The club’s vice-captain agreed to terms on Wednesday with formal paperwork expected to be lodged with the AFL on Thursday.
“I was genuinely excited today when the deal was done,” Petrie said.
“Because it means I will be a one club player which is something I rate and value very highly.
“It was all done over a period of about two weeks and the club was great to deal with and I owe the club more than the club owes me. Now I hope to repay it.”
Kangaroos chief of football Donald McDonald said Drew’s loyalty was first class.
“We are delighted to have re-signed Drew and it’s great that he has committed to us. It’s a great result for the club. His form of late has been really good and his body is right. We look forward to him being a real focal point for us up forward for a long time to come.”
McDonald believes Petrie's best footy still lies ahead.
“He’s got the capacity to play some career best footy in the coming years and has a real opportunity to establish himself as one of the best key forwards of the competition.”
After debuting in 2001, Petrie has arguably become North’s most important player.
“We have a great team here and I enjoy everybody’s personality including players and staff. It’s a great place to be and I honestly believe we are tracking in the right direction,” Petrie added.
