PRESS RELEASE
                                          SOURCE:  ENERGY INCOME AND GROWTH FUND


ENERGY INCOME AND GROWTH FUND PRICES PUBLIC OFFERING OF 2,800,000 COMMON SHARES

      Wheaton, IL -- July 26, 2011 -- Energy Income and Growth Fund (the "Fund")
(NYSE Amex: FEN) announced today the pricing of a public offering of common
shares. The Fund agreed to sell a total of 2,800,000 common shares at a price to
the public of $28.13 per share (exclusive of 420,000 common shares that the
underwriters may purchase pursuant to a 45-day option to cover over-allotments).
Net proceeds from the offering of approximately $75.49 million will be used to
make additional portfolio investments that are consistent with the Fund's
investment objective and policies, and for general corporate purposes. The
offering is scheduled to close on July 29, 2011.

      Morgan Stanley, Citi and RBC Capital Markets are acting as joint
book-running managers for the offering. Oppenheimer & Co. and Robert W. Baird &
Co. are acting as co-lead managers for the offering. The offering is made
pursuant to an existing shelf registration statement on Form N-2 previously
filed with the Securities and Exchange Commission. The offering of these
securities will be made only by means of a prospectus. Interested persons,
including existing shareholders of the Fund, may obtain a copy of the prospectus
supplement and accompanying base prospectus relating to the offering from the
following addresses:

                 Morgan Stanley
                 Attn: Prospectus Department
                 180 Varick Street, 2nd Floor
                 New York, NY  10014
                 Telephone: 866-718-1649

                 Citi
                 Prospectus Department
                 Brooklyn Army Terminal
                 140 58th Street, 8th floor
                 Brooklyn, NY  11220
                 Telephone: 800-831-9146

                 RBC Capital Markets, LLC
                 Attn:  Equity Syndicate Department
                 Three World Financial Center
                 200 Vesey Street, 8th Floor
                 New York, New York 10281
                 Telephone: 212-428-6670
                 Fax: 212-428-6260

      Investors may also obtain these documents free of charge from the
Securities and Exchange Commission's website at www.sec.gov.

      An investor should read the Fund's prospectus supplement and accompanying
base prospectus carefully before investing. The prospectus supplement and
accompanying base prospectus contains important information about the Fund and
its investment objective and policies, risks, charges and expenses.

      This press release does not constitute an offer to sell or a solicitation
to buy the securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or solicitation or
sale would be unlawful prior to registration or qualification under the laws of
such state or jurisdiction. A registration statement relating to these
securities was filed with, and has been declared effective by, the Securities
and Exchange Commission.

      The Fund is a non-diversified, closed-end management investment company
which commenced investment operations in June 2004. The Fund's investment
objective is to seek a high level of after-tax total return with an emphasis on
current distributions paid to shareholders. The Fund seeks to provide its common
shareholders with an efficient vehicle to invest in a portfolio of
cash-generating securities of publicly traded master limited partnerships
("MLPs") and related public entities in the energy sector.

      First Trust Advisors L.P., the Fund's investment advisor, along with its
affiliate First Trust Portfolios L.P., are privately-held companies which
provide a variety of investment services, including asset management, financial
advisory services, and competitive municipal underwritings, with collective
assets under management or supervision of approximately $51 billion as of June
30, 2011, through unit investment trusts, exchange-traded funds, closed-end
funds, mutual funds and separate managed accounts.

      Energy Income Partners, LLC ("EIP") serves as the Fund's investment
sub-advisor and provides advisory services to a number of investment companies
and partnerships for the purpose of investing in MLPs and other energy
infrastructure securities. EIP is one of the early investment advisors
specializing in this area. As of June 30, 2011, EIP managed or supervised
approximately $818 million in client assets.

CONTACT:

Press Inquiries:             Jane Doyle            630-765-8775
Analyst Inquiries:           Jeff Margolin         630-915-6784
Broker Inquiries:            Jeff Margolin         630-915-6784


Source: Energy Income and Growth Fund