In one aspect, an apparatus for use in a wellbore is provided that may include: a tool configured to be conveyed into the wellbore by a conveying member; and an electro-active polymer device (“EAP device”) configured to connect the tool to the conveying member when the EAP device is in a first mode or position and disconnect the tool from the conveying member when the EAP device is in a second mode or position. In another aspect, a method for releasing a tool in a wellbore is provided which includes: releasably connecting an EAP device to a conveying member and the tool; conveying the tool in the wellbore with the conveying member; and electrically activating the EAP device to release the tool from the conveying member in the wellbore.