Abstract: The present invention is a low differential pressure relief valve made up of a valve body and an elastic membrane for downhole tools, especially rolling cutter drill bits. An aperture is formed in the membrane and a valve body with protruding end stops is mounted in the aperture. The thickness and shape of the valve body are such that the aperture is stretched when assembled. The amount the membrane is stretched and the geometry of the protruding end stop, control the differential relief pressure. The valve body and each end stop can be designed so that the pressure relief setting will be different, depending upon which side of the membrane has the higher pressure. The relief device may be adapted to be integral with existing elastic membrane type lubricant pressure compensation devices for downhole tools.