As the Oilers' rookie cut through the slot, a bouncing puck landed right on his stick and after knocking it initially off the goal post, he was able to knock the rebound past Miikka Kiprusoff.
Cogliano, looking to make the jump from the University of Michigan to the NHL, has three goals and two assists in two games.
Miikka Kiprusoff made his home debut for the Flames and went the distance making 23 saves. Dwayne Roloson also played the full game for Edmonton finishing with 33 stops.
The top line of Iginla, Tanguay and Daymond Langkow was in on two of the first three Flames goals as Calgary took a 3-2 lead.
First Tanguay was set up by Langkow and later, the two of them combined to set up Iginla's goal with 8 seconds left in the first period.
Edmonton tied it on Cogliano's breakaway goal at 12:02 of the second. The Oilers then took their first lead of the night on a set-up by Robert Nilsson. On an aggressive forecheck while playing short-handed, Nilsson stripped Anders Eriksson of the puck and quickly slid it into the slot where Horcoff streaked in and scored his second goal of the preseason.
Calgary tied it 4-4 when Nilson deflected in Adam Pardy's shot with 42 seconds left in the second period.
Oilers captain Ethan Moreau hobbled off the ice with three minutes to go in the second period after taking a hard slapshot from Flames defenseman Adrian Aucoin squarely off the left ankle. He was immediately helped to the dressing room.