Patent ID: 7017682

Claim:
An apparatus for opening and closing a passageway of a drill string, comprising: a tubular outer member having upper and lower portions that telescopingly engage one another and are axially movable relative to each other between a retracted position and an extended position, the outer member having a bore through each of the upper and lower portions of the outer member; a locking mechanism located between the upper and lower portions of the outer member, the locking mechanism selectively locks the upper and lower portions between the retracted and extended positions; a valve member carried in the bore for blocking upward flow through the bore, the valve member being mounted to one of the upper and lower portions for movement therewith; and while the upper and lower portions of the outer member are in the retracted position, the valve member allows upward flow through the bore, and while the upper and lower portions of the outer member are in the extended position, the valve member blocks flow through the bore.