As he made his way down the ice, Louie Caporusso had a well-conceived plan brewing in his head.

He would wait for precisely the right instant and try and slip a shot five-hole through Alaska goalie Scott Greenham, keeping Michigan's chances alive not only at a dramatic comeback in its first-ever shootout Saturday night, but, even more vitally, at a second straight weekend sweep.

But when Greenham discarded the puck ending a dramatic flurry of Michigan scoring chances, the Wolverines' window of opportunity slammed shut in a 4-3 loss to the Nanooks at Yost Ice Arena.

And with it went Michigan's season-high 4-game winning streak along with the Wolverines chances at moving into a fourth-place tie with Alaska in the Central Collegiate Hockey Association standings.

Instead, Michigan (13-10-1, 8-7-1 CCHA) remains in sixth place with the Nanooks and Lake Superior State still standing as obstacles in the hunt for the critical fourth-place slot.

Dion Knelson tallied the game-winner, beating Michigan goalie Bryan Hogan on Alaska's second shootout offering.

But even before Caporusso, Carl Hagelin and Chris Brown failed to give Michigan a win in the shootout, the Wolverines certainly had their chances.

"We had the momentum and we just had to capitalize," Michigan coach Red Berenson said. "We had the chances, but we just didn't just didn't capitalize whether it hit the goalie or bounced over our stick...the puck just didn't connect. It's a game of bounces."

Michigan played from behind all night and still trailed in the closing minutes. But just when it appeared Alaska would extend its string of wins following a loss to six games, Chad Langlais scored with 2:19 remaining in regulation, knotting the game at 3.

For the rest of the third period and over the 5-minute overtime, the Wolverines found themselves with scoring chances. But when Michigan failed to sneak a shot past Greenham - including on six scoring chances in overtime alone - the game moved to a shootout.

"We had some really, really good chances in overtime," Michigan forward Matt Rust said. "It's a shame that the game has to be decided in a shootout. It's fun, but at the end of the day, to battle your way back into the game and lose that way, it stinks."

Despite its late chances, Michigan - which outshot Alaska 38-23 - had been hampered all night by penalties, taking eight over the course of the night. And despite the six times the Wolverines penalty killing unit managed to shut down the Nanooks, two second-period chances proved to play a key role.

The Nanooks (10-7-5, 7-7-4 CCHA) struck twice in 29 seconds early both times on the penalty play - giving Alaska with a 3-1 lead. Prior to the momentum-shifting goals, Michigan was whistled for a pair of penalties in seven seconds, giving Alaska a 5-on-3 advantage.

Carlo Finucci registered a goal at the 4:41 mark, leaving Michigan with a two-goal deficit to make up after Knelson's goal at 4:12 snapped a 1-1 tie while the Nanooks had the two-skater advantage.

"I didn't like the penalties in the game and the way they literally dictated the momentum of the game," Berenson said. "I don't know if it was the players' fault or the officials' fault, but it definitely had an impact on where this game went in the second period.

"Are those phantom penalties, are they make-up penalties or are they honest penalties that should be call? It's too bad there's even a suspicion, a question of that, but there is at all levels."

The Wolverines remained composed, however, cutting the deficit to only one goal when Kevin Lynch scored with less than 5 minutes remaining in second period.

Out-shooting Alaska by a 38-23 margin, the Wolverines failed to come up with the equalizer. Michigan got a power-play chance at the 13:06 mark of the final period but failed to capitalize, garnering nine shots on goal over the final 20 minutes.

But when Langlois scored, Michigan chances were resurrected, seemingly sliding the momentum back in the Wolverines' direction. But when six shots in overtime and then the three shootout chances failed to find their mark, Michigan was forced to settle with picking up four points on the weekend rather than the six Berenson had hoped for.

The Wolverines face No. 6 Ferris State next weekend in a home-and-home series. The Bulldogs were swept this weekend by No. 2 Miami (Ohio). Despite Saturday night's disappointing ending, Berenson believes his players are competing at the highest level they've been at all season.

More importantly, the Wolverines feel a different level of confidence heading into what's sure to be a critical stretch.

"I think we all like the way we're playing," Caporusso said. "I think there's a fine line between winning and losing (Saturday night's) game and us feeling all happy right now. So I'm not too concerned. I like the direction we're going in."

Jeff Arnold covers Michigan hockey for AnnArbor.com. He can be reached at jeffarnold@annarbor.com or 734-623-2554. Follow him at Twitter @jeffreyparnold.