Jobe played on the more difficult South Course on Friday as play rotated over the South and North Courses for the first two rounds. The South Course hosts the weekend.
Steve Lowery shot a 3-under 69 on the South Course Friday and is alone in fourth place at minus-8.
Defending champion and three-time tournament winner Tiger Woods made his 2006 PGA Tour season debut on Thursday with a 1-under-par 71. He rebounded on Friday at the South Course with a 4-under 68.
'I did some work last night and some work this morning and went out there and felt really good,' said Woods, who is tied for 22nd place at 5-under-par 139. 'Today felt a lot better.'
Woods was 5 under par on his round through 10 holes, but trouble found the reigning Masters winner and British Open champion. He bogeyed the 11th when he hit a bad tee shot, but roared back with a 60-foot eagle putt at the par-5 13th.
The No. 1 player in the game bogeyed 14 and 16 when he could not get out of bunker trouble, but parred his last two to keep his hopes alive of becoming the first four-time winner of this event.
The only other golfer with a chance to reach that plateau would be the current PGA Champion, Phil Mickelson. He posted a 5-under 67 on the North Course and is knotted in 12th at minus-6.
Both Woods and Mickelson, as well as the entire 82 players who made the cut are chasing Jobe.
The 40-year-old played the back nine first on the South Course and struggled badly. He knocked his tee ball into a bunker at 11, then missed his 12-footer for par. One hole later, Jobe landed his approach in another bunker and once again his blast stopped 12 feet from the stick. Once again, Jobe failed to convert the par save.
Jobe collected himself at the par-5 13th. He hit a two-iron into the front bunker, and this time got up and down from the sand. Jobe sank a 6-footer for birdie, then parred his next four.
At the par-5 18th, Jobe reached the green with a 3-wood from 265 yards. He rolled in the 12-foot eagle putt and found himself at 8 under par for the championship.
The eagle gave Jobe momentum. He hit a 7-iron to 10 feet to set up birdie at the first, then played a wedge to 3 feet for his second birdie in as many holes.
Jobe sailed over the green with a 6-iron at the par-5 sixth, but chipped to 3 feet. He ran home that birdie putt and added another short birdie putt at the par-5 ninth to give himself a two-shot lead.
'My games yesterday and today were not even comparable days,' admitted Jobe. 'I actually hit the ball good today and I putted great yesterday. I don't know what's going to happen tomorrow. We'll see.'
Saturday will be an interesting test for Jobe. He has held the second-round lead three times, but not since 2001. Jobe has never won on the PGA Tour, but has nine international victories.
'I think tomorrow for me it's go out there, get comfortable, continue to do the same things I'm doing,' said Jobe, who has battled injuries in recent years. 'What I shoot - it's insignificant unless I go out there and shoot 65, then all of a sudden I might really be able to do something.'
Sergio Garcia (68), Daniel Chopra (66), Craig Barlow (71), Shigeki Maruyama (65), Arjun Atwal (67) and Nathan Green (70) are knotted in fifth place at 7-under-par 137.
Frenchman Thomas Levet, who shared the first-round lead with Jobe, struggled on the South Course on Friday. He fashioned a 1-over-par 73 and is part of Mickelson's group at minus-6.
The 36-hole cut fell at 1-under-par 143 and among the players who will miss the weekend are: former major winners Bernhard Langer (144), Corey Pavin (145), Lee Janzen (147), Todd Hamilton (147), Steve Jones (148) and last year's PGA Tour Rookie Of the Year, Sean O'Hair (149).