Hall signs seven-year, $42 million extension with Oilers

Edmonton Oilers left wing Taylor Hall (4) looks on during their NHL hockey game against the Anaheim Ducks in Anaheim, California March 5, 2012.

(Reuters) - The Edmonton Oilers and forward Taylor Hall have agreed on a seven-year contract extension worth $42 million, the National Hockey League (NHL) team said on Wednesday.

Hall, the first overall pick in 2010 NHL Draft, is seen as a cornerstone of a rebuilding Oilers franchise that has finished with the league's worst record in two of the last three seasons.

Despite two injury-shortened campaigns, Hall had 22 goals and 42 points in his rookie year then finished second in team scoring with 27 goals and 53 points last season while limited to 61 games due to a concussion and shoulder surgery.

(Reporting by Steve Keating in Toronto)