Financial terms were not disclosed, but multiple media reports say Schultz will receive $3.75 million next season.
"I think we are both pretty happy in getting it done, having this drag on," Schultz told the Oilers website. "I’m happy with the contract. I obviously have to prove myself more to get a longer term."
Schultz, 24, had 11 goals and 33 points in 74 games last season for Edmonton, setting career highs in points, goals, assists, blocked shots and hits. However, his plus/minus ratio for the season was -22.
- Scooby Axson