Apparatus and method for cutting a tubular

1. A cutter tool for cutting a tubular comprising:

(a) a housing that is insertable into and within the tubular;

(b) a cutting member housed within the housing, the cutting member having a first end and a second end, said first end comprising a cutting element;

(c) a first shaft having a first shaft-end and a second shaft-end, said first shaft-end connectible to the housing such that rotating the first shaft causes the housing and the cutting member to rotate; and

(d) a second shaft that is operatively couplable with the second end of the cutting member,

wherein the cutting member is moveable between a retracted position within the housing and a cutting position extended outward from the housing, wherein the cutting member is moved by rotating the second shaft in a first direction thereby extending the cutting element out of the housing or a second direction thereby retracting the cutting element into and within the housing.

2. The cutter tool of claim 1 wherein the cutting element comprises a cutting edge and a flexible body that comprises a first body end and a second body end, wherein the first body end is pivotally connectible to the cutting element and the second body end is connectible to the second shaft.

3. The cutter tool of claim 2 wherein the cutting element is releasably connectible to the flexible body.

4. The cutter tool of claim 2 wherein the flexible body comprises two or more links that are each pivotally connectible by a pivot pin.

5. The cutter tool of claim 1 wherein the first shaft-end is releasably connectible to the housing.

6. The cutter tool of claim 1 wherein the second shaft is releasably connectible to the cutting member.

7. The cutter tool of claim 1 wherein the housing defines an internal chamber and the cutting member is received therein for slidingly moving between the retracted position and the cutting position extended outward from the housing.

8. The cutter tool of claim 1 , further comprising a centralizer that is positionable above the housing for stabilizing the housing at a centralized position within the tubular.

9. The cutter tool of claim 1 wherein the cutting member comprises a cutting wheel housed within a cutting-wheel mount wherein the cutting-wheel mount is cooperable with the second shaft.

10. The cutter tool of claim 9 , wherein the second shaft comprises a first end and a second end, the first end coupled with a keyway body that houses the cutting wheel mount, and when the second shaft is rotated in the first direction, the first end moves the keyway body and the cutting-wheel mount towards the extended position.

11. The cutter tool of claim 9 , wherein the second shaft comprises a first end and a second end, the first end operatively coupled to the cutting-wheel mount by a first cam member and a second cam member, wherein the first cam member is connected to the first end and the second cam member houses the wheel-cutting mount, and wherein when the second shaft is rotated in the first direction, first cam surface of the first cam member slides along a second cam surface of the second cam member thereby moving the cutting wheel mount towards the extended position.

12. The cutter tool of claim 11 , further comprising a biasing member positioned between the housing and the second cam member, the biasing member for biasing the second cam member towards the retracted position.

13. A method of plugging and cutting a tubular, the method comprising steps of:

(a) inserting and setting a plug at a predetermined depth within the tubular;

(b) inserting a cutting tool into the tubular at a selected depth above the plug, wherein the cutting tool comprises a housing and a cutting member that is moveable between a retracted position within the housing and an extended-outward and cutting position wherein the cutting member is at least partially outside of the housing;

(c) rotating a second shaft of the cutting tool in a first direction to move the cutting member into the extended-outward and cutting position to engage an uncut portion of the tubular;

(d) rotating a first shaft of the cutting tool for cutting the tubular; and

(e) moving the cutting member into the retracted position within the housing and removing the cutting tool from the tubular.

14. The method of claim 13 , wherein the step (c) of rotating the second shaft occurs before, after or during the step (d) of rotating the first shaft.

15. The method of claim 13 , wherein the step (c) of rotating the second shaft further comprises rotating the second shaft in the first direction and wherein the step (e) of moving the cutting member into the retracted position within the housing comprises a step of rotating the second shaft in a second direction, wherein the second direction is opposite to the first direction.