Abstract: A system and method for managing a new well or an existing well. The system includes a sensor and a control disposed within a well, a surface control system at the surface, a continuous tubing string extending into the well, and a conductor disposed on the continuous tubing string. The conductor connects the sensor and control to the surface control system to allow the surface control system to monitor downhole conditions and to operate the control in response to the downhole conditions. Another conductor may also be provided along the continuous tubing string to conduct power from a surface power supply to the control. The conductors are preferably housed in the wall of the continuous tubing string and may be electrical conductors, optical fibers, and/or hydraulic conduits. The control is preferably equipped with a sensor that verifies operation and status of the device and provides the verification to the surface processor via the conductor.