Working on an EventLog process, this error started. Below is a solution.follow these steps:
1.Start -> Run -> regedit.exe
2.Navigate to My Computer > HKEY_LOCAL_MACHINE\System\CurrentControlSet\Services\EventLog
3.Right click this key, select Permissions, and grant the ASPNET account read/write permissions. Note that for the "inaccessible" logs (ie. Security, Virtual Server), you'll also need to grant read access, as permissions have been set to not inherity from the parent key.
Step 4 may be required: Restart IIS (start -> Run -> iisreset)
