A drill bit assembly that includes a shank including a shank axis, first and second ends, a drill bit seat at the second end and a central flow bore extending axially from the first end. Additionally, the assembly includes a sleeve disposed about and translatable axially relative to the shank and a drill bit rotatably coupled to the sleeve. The drill bit includes a first bit face having a first cutting structure configured to engage an earthen formation, and a second bit face having a second cutting structure configured to engage the earthen formation. The drill bit is configured to rotate about the about the shank axis in a cutting direction, and to rotate about an axis of rotation being orthogonal to the shank axis to selectively expose the first or second cutting surface to the earthen formation. The seat is configured to receive the first or second bit face.