PRESS RELEASE
Blackstairs Energy plc
Gerry Sheehan
Tel: +353 86 6085345
Email: gerry.sheehan@blackstairsenergy.eu

Petroleum Exploration & Production Sharing Agreement
Republic of Armenia

Dublin, May 2nd 2007

Blackstairs Energy plc announces the signing of a petroleum contract
with the government of the Republic of Armenia; the effective date of
the contract is April 27th 2007. The contract, in the form of a
Production Sharing Agreement (PSA), grants exclusive exploration and any
future hydrocarbon production rights over the areas designated "Blocks
4, 5 and 6". These blocks are located in eastern and southern Armenia
and extend to a combined area of 13,775 sq. km. (over 3.4 million
acres).

A comprehensive programme of geological and geophysical studies and a
2D seismic campaign will be undertaken during the initial phase of
evaluation. Blocks 4, 5 and 6 are currently very lightly explored and
the proposed work programmes will significantly enhance the
understanding of the petroleum geology of the basin.

Guide to Editors

Blackstairs Energy plc is an Irish-registered energy company. The
company was founded in 2006 by Gerry Sheehan (Managing Director) and Bob
Hamilton (Finance Director). Mr. Sheehan is a geologist and geophysicist
and has over 25 years experience in the international oil sector. Mr.
Hamilton is a chartered accountant. Both directors have previously held
senior management positions in Tullow Oil plc Dublin; Gerry has held the
positions of Chief Geophysicist, International Exploration Manger and
most recently New Ventures Manager until 2006. Bob was Tullow’s Group
Financial Controller from 1988 to 2000.

Further Information

Blackstairs Energy plc
Regus House
Harcourt Centre
Harcourt Road
Dublin 2
Republic of Ireland

For additional information please contact:
Gerry Sheehan
Phone: +353 86 6085345
Email: gerry.sheehan@blackstairsenergy.eu