Ogilvie matched Joe Durant's 2001, 54-hole record at 193. Durant cruised to victory that year and in the process, established a new PGA Tour record for lowest score in relation to par at 36 under par.
'I'm very pleased,' said Ogilvie, who is winless on the PGA Tour. 'I'll be in good shape. I'm happy where I am. We'll see what happens.'
Lonard fired a 64 at Tamarisk and is alone in second at 21-under-par 195. Fredrik Jacobson, who shared second place after Thursday's second round, posted a 67 at Tamarisk and owns third place at minus-19.
The format for this five-day tournament is a pro-am as one professional plays with three amateurs. They split the action over four courses (the Palmer Private Course at PGA West, Bermuda Dunes Country Club, Tamarisk Country Club and La Quinta Country Club) throughout the first four rounds, then play the Palmer Course on Sunday.
Ryuji Imada and Jerry Kelly each carded 8-under 64s at Bermuda Dunes and share fourth place with Robert Damron, who shot a 68 at the Palmer Course. The trio is knotted at 17-under-par 199.
They all will be trying to catch Ogilvie, whose 66 on Friday was his highest round of the tournament.
He opened on the back nine at Tamarisk and broke into red figures at the par-5 12th. Ogilvie reached the middle of the green with a 3-wood and two-putted from 20 feet for birdie.
Ogilvie went on a birdie run to close out his first nine. He sank an 18-footer for birdie at 15, a 25-footer at 16, an 18-footer at 17, and polished off his front nine with a 12-foot birdie putt at the par-5 last. Ogilvie's closing stretch of birdies gave him a 5-under 31, but was all due to the flat stick.
'I easily could have shot 37 instead of 31,' admitted Ogilvie.
Ogilvie collected his fifth consecutive birdie at the first. He landed in a greenside bunker with a 5-iron at the par-5 hole, then blasted out to 6 feet and converted the putt.
Ogilvie was not as fortunate at the next par-5, the fourth. He missed the green with a 5-wood, then hit a bad chip from a difficult lie. Ogilvie three-putted from the spot where his pitch landed for a bogey.
He closed his round perfectly at No. 9. Ogilvie's drive landed in the short grass, then he hit an 8-iron to 3 feet to set up birdie and match Durant's record.
'The way I played, 66 was a gift,' said Ogilvie, who posted two top-3 finishes in 2004. 'I think I was a little defensive with the driver today, and I haven't been defensive the whole week. Once I get off the tee, I feel like I'm playing as well as anybody can be. I just have to get off the tee a little bit better, I think.'
Lonard also began on the back nine at Tamarisk and opened with a birdie at the par-3 11th. He tallied three birdies in a row at the end of the front nine, and then added another at the first.
Lonard birdied the par-5 fourth to reach 19 under par for the championship. He ran off three consecutive birdies from the sixth to get within one of the lead. The Australian fell one back with a birdie at his last, but the former Presidents Cup member is happy to be back in the mix.
Last week, Lonard was in the final group over the last two rounds with eventual winner Tiger Woods and Tom Lehman. Lonard struggled to a 71-77 over the final two rounds tied for 14th.
'Last week was probably the first time I got in contention for two years, I think, in America anyway, so I just think if I'm in contention two out of the first three tournaments in America at the start of the year, well, I'm doing all right.' said Lonard.
Davis Love III recorded 11 birdies and no bogeys at Tamarisk for a 61. He shares seventh place with John Senden (64) and Billy Mayfair (69), who both played Tamarisk, Champions Tour Player of the Year Craig Stadler, who posted a 65 at Bermuda Dunes, and Tim Clark (64) and defending champion Phil Mickelson (70), who teed it up at the Palmer Course. The group is tied at 16-under-par 200.