Lead Sails Paper Anchor is the fourth studio album by Atreyu. It is the band's first release with Hollywood Records. The album was released on August 28, 2007. The first single is "Becoming the Bull." The complete album (excluding bonus tracks), was leaked onto P2P file sharing networks on August 19, 2007.

A single for "Becoming the Bull" was released exclusively in Hot Topic on July 24 and it included a demo of the song "Can't Happen Here".

The album debuted at #8 on the Billboard 200. "Doomsday" was released as the second single only in the UK. "Falling Down" was released as the third single and second in the US. "Slow Burn" was released as the album's third single. On May 14, 2009, a video for "Blow" was released.

On April 22, 2008, the album was re-released as Lead Sails Paper Anchor 2.0, which included updated artwork and a new song titled "The Squeeze" recorded exclusively for the re-release, plus the two bonus tracks "Epic" and "Clean Sheets". It was formatted in the CDVU+ format, featuring exclusive videos, live performances, behind the scenes tour clips, and a digital guitar lesson.

The song "Doomsday" is featured in the background of the current X-Games TV commercial.

The Japanese version of the album includes the acoustic version of the song "Lead Sails (And a Paper Anchor)".

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