The Philadelphia Flyers locked up a key cog in their young core on Friday, signing forward Matt Read to a four-year, $14.5 million US extension. 

Philadelphia announced the move on the team's official website. The 27-year-old is heading into the final season of his three-year, $2.7-million entry-level deal and his new contract will kick in for the 2014-15 season.

"We're excited and happy we finally got it done," Flyers general manager Paul Holmgren said in a statement. "He's one of the young core players on our team. We're happy to have him under contract for the next five years with this extension." 

The five-foot-10, 185-pound winger was originally undrafted and played for North Dakota's Bemidji State University, later joining Philadelphia as a free agent. He said he was still pinching himself over the new deal and that he feels the Flyers are a perfect fit. 

"I'm very happy about it," he said. "My first two years have been very overwhelming for me. It's still crazy to me to think I'm playing in the National Hockey League. So to sign my second contract with the Philadelphia Flyers is a dream come true. I couldn't be happier with being with this organization, and I'm glad to be here for a couple more years."

He broke into the NHL in 2011 and had a solid breakout campaign, leading all rookies by scoring 24 goals and 23 assists in 79 games. The Ilderton, Ont., native followed that up with 11 goals and 13 assists in 42 games of the lockout-shortened season last year.