Driving more accurately than earlier in the week but leaving some of his irons well short of the pin, Ogilvie still managed an eagle and two birdies on par 5s at La Quinta Country Club to go to 26-under 262.
Peter Lonard of Australia remained two shots behind after also shooting a 69 during the fourth round of the five-day tournament.
Former British Open champion Justin Leonard was another stroke back after a 64 that left him 23 under. Tim Clark had a 66 and was fourth at 266.
Defending champion Phil Mickelson, who also won the Hope in 2002, had a 68 and was in a group at 268, six shots off the pace.
The 30-year-old Ogilvie, looking for his first tour win, left several of his iron shots 20-25 feet below the pin. He made his eagle on the 512-yard 11th hole by reaching the green in two and rolling in a 12-foot putt.
Ogilvie, who has appeared relaxed the entire week while either tied for the lead or in front by himself, smiled and waved to the crowd when his eagle putt dropped.
His best finish on the tour is a second-place tie with Mickelson at New Orleans last year. Ogilvie was leading heading into the final nine holes, but Vijay Singh shot a 29 on the back nine to win.
Lonard, 37, the winner of a string of titles in Australia but none in America, has eight top-10 finishes on the PGA Tour, including a third place during his rookie season of 2002.
Leonard has won eight times, including the 1997 British Open. He reeled off six birdies over his final nine holes during the fourth round, including a 30-footer on No. 12, to vault into contention.
Craig Stadler, who won the 1980 Hope for his first tour victory, had moved into contention with a third-round 65, but had a fourth-round 71 to drop back into the pack at 271. Fred Couples also was in that group after a 68.
The players were grouped with amateurs for the first four days of the tournament, with the field cut to the low 70 pros and ties for Sunday's final round at PGA West.
DIVOTS:@ Although he was last in the 126-player field after four days, David Duval still improved dramatically. He shot a 72 Saturday after rounds of 82-79-85. ... Mike Weir, the 2003 Hope ' and Masters ' champion, missed the cut with his second consecutive 70. He was at 2-under 284 and the cut line was 278. ... The Hope has provided $40.2 million to various charities since the first tournament in 1960. Of the $1.5 million raised at the event last year, $80,000 was donated this week to the USO, which Hope actively supported with his entertainment troupe trips over the years.
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