Abstract: Apparatus and methods for selectively releasing a first wellbore component to a second wellbore component using a disconnect device. In one embodiment, the method includes coupling a disconnect device to a workstring and a downhole tool; performing a downhole operation using the downhole tool, and selectively releasing an upper portion of the disconnect device from a lower portion of the disconnect device, thereby releasing the downhole tool from the workstring. The method may also include reconnecting the upper portion of the disconnect device to the lower portion of the disconnect device. In one embodiment, the disconnect device is capable of transferring torque to the wellbore component.