'When it got close to the hole, I instinctively put my arms in the air thinking it might go in,' said Kresge, who pocketed $76,500 for the win. 'Even if it wouldn't have gone in, I had executed the shot the way I wanted and it was going to be pretty close for birdie.'
'That shot was ridiculously good,' said Oberholser, who was lining up a 20- foot birdie putt of his own when Kresge chipped in for the title.
Kresge and Oberholser finished Sunday's final round at 11-under-par 277 and were one shot ahead of former PGA Tour player Mike Heinen.
Kresge was three strokes behind Oberholser with three holes to play. He made birdies at 16 and 17 to cut the gap but it was a bogey by Oberholser at the 72nd hole that sent the two to a playoff.
'I am very proud of the fact that I was able to overcome the elements this week and come away with victory,' said Kresge, who shot a final-round 71. 'There is no substitute for winning and I am hoping this is going to be the springboard to even more wins down the road.'
Oberholser carded a two-under 70 in the final round.
Jace Bugg (68) and Steven Alker (69) shared fourth at eight-under par. Jim McGovern (67), Jason Buha (71) and Patrick Sheehan (76) tied for sixth at minus-six.
Full-field scores from the Buy.Com Virginia Beach Open