'I just kept the momentum that I got yesterday, with my start,' said Morgan, who carded a second-round 65. 'Then when I got up there in the lead, I just said 'let's just keep playing my own game plan.''
Arron Oberholser matched the course record at DiamondBack Golf Club with a third-round, 9-under-par 62. Second-round leader Don Reese set the mark Friday and Oberholser's round moved him into a tie for second with Kelly Gibson and Chad Wright at 11-under par.
'Today was a blast,' said Oberholser. 'It was the most fun I've had since I've been back from my injury.'
Oberholser sat out nearly all of the 2001 campaign with a broken bone in his right hand.
Reese struggled to a 2-over-par 73 Saturday and shares fifth with Stiles Mitchell. The pair stands at minus 10.
Morgan broke into red figures early with three birdies in his first four holes. At the par-5 fifth, Morgan reached the green in two with a 7-iron and ran home the 15-foot putt for eagle.
He parred the next three holes before picking up more birdies around the turn. Morgan drained a 25-foot birdie at nine and followed with a four-footer at No. 10.
Morgan dropped his only shot of the round at 14 when he missed an eight-foot par save but he reclaimed the lost stroke with a 12-foot birdie at the 459-yard 17th.
'It's working out and I crept my way from 94th starting yesterday to leading, so I'll just stay with whatever I'm doing and not worry about anybody else,' said Morgan, who is winless on the Buy.Com Tour. 'It's just me and the golf course and try to keep my patience.'
Oberholser collected four birdies in a row starting at the fifth and kept the hot play going on the back nine. He made a pair of birdies at 11 and 12, from four and 14 feet, respectively.
He holed a six-foot birdie at 14 and two holes later kicked in a three-footer for birdie. Oberholser closed the round with a 20-foot birdie at DiamondBack's par-5 closing hole.
'It was literally one shot at a time,' said Oberholser, who lost a playoff to Cliff Kresge at this year's Virginia Beach Open. 'I wasn't thinking about what I did on the hole before. I wasn't thinking about what was in front of me. I was just thinking about what I was doing right now.'
Full-field scores from the Samsung Canadian PGA Championship