Expandable gage bit for drilling and method of drilling

A drill bit for drilling subterranean formations, comprising:

• a tapered body having an outer diameter, a nose, and channel means formed therein sized to receive at least a portion of a cutting means;
• movable cutting means for cutting said formations, at least a portion of said cutting means being slidably disposed within said channel means, said movable cutting means being variably positionable between a first position effecting a first diameter for said cutting means and a second position effecting a second, larger diameter for said cutting means;
• slots formed in said cutting means;
• positioning pins positioned through said body, said channels and said slots, said slots being slidable over said positioning pins;
• and
• cutting elements associated with said cutting means.

A method for drilling a hole within an earth formation comprising:

• providing a drill bit having:
• a body having an outer diameter and a nose positioned therebelow;
• movable cutting means slidably associated with said body for cutting said earth formation, said movable cutting means being variably positionable between a first position relatively close to said nose and effecting a first diameter for said cutting means and a second position relatively farther from said nose effecting a second, larger diameter for said cutting means;
• and
• cutting elements associated with said cutting means;
• placing said drill bit down a hole formed in said earth formation with said cutting means in said first position;
• contacting the bottom of said hole with said cutting means and expanding said cutting means away from said nose and into said second position responsive to said contact;
• rotating said drill bit to cut further into said earth formation;
• and raising said drill bit from the bottom of said hole and retracting said cutting means to said first position.