First Trust Announces Redemption of Energy Income and Growth Fund Series A Auction Rate Energy Notes

LISLE, Ill.--(BUSINESS WIRE)--First Trust Advisors L.P. (“FTA”) announced today that Energy Income and Growth Fund (AMEX: FEN), a closed-end fund managed by FTA, has secured committed financing in an amount sufficient to redeem all of its outstanding Series A Auction Rate Energy Notes (the “Series A Notes”). The Fund expects to redeem in full the outstanding $34 million aggregate principal amount of Series A Notes, subject to satisfying the notice and other requirements that apply to redemption, on the next interest payment date, April 18, 2008. The Fund’s Series B Auction Rate Energy Notes will remain outstanding following the redemption of the Series A Notes.

FTA is aware of the continuing uncertainty caused by the unprecedented auction failures over the past several weeks. FTA believes that auction rate securities are likely to continue to experience failed auctions. FTA is seeking methods for refinancing the outstanding auction rate securities of the closed-end funds managed by FTA that are experiencing failed auctions. The ability to obtain this refinancing is contingent on finding third parties willing to provide such financing on a cost effective basis. There is no assurance that FTA will be successful in finding such financing and any such financing arrangements would be subject to approval of each fund’s Board of Trustees.

For additional information about any closed-end fund managed by FTA, including risks, charges and expenses, please see the fund’s annual and semi-annual shareholder reports or contact your financial advisor.

FTA and 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 over $32 billion as of March 31, 2008 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.

Forward Looking Statements

Certain statements made in this news release that are not historical facts are referred to as “forward-looking statements.” Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to: the ability of Energy Income and Growth Fund to develop and finalize proposals to address the outstanding Series B Auction Rate Energy Notes issued by Energy Income and Growth Fund; the ability of other leveraged closed-end funds managed by FTA experiencing failed auctions and not announcing a redemption today to develop and finalize fund-by-fund specific proposals to restructure the leverage of such funds, to obtain formal fund-by-fund board approval of specific proposals as they are developed and finalized and to negotiate and obtain from third parties the necessary debt facilities and other commitments and agreements necessary for those funds to refinance all or a portion their leverage on terms and conditions acceptable to the funds and in a timely manner; other legal and regulatory developments; and other additional risks and uncertainties. FTA and the closed-end funds managed by FTA undertake no responsibility to update publicly or revise any forward-looking statements.

First Trust Advisors L.P.
Jeff Margolin, 630-915-6784
or
Jim Dykas, 630-322-7665