The Model GC Automatic-Fill flapper-type float valve incorporates a unique self-releasing key assembly that holds the flapper partially open during run in, allowing the pipe to fill from the bottom. This eliminates the need for filling the drill pipe from the top, saving time and money. The valve will fully open when the first joint is raised from the hole, preventing pulling wet joints while avoiding the environmental and safety risks related to having mud on the rig floor. The valve can be run with the automatic-fill option or in the standard, closed position.