The recent surge of seismicity in Oklahoma and Kansas is related to fluid disposal. Evidences suggest that critical parameters are the injection volume as well as injection depth but dominant physical processes and a corresponding model to describe the physics are still not clear. We analyse the spatio-temporal distribution of induced earthquakes in the basement and find visible signatures of pore pressure diffusion and poroelastic coupling, features which strongly resemble seismicity induced by the filling of artificial lakes, so-called reservoir-induced seismicity. We developed a first-principle model of underground reservoir-induced seismicity. The physics of the model are based upon the combined mechanisms of fluid mass added to the pore-space of the injection layer and acting as a normal stress on the basement surface, pore-fluid pressure diffusion in the basement as well as poroelastic coupling contributing to the pore-fluid pressure and stress. Furthermore, we demonstrate that underground reservoir-induced seismicity occurs preferably in normal faulting and strike-slip settings, the latter being prevalent in Oklahoma. Our model explains observed injection volume and depth dependence of the seismicity and should be considered as a basis for future hazard prediction and prevention as well as for planning possible disposal sites.