Oilsands producer Connacher Oil and Gas Ltd. has won court approval for a process to find a buyer or investor that could allow it to emerge from Companies' Creditors Arrangement Act protection after nearly two years.

The Calgary-based company says prospective buyers have until June 30 to submit initial non-binding letters of intent.

Calgary-based Connacher Oil and Gas is responding to low commodity prices by slashing its Great Divide oilsands output, which will fall by 70 to 80 per cent compared with fourth-quarter levels.