With time winding down, O'Reilly picked the pocket of Justin Faulk in the neutral zone and skated the other way. From the left wing, O'Reilly cranked a shot that beat Cam Ward to the left side for the win.
"I looked up and saw four seconds on the clock," said O'Reilly. "I managed to get the shot off on time and got lucky with it."
Eric Staal had a goal and an assist, while Ward made 29 stops for the Hurricanes, who have dropped their past two.
"We have to get better when we have our opportunities," said Staal. "We have to get in front of the net more. I liked our game tonight, especially in the first two periods. But our power play has to do a better job, especially with chances in the last five minutes."
Carolina scored 7:22 into the first period on Tim Brent's eighth of the year, but Colorado tied it with 54 seconds left in the first off a wrister from Gabriel Landeskog at the left circle.
The Hurricanes, though, got a goal from Jiri Tlusty just 31 seconds later to take a 2-1 lead into the first intermission.
Colorado tied the game 3:15 into the second on a tic-tac-toe play as David Jones sent a pass from the left wing to the right wing where Stastny sent it back to the slot and Milan Hejduk redirected it in.
Carolina again took the lead with 4:29 to play in the second on Staal's 14th of the year, but Stastny tied the game when he got the puck in the slot off a backhand pass from Jones behind the net and shifted to the backhand before sliding it in.
Colorado hasn't lost to the Carolina franchise over the past 10 games. The last loss came on February 6, 1996 when the then Hartford Whalers took an overtime victory...Colorado hits the road for the next four games starting in St. Louis on Saturday...Carolina plays in Montreal on Monday.