file compression

I'am looking for script (or tool) that would compress all files with given extension in all subdirectory. Important part is that every one file have to end in separate archive whit it's own name.
Eaven if I could point multiple file in one directory and compress them it would be ok.
I' am almost sure I had this kind tool in graphic enviroment but it was long ago...

For example, gzip log file one by one.

find . -name "*.log" -exec gzip {} \;