Lee Curry, Bryn Parry, Wes Martin, David Mathis and Matt McQuillan all shot rounds of 4-under-par 67 to share third place.
Allred picked up birdies at the second and seventh of Pine Ridge Golf & Country Club. He then gave a stroke back with a bogey at the eighth.
On the back nine, he dropped in an eagle at the 12th and came right back to birdie the 13th. He closed out his round with a birdie at the 17th.
'I've never been to Winnipeg, but I'll tell you I like it already,' said Allred. 'These kind of older courses are my favorite. I'm really looking forward to the rest of the week. I'm ready to break through, I just have to be patient.'
Compton birdied three of the first four holes on the front nine. He moved to 4 under with a birdie at the eighth, but stumbled to a bogey at the next.
Around the turn, he fought back to birdie the 10th. He sank consecutive birdies from the 12th to get to 6 under, but dropped a shot at the 16th to fall into a share of the lead.
'I didn't have a whole lot of time to get ready, so I'm pretty happy with my day,' said Compton. 'I'm feeling really comfortable every time I tee it up, and I know my game is there right now. Everything seems to be clicking. When that happens, you tend to play better because you have no fear.'
Jason Higton and Rob Labritz shot 4-under-par 68s to take a share of eighth place. They are joined there by John Bachman, John O'Leary, Rob Oppenheim, Steve Scott, Dan Swanson, Todd Tanner, Peter Wilson, Bryan Wright, Derek Gillespie, Darren Griff, Jim Lemon and Ryan Miller.
Nick Davey and Adam Short pace a group of 11 players one stroke further back at minus-2.