This program starts by calculating the name of the file to open. It assumes it is running from the bin directory inside the main project directory that holds the target image file. It uses LastIndexOf to find "\bin" in the executable's directory, uses Substring to remove the end of the path, and adds on the file's name.

Next the program creates a new Bitmap object, passing its constructor the file's name. That loads the file into the Bitmap object. The program then calls the Bitmap object's Save method three times to save the file as bitmap, JPEG, and GIF files.

' Save the picture.
Private Sub btnSavePicture_Click(ByVal sender As _
    System.Object, ByVal e As System.EventArgs) Handles _
    btnSavePicture.Click
    ' Compose the picture's base file name.
    Dim file_name As String = Application.ExecutablePath
    file_name = file_name.Substring(0, _
        file_name.LastIndexOf("\bin")) & _
        "\test."

    ' Get a Bitmap.
    Dim bm As Bitmap = picImage.Image

    ' Save the picture as a bitmap, JPEG, and GIF.
    bm.Save(file_name & "bmp", _
        System.Drawing.Imaging.ImageFormat.Bmp)
    bm.Save(file_name & "jpg", _
        System.Drawing.Imaging.ImageFormat.Jpeg)
    bm.Save(file_name & "gif", _
        System.Drawing.Imaging.ImageFormat.Gif)

    MsgBox("Ok")
End Sub