Richard Barcelo is two shots back of Ogilvie at 14-under-par 130 after a 64 on Friday. Steve Gangluff and Doug LaBelle II are one stroke further back at minus-13.
Ogilvie got started on the front nine of Highland Springs Country Club. He rolled home a pair of six-footers for birdie on the first two holes for a quick start.
At the par-3 sixth, Ogilvie dropped an 8-iron within a foot for a kick-in birdie and he followed that with a 25-foot birdie putt at the next.
He remained on fire as he sank an eight-foot eagle putt at the eighth before birdieing the ninth to make the turn at 14 under.
'When I was on No. 6, I told my caddie if I could birdie Nos. 7, 8 and 9 I would have a real chance of shooting 59,' Ogilvie said. 'The scores are low. I just hope they allow the greenskeeper to do his job.'
Ogilvie, who has won twice this season on the Nationwide Tour, stuck a 9-iron within one-foot at the 14th for another birdie. He made it two straight with a birdie at the next.
He closed with a birdie on 17 to move to minus-17. However he three-putted for bogey at the last to drop back to 16 under.
'It was a lot of fun out there,' Ogilvie said. 'I'm 16 under and I've never been 16 under after two rounds. I'm as happy as I can be.'
Barcelo had a similar start to Ogilvie with birdies on each of the first two holes. He then ran home a 25-footer at the fourth to get to 9-under.
He two-putted for birdie on the par-5 11th and followed with a birdie at the next. He again made two in a row from the 15th and closed with his eighth birdie of the day at the last.
'Well first off, I'm glad I'm done,' said Barcelo. 'Overall I'm happy with the round. Anytime you shoot 8 under you're going to be pleased.'
Craig Bowden stands alone in fifth place at 12-under-par 132. He is followed by Roland Thatcher, Franklin Langham, Willie Wood, Jason Dufner, Scott Gump and Tom Carter at 10-under-par 134.
Overnight leader Scott Gutschewski managed just an even-par 72. He slid into a share of 12th at 9-under-par 135.
The cut line fell at 5-under-par 139. Anthony Rodriguez and Omar Uresti were among those who missed the cut by one stroke.