A system and method are usable as a telescoping, small-scale oil rig, having the ability to rotate tubulars in a wellbore, pull tubulars from the wellbore, and insert tubulars into the wellbore. The system comprises a telescopic derrick section, a casing jack platform, and a base section. The telescopic derrick comprises U-shaped substructure frames that can be nested together, and is connected to an adjacent substructure through hydraulic cylinders. When pressurized, the cylinders extend to separate each substructure and raise the telescopic derrick. The casing jack platform comprises a traveling casing jack and spider for holding, inserting and removing tubulars. The base section supports the telescopic derrick and comprises a rotary floor and another spider for holding, inserting and removing tubulars into and from the wellbore. The combination of the traveling spider and stationary spider can be used for inserting tubulars into the wellbore when the well is under pressure.