O'Reilly, a restricted free agent, signed a two-year, $10 million offer sheet with the Calgary Flames on Thursday. Hours later, the Avalanche matched the deal, allowing them to retain O'Reilly.
"Very excited to join back up with the boys," O'Reilly said via his Twitter account Thursday. "Can't wait to get on the ice and play in front of the great Avalanche fans again. Sorry to everyone about the situation. I'm very glad to say that it is over and I now can focus on what I love to do."
Avalanche general manager Greg Sherman spoke with O'Reilly after matching the offer and said the player "sounded excited, ready to go."
Sherman said it is a "little bit of an unknown" what kind of playing condition O'Reilly is in. The GM added, "Knowing Ryan's history and how he takes care of himself, I'm not overly concerned."
A second-round pick (No. 33) by Colorado in the 2009 NHL Draft, O'Reilly had career-bests in goals (18), assists (37) and points (55) in 81 games last season.