Downhole automatic tool release and method of use

1. A release tool adapted to be connected between a perforating gun and a tubing for releasing the perforating gun from the tubing after detonation of the perforating gun, the tool comprising:

a housing in connection with the tubing, the housing having an axial bore;

an axially shiftable member in connection between the housing and a perforating gun;

a seal member positioned in the axial bore of the housing, the axially shiftable member positioned through the seal member;

a frangible member maintaining the axially shiftable member in connection between the housing and the perforating gun until the frangible member is shatter disconnecting the shiftable member; and

a means for equalizing the pressure across the seal member after the axially shiftable member is disconnected allowing the perforating gun to separate from the housing.

2. The tool of claim 1 , wherein the equalizing means includes a slot formed along a portion of the axially shiftable member, wherein the pressure seal across the seal member is broken when the slot is aligned with the seal member.

3. A method of releasably connecting a perforating gun to a tubing, the method comprising the steps of:

connecting a perforating gun to a tubing via latching mechanism having a housing forming an axial bore, a seal member positioned in the axial bore, a axially shiftable member extending through the seal member and in connection with the perforating gun, and a frangible member maintaining the connection;

detonating the perforating gun and shattering the frangible member to disconnect the perforating gun from the tubing; and

equalizing the pressure across the seal member to allow the perforating gun to separate from the tubing.

4. The method of claim 3 , wherein the method of equalizing the pressure across the seal member, includes the steps of moving the axially shiftable member to a position aligning a slot formed on the axially shiftable member with the seal member.