The 34-year-old Ference is entering his 14th NHL season and his first with the Oilers.
Drafted in the eighth round of the 1997 draft, Ference has 37 goals, 156 assists and 645 penalty minutes in 760 career games.
The Edmonton native has played for the Pittsburgh Penguins, Calgary Flames, and Boston Bruins throughout his NHL career. He helped Boston to its sixth Stanley Cup championship in 2011. Ference also served as an alternate captain with the Bruins for the past two seasons.