If you wish to move the Exchange 2007 transaction logs from one disk to another, for example disk C to D, follow inctructions below:

1) Dismount your exchange database from within the Exchange 2007 console.
2) Launch Exchange Management shell command from the start menu
3) Run the below command: (Replace the Storage Group Name and the location to where you wish to move the log files to.)

Move-StorageGroupPath -Identity “Storage Group Name” -LogFolderPath “D:\ExchLogs”

4) Press enter after typring the command above
5) You will receive a message after a few minutes ‘Are you sure you want to perform this action. Moving path of storage group’. Type the letter ‘y’ and press enter
6) When done all logs files from your old destination will move to your new location. May take some time depending on the number of log files.
7) Mount your exchange database