Honestly, much as I love sed for appropriate tasks, this is definitely a task for perl -- it's truly more powerful for this kind of one-liners, especially to "write it back to where it comes from" (perl's -i switch does it for you, and optionally also lets you keep the old version around e.g. with a .bak appended, just use -i.bak instead).
perl -i.bak -pe 's/\.jpg|\.png|\.gif/.jpg/
rather than intricate work in sed (if even possible there) or awk...
I couldn't get any of the commands on this page to work for me: the sed solution added a newline to the end of all the files it processed, and the perl solution was unable to accept enough arguments from find. I found this solution which works perfectly:
My use case was I wanted to replace
foo:/Drive_Letter with foo:/bar/baz/xyz
In my case I was able to do it with the following code.
I was in the same directory location where there were bulk of files.