PRESS RELEASE
                                           Source: Energy Income and Growth Fund



ENERGY INCOME AND GROWTH FUND PRICES PUBLIC OFFERING OF 1,600,000 COMMON SHARES

      Wheaton, IL -- November 19, 2010 -- 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 1,600,000 common shares at a
price to the public of $27.25 per share (exclusive of 240,000 common shares that
the underwriters may purchase pursuant to a 30-day option to cover
over-allotments). Net proceeds from the offering of approximately $41.7 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 November 24, 2010.

             RBC Capital Markets is acting as sole book-running manager for the
offering. Oppenheimer & Co. Inc. is acting as co-lead manager. BB&T Capital
Markets, a division of Scott & Stringfellow, LLC, Janney Montgomery Scott LLC,
Ladenburg Thalmann & Co. Inc., a division of Ladenburg Thalmann Financial
Services Inc. (NYSE Amex: LTS), Maxim Group LLC, Wedbush Securities Inc. and
Wunderlich Securities, Inc. are acting as co-managing underwriters on 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 relating to the offering from the
following address:

                 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 carefully before
investing. The prospectus supplement 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 municipal and corporate investment banking, with
collective assets under management or supervision of approximately $36 billion
as of September 30, 2010 through closed-end funds, unit investment trusts,
mutual funds, separate managed accounts and exchange-traded funds.

      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 September 30, 2010, EIP managed or supervised
approximately $590 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