Rob Oppenheim, who held a share of the opening-round lead with Compton, posted a 2-under 70 to join Rob Johnson and Doug McGuigan in a tie for third at 5-under-par 139. Ben Gallie and Brian Unk were one shot back at 4-under-par 140.
After strong winds kept scoring to a minimum on Thursday, players found Brookside Country Club more accommodating for the second round.
Compton took full advantage and ran off four birdies over his first nine holes to make the turn at 7 under.
'I hit it pretty much like I did yesterday,' said Compton. 'Got off to a good start, hit some greens and made some putts.'
The 24-year-old kept on rolling on the inward half with the first of three consecutive birdies starting at the par-5 10th. Compton found trouble with a bogey at the 15th but was able to recover with a birdie at the last to take a two-shot edge into the weekend.
'I think I had 17 legitimate birdie opportunities today,' said Compton, who broke through on the Canadian Tour last year with a victory at the Michelin Guadalajara Classic. 'I hit a lot of shots that were inside the flagstick. When you put yourself around the hole like that, some of those are going to start falling.'
Jason Higton and Joe Acosta, Jr. share eighth place at 3-under-par 141.
The 36-hole cut fell at 2-over-par 146 with 2002 U.S. Amateur champion Ricky Barnes surviving on the number.