Dubnyk won 20 games in 47 appearances for the Oilers last season. The six-foot-five, 210-pound goalie had a 2.67 goals-against average and .914 save percentage.
The 20 wins and 2.67 GAA were both career bests.
Dubnyk was Edmonton's first round choice, 14th overall, in the 2004 NHL Entry Draft.
The 24-year-old Petry played in 73 games for Edmonton last season with two goals, 23 assists and a minus-7 rating.
He ranked first on the team in scoring for defencemen, reaching career highs in goals, assists, points and games played.
Petry was Edmonton's first pick, 45th overall, in the 2006 NHL Entry Draft.
The Oilers also agreed to terms with left-winger Dane Byers on a one-year contract.
Byers spent last season with the Columbus Blue Jackets and their main affiliate, the Springfield Falcons of the American Hockey League.
He had 16 goals and 23 assists with 108 penalty minutes in 61 AHL games last season.
Byers also appeared in eight games with the Blue Jackets collecting 29 penalty minutes.Suggest a correction