It does work in Drupal 7, here you can see an example of a valid code from export created by Features module:
<?php
/**
* @file
* vw_product_search.context.inc
*/
/**
* Implements hook_context_default_contexts().
*/
function vw_product_search_context_default_contexts() {
$export = array();
$context = new stdClass();
$context->disabled = FALSE; /* Edit this to true to make a default context disabled initially */
$context->api_version = 3;
$context->name = 'shop';
$context->description = '';
$context->tag = '';
$context->conditions = array(
'path' => array(
'values' => array(
'shop' => 'shop',
'search' => 'search',
),
),
);
$context->reactions = array(
'block' => array(
'blocks' => array(
'facetapi-WVeJBMTHZn1PCfPfrIPnjg1v8m19Gkqd' => array(
'module' => 'facetapi',
'delta' => 'WVeJBMTHZn1PCfPfrIPnjg1v8m19Gkqd',
'region' => 'sidemenu_left',
'weight' => '-10',
),
'facetapi-H24ObDRB0Wq0KpRW1qalIgb7TvlKP7aj' => array(
'module' => 'facetapi',
'delta' => 'H24ObDRB0Wq0KpRW1qalIgb7TvlKP7aj',
'region' => 'sidemenu_left',
'weight' => '-9',
),
'facetapi-GxgmQn2y5194O1hZ7qJIROIO63v5BKtG' => array(
'module' => 'facetapi',
'delta' => 'GxgmQn2y5194O1hZ7qJIROIO63v5BKtG',
'region' => 'sidemenu_left',
'weight' => '-8',
),
'facetapi-zNmFD0ELaD0hTUYX9jyfnhkzHkz5GVvQ' => array(
'module' => 'facetapi',
'delta' => 'zNmFD0ELaD0hTUYX9jyfnhkzHkz5GVvQ',
'region' => 'sidemenu_left',
'weight' => '-7',
),
'facetapi-kSPIS0vKCobobG533MMOWru8Q42SmByu' => array(
'module' => 'facetapi',
'delta' => 'kSPIS0vKCobobG533MMOWru8Q42SmByu',
'region' => 'sidemenu_left',
'weight' => '-6',
),
'quicktabs-shop_facets' => array(
'module' => 'quicktabs',
'delta' => 'shop_facets',
'region' => 'sidemenu_right',
'weight' => '-8',
),
),
),
);
$context->condition_mode = 0;
$export['shop'] = $context;
return $export;
}
Make sure that your module is enabled, that the hook implementation is correct and your caches flushed.