The present invention generally relates to an apparatus and method of forming a wellbore. In one aspect, an expandable bit for use in a wellbore is provided. The expandable bit includes a body and a blade assembly disposed on the body. The blade assembly is movable between a closed position whereby the expandable bit has a smaller outer diameter and an open position whereby the expandable bit has a larger outer diameter. The expandable bit further includes a release assembly for providing a secondary means to move the blade assembly from the open position to the closed position. In another aspect, a method of forming a wellbore is provided. In yet another aspect, an expandable apparatus for use in forming a wellbore is provided.