Financial terms were not released.
"I'd like to bring in my speed, try to create stuff offensively and always be good on the penalty kill," Rieder told the Oilers website. "I try to use my speed as much as I can."
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The 25-year-old forward had 25 points (12 goals, 13 assists) in 78 games with the Kings and Arizona Coyotes last season. He was acquired by Los Angeles on Feb. 21 and had six points (four goals, two assists) in 20 games and zero points in four games in his first Stanley Cup Playoffs.
"He's a fast, quick player, he didn't kill much with [the Los Angeles Kings], but he is a good penalty killer," Oilers general manager Peter Chiarelli said. "We were looking for some speed up and down the lineup and we were in contact with him over the course of the shopping period and it made sense."
Selected by the Edmonton Oilers in the fourth round (No. 114) of the 2011 NHL Draft, Rieder has 117 points (55 goals, 62 assists) in 312 games with the Kings and Coyotes.
