Find all files with the extension ".log" and execute the command to replace any IP address with "127.0.0.1" in the files.
find -name '*.log' -exec xargs sed -i '' -e 's/[0-9]\{1,3\}.[0-9]\{1,3\}.[0-9]\{1,3\}.[0-9]\{1,3\}/127.0.0.1/g' {} \;