Petry, 26, recorded 17 points (seven goals, 10 assists) and 42 penalty minutes in 80 games last season. He also led the Oilers in blocked shots (132) and hits (181), marking the third straight year he has ranked in the top two on the team in hits.
The six-foot-three, 195 pound defenceman has spent his entire NHL career with the Oilers, accumulating 59 points (13 goals, 46 assists) and 107 penalty minutes in 236 career games.
The Ann Arbor, Mich., native has represented his country several times internationally, most recently at the 2014 World Hockey Championship, where he had four assists in eight games.
Petry was selected by Edmonton in the second round, 45th overall, in the 2006 NHL draft.