Cant increase storage for sharepoint server site collection and cant extract the ULS logs also

Here is a SQL Script that I run that will shrink your log file and bring things back to normal.

-- Set to SIMPLE mode

ALTER DATABASE [<database>] SET RECOVERY SIMPLE;

-- Shrink the db

DBCC SHRINKFILE ('database_log', 1);

-- Set back to FULL (optional depending on backup method used)

ALTER DATABASE [database] SET RECOVERY FULL;

GO

In the article it suggest to set the backup mode to simple.  Consult with your DBA before doing this.