Source:  First Trust Energy Income and Growth Fund


      Wheaton, IL -- July 26, 2012 -- First Trust 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 2,400,000 common shares at
a price to the public of $30.50 per share (exclusive of 360,000 common shares
that the underwriters may purchase pursuant to a 45-day option to cover
over-allotments). Net proceeds from the offering of approximately $70.3 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 31, 2012.

      Morgan Stanley, Citigroup 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

                 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

      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 and
financial advisory services, with collective assets under management or
supervision of approximately $54 billion as of June 30, 2012, 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, 2012, EIP managed or supervised
approximately $1.6 billion in client assets.


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

Source: First Trust Energy Income and Growth Fund