LAMAR ADVERTISING CO/NEW — Director's Dealing 2008

Mar 21, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2008-03-18

Reporting Person: SPO ADVISORY CORP (10% Owner)
Reporting Person: SPO ADVISORY PARTNERS LP (10% Owner)
Reporting Person: SPO 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
2008-03-20	Common Stock	P	500	$34.90	Acquired	12094399	Indirect
2008-03-20	Common Stock	P	1000	$35.00	Acquired	12095399	Indirect
2008-03-20	Common Stock	P	900	$35.04	Acquired	12096299	Indirect
2008-03-20	Common Stock	P	5229	$35.05	Acquired	12101528	Indirect
2008-03-20	Common Stock	P	3000	$35.06	Acquired	12104528	Indirect
2008-03-20	Common Stock	P	5200	$35.07	Acquired	12109728	Indirect
2008-03-20	Common Stock	P	9915	$35.08	Acquired	12119643	Indirect
2008-03-20	Common Stock	P	6390	$35.09	Acquired	12126033	Indirect
2008-03-20	Common Stock	P	23219	$35.10	Acquired	12149252	Indirect
2008-03-20	Common Stock	P	4297	$35.25	Acquired	12153549	Indirect
2008-03-20	Common Stock	P	200	$35.30	Acquired	12153749	Indirect
2008-03-20	Common Stock	P	300	$35.31	Acquired	12154049	Indirect
2008-03-20	Common Stock	P	3650	$35.32	Acquired	12157699	Indirect
2008-03-20	Common Stock	P	300	$35.33	Acquired	12157999	Indirect
2008-03-20	Common Stock	P	700	$35.34	Acquired	12158699	Indirect
2008-03-20	Common Stock	P	400	$35.35	Acquired	12159099	Indirect

Footnotes

F1: The entities directly acquiring the shares reported on this form are SPO Partners II, L.P. ("SPO Partners"), which bought 1,524,500 shares, John H. Scully ("JHS") who bought 400 shares, William J. Patterson ("WJP") who bought 300 shares and The Elizabeth R. & William J. Patterson Foundation ("WJPFND") which bought 31,600 shares.

F2: Due to the purchases causing this filing and related filings today, 11,654,569 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) JHS, William E. Oberndorf ("WEO") and WJP, the three controlling persons of SPO Corp. Additionally, 504,530 shares of the issuer's common stock are owned directly by San Francisco Partners II, L.P. ("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. Additionally, due to the purchases causing this filing and related filings today, WJPFND directly owns 41,700 shares

F3: Additionally, as a result of the purchases causing this filing, JHS owns 4,200 shares in his IRAs, which are self-directed. Additionally, WJP owns 600 shares in his IRA, which is self-directed.