LAMAR ADVERTISING CO/NEW — Director's Dealing 2009

Jun 2, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2009-05-28

Reporting Person: MCDERMOTT EDWARD H (Director, 10% Owner)
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)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-05-28	Non-Qualified Stock Option ( right to buy )	$18.25	A	10000	Acquired	2019-05-28	Common Stock (10000)	Direct

Footnotes

F1: These options have a 10-year term and are vested as to 20% of the shares underlying such award immediately, and an additional 20% of the shares will vest on each yearly anniversary of today's grant date.

F2: Grant of Stock Options

F3: These options were granted to Edward H. McDermott ("EHM") as a director of the Issuer under the Issuer's 2009 Stock Plan. Pursuant to the partnership agreement governing SPO Partners II ("SPO Partners"), these options, owned by EHM, may be deemed to be beneficially owned by SPO Partners and certain of it's affiliates, along with any profits arising from the exercise of these options or the benefits of these options once they are vested.