ENP – Encore Energy Partners, LP – Shares of the owner of oil and natural gas properties rallied as much as 2.65% this morning to an intraday- and new 52-week high of $21.33. Encore Energy Partners’ shares are up ahead of its second-quarter earnings report, scheduled for release ahead of the opening bell on Thursday. One options player was well positioned to benefit from bullish movement in the price of Encore’s shares. It looks like the investor booked profits today by selling a previously purchased chunk of call options, and extended bullish sentiment on the stock ahead of earnings. The trader appears to have picked up 1,000 calls at the August $20 strike for an average premium of $0.25 each back on July 29 when ENP’s shares closed at $19.64. The subsequent rally in the price of the underlying shares lifted premium on the now in-the-money calls, and allowed the investor to sell all 1,000 lots of August $20 strike calls today at the advantageous price of $1.14 apiece. Net profits on the transaction amount to an average of $0.89 per contract. Next, the bullish player prepared for ENP’s shares to continue to appreciate ahead of August expiration by scooping up 2,000 calls at the higher August $22.5 strike for an average premium of $0.20 a-pop. The call buyer makes money on the new bullish stance as long as Encore Energy Partners’ shares rally 6.4% over today’s high of $21.33 to surpass the average breakeven price of $22.70 by expiration day. Options implied volatility on ENP is up 7.2% to 31.41% ahead of earnings.