Edmonton's losing streak removed the Oilers from playoff contention, but they finally picked up a victory thanks in large part to a 33-save performance from Devan Dubnyk.
Schultz broke a 1-1 tie with 5:46 to go in the first period and Edmonton expanded its lead in the middle stanza on goals from Ryan Nugent-Hopkins and Jordan Eberle.
Colorado's lone goal came from P.A. Parenteau, his 18th of the season.
Semyon Varlamov gave up all of the Edmonton goals on 24 shots.
Notable deaths of 2014 [PHOTOS]