The pending unrestricted free agent has signed a six-year contract worth $33 million US to remain on the Montreal Canadiens' blue-line.
Petry, whom Montreal acquired at the trade deadline from Edmonton, had three goals and seven points in 19 regular-season games for the Canadiens after collecting 15 points in 59 contests with the Oilers. In 12 playoff outings, Petry recorded two goals and three points.
"To re-sign [Petry] to a new contract was one of our main off-season priorities," Canadiens general manager Marc Bergevin said in a statement released by the team. "Jeff showed a tremendous will to commit to the Canadiens and stay in Montreal.
"He is a solid defenceman with speed and size who acquired valuable playoff experience this year. His presence gives us a lot of depth at this position."
A second-round pick (No. 45) by the Oilers in 2006, Petry has 20 goals and 81 points in 314 NHL regular-season games.
Bergevin surrendered a second-round pick and conditional fifth-rounder in this month's NHL draft for Petry. It's believed the fifth-round pick will be a fourth-round selection after Montreal won a playoff round.
Part of the attraction with the 27-year-old Petry is he's a right-handed shot like teammate P.K. Subban. He also plays big minutes, having topped 22 minutes per game in the playoffs.
"I know his strengths, and I think he fits perfect for our team," Bergevin told reporters after the Canadiens were eliminated by Tampa Bay in the Eastern Conference semifinals.