The conditional third-round pick could become a second-round selection should the Kings make the playoffs.
"There were ups and downs," Penner said of his time in Edmonton. "I had a decent first year. The second year was something I think a lot of people would like to forget. The last two I've enjoyed thoroughly.
"I came here with a big contract ... that also comes with big expectations and if I tried to meet everyone's expectations I would drive myself insane. So I focused on becoming more consistent and a player who could play every position. I think I'm on my way to that, I'm not there yet and it's too bad I won't be able to do it here."
Penner, 28, is having a good year with the Oilers, netting 21 goals and 18 assists through 62 games, and will add some scoring punch to his new squad.
"He's such a good teammate and it's tough to see a friend go," said Shawn Horcoff. "At times it's been a challenging situation for him. His second year was as difficult a time for him as for any player and I was so impressed with how he handled that.
"With his size, there are not a lot of guys can do what he can do on the ice."
The native of Winkler, Manitoba came to the Oilers in 2007-08 after accepting an offer sheet to leave the Anaheim Ducks as a restricted free agent. The deal became final when Anaheim declined to match the offer.
Penner has one year left on the five-year, $21.25 million contract that he signed with the Oilers. He will earn $4.25 million in 2011-12 before becoming an unrestricted free agent.
Teubert, 20, is a first round (13th overall) draft selection of the Kings in 2008. He's yet to see NHL action, playing for the Manchester Monarchs of the American Hockey League where he has two goals and eight assists through 39 games. He will report directly to the team's AHL affiliate in Oklahoma City.
Montgomery, 22, has appeared in 51 games this season with the Lake Erie Monsters in the American Hockey league recording two goals and 17 assists with 34 penalty minutes.