System and method to conduct underbalanced drilling

An underbalanced drilling system is provided. A bottomhole assembly includes a drill bit drilling a wellbore in a formation underbalanced. The bottomhole assembly includes a telemetry sub. A telemetry component transmits signals in real-time between the telemetry sub of the bottomhole assembly and a controller on the surface. A drill string is coupled with the bottomhole assembly, and the drill string includes a plurality of drill collars. The drill collars form a channel through which drilling fluid flows from the surface to the bottomhole assembly. The drill string is inserted into the wellbore by a hydraulic work over unit. A continuous circulation component provides continuous circulation of the drilling fluid while a new drill collar is coupled to the drill string. The continuous circulation component substantially maintains a wellbore density at a predetermined density.