The five-foot-11, 200-pounder suffered a ligament tear on April 13 in an American Hockey League regular season game while with the Wilkes-Barre/Scranton Penguins.
The surgery was performed by Dr. David Reid, the Oilers' medical chief of staff, at the Grey Nuns Community Hospital in Edmonton. The Oilers say it was a success.
Following the surgery, Schremp will undergo six to eight weeks of rehabilitation prior to returning to training for the next NHL season.
The former first-round pick had 17 goals and 36 assists in 69 games with Wilkes-Barre/Scranton last year.
Prior to that, he amassed 154 goals and 230 assists in 247 Ontario Hockey League games with Mississauga and London.
Also Friday, the Oilers signed defenceman Theo Peckham to a three-year entry level deal.
The six-foot-two, 223-pound native of Richmond Hill, Ont., was a third-round pick in the 2006 draft.
Most recently, the 19-year-old defenceman established career-highs in both goals (10) and assists (25) while registering 173 penalty minutes for the OHL's Owen Sound Attack.