Philp had back-to-back goals in the third period for Kootenay (8-15-1), while Sam Reinhart scored and added two assists. Jon Martin had a goal as well.
Dylan Wruck struck twice for Edmonton (16-5-5), while Cole Benson and Keegan Lowe also found the back of the net.
Wyatt Hoflin got the start in net for the Ice, making 14 saves on 17 shots in the first two periods of play. He was replaced by Mackenzie Skapski, who stopped 20 of 21 shots in the third and overtime periods. He also turned aside two Oil Kings skaters in the shootout.
Goaltender Laurent Brossoit made 17 saves for Edmonton and stopped one shot in the shootout.
Kootenay tied the game when Philp moved through the slot and scored with a shot through the goalie's legs.
The Ice got their first lead of the night with Philp scored his second of the period with a wristshot high on the glove side off a behind the net pass from Reinhart.
Just 41 seconds later the Oil Kings forced overtime with Benson completing a 3-on-2 break.