34386	$34.90	Acquired	12973015	Indirect
2008-04-11	Common Stock	P	33926	$34.91	Acquired	13006941	Indirect
2008-04-11	Common Stock	P	20600	$34.92	Acquired	13027541	Indirect
2008-04-11	Common Stock	P	31291	$34.93	Acquired	13058832	Indirect
2008-04-11	Common Stock	P	23312	$34.94	Acquired	13082144	Indirect
2008-04-11	Common Stock	P	65770	$34.95	Acquired	13147914	Indirect
2008-04-14	Common Stock	P	30400	$34.10	Acquired	13178314	Indirect
2008-04-14	Common Stock	P	600	$34.14	Acquired	13178914	Indirect
2008-04-14	Common Stock	P	11517	$34.15	Acquired	13190431	Indirect
2008-04-14	Common Stock	P	10000	$34.16	Acquired	13200431	Indirect
2008-04-14	Common Stock	P	100	$34.17	Acquired	13200531	Indirect
2008-04-14	Common Stock	P	1100	$34.18	Acquired	13201631	Indirect
2008-04-14	Common Stock	P	2203	$34.19	Acquired	13203834	Indirect
2008-04-14	Common Stock	P	21776	$34.20	Acquired	13225610	Indirect
2008-04-14	Common Stock	P	12947	$34.30	Acquired	13238557	Indirect
2008-04-14	Common Stock	P	5800	$34.31	Acquired	13244357	Indirect

Footnotes

F1: The entities directly acquiring the shares reported on this form are SPO Partners II, L.P. ("SPO Partners"), which bought 445,700 shares, San Francisco Partners II, L.P. ("SF Partners"), which bought 18,800 shares, The Elizabeth R. and William J. Patterson Foundation ("WJPFND"), which bought 300 shares and William J. Patterson ("WJP"), who bought 100 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, 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) John H. Scully ("JHS"), William E. Oberndorf ("WEO") and WJP, the three controlling persons of SPO Corp. Additionally, 548,030 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, WJPFND owns 48,700 shares. Additionally, JHS owns 5,200 shares in his IRAs, which are self-directed. Additionally, WJP owns 1,300 shares in his IRA, which is self-directed.