"We like the fact that Jones plays a north-south game, drives hard to the net, kills penalties and is a right hand shot. O'Brien is a hard guy to play against, knows how to get under the skin of the opposition and stands up for his teammates. We are pleased to add both of these players to our organization."
Tanguay, 33, registered 11 goals and 16 assists for 27 points in 40 games with the Flames this past season.
In 922 career NHL regular-season games with the Avalanche, Flames, Montreal Canadiens and Tampa Bay Lightning, Tanguay has accumulated 249 goals and 513 assists for 762 points.
He was originally drafted 12th overall by the Avs in the 1998 NHL Entry Draft.
Sarich, 34, picked up two assists and 16 penalty minutes in 28 games with the Flames this past year.
The native of Saskatoon, Saskatchewan, has played in 915 career NHL regular-season games with the Buffalo Sabres, Tampa Bay Lightning and Flames, and has accumulated 20 goals, 128 assists and 1,051 penalty minutes.
He was drafted by the Sabres in the second-round (27th overall) of the 1996 NHL Entry Draft.
Jones, a native of Guelph, Ontario, has spent six seasons with the Avalanche accumulating 70 goals and 56 assists for 126 points and 84 penalty minutes in 272 games.
Last season, he tallied three goals and six assists for nine points in 33 games with the Avalanche.
Jones, 28, was selected by the Avalanche in the ninth-round (288th overall) in 2003.
O'Brien, 29, collected four assists and 60 penalty minutes in 28 games with the Avs this year season.
The native of Port Hope, Ontario, has played in 483 career NHL regular-season games with the Anaheim Ducks, Tampa Bay Lightning, Vancouver Canucks, Nashville Predators and Avalanche, and has collected 13 goals and 75 assists for 88 points, and 853 penalty minutes.
He was originally drafted by Anaheim in the eighth-round (250th overall) of the 2003 NHL Entry Draft.