A circulating sub having an elongate outer member and an elongate inner member positioned within the outer member. Locking members releasably maintain the inner and outer members in a longitudinally fixed relationship. The sub may be activated by a single ball. The ball engages with the locking members and unlocks the inner member from the outer member. The increase of fluid pressure within the sub causes the inner member to move downward within the outer member. Downward movement of the inner member opens exit ports on the outer member to allow fluid to flow into a wellbore surrounding the sub. The decrease of fluid pressure within the sub causes the inner member to move upward within the outer member. Upward movement of the inner member seals the exit ports and deactivates the sub. Once the sub is deactivated, the ball may be expelled from the sub.