The Edmonton Oilers and forward Taylor Hall on Wednesday agreed to a 7-year contract extension worth $42 million.

The deal was struck as Hall's initial entry-level contract, which held an average annual value of $3.75 million, was set to expire following the upcoming season.

"It's exciting," said the soon-to-be 21-year-old Hall. "It's been something that I'd been thinking about for a long time, probably since the season ended. For us to get it done and in a fashion that's very comfortable for both sides, I think that's very important."

Hall was selected with the top pick of the 2010 draft and has recorded 49 goals with 46 assists for 95 points in 126 games over two seasons. He notched 27 goals and 26 assists in 61 games a season ago, a campaign cut short due to a shoulder injury which required surgery.

"I think that shows the commitment that I have here," added Hall. "When they said seven years, I didn't blink -- I'm comfortable being here for that long. By that time, we're going to be a perennial threat and that was my main goal and mindset when I signed my deal."

Should a new Collective Bargaining Agreement be struck by the September 15 deadline, Edmonton is slated to begin its 2012-13 regular season on October 13 in Vancouver.