Tim Simpson, a four-time winner on the PGA Tour, shares second place at 6- under-par 66. He is joined there by Brad Elder and Paul Gow, a pair of two-time winners on the Nationwide Tour. Victor Schwamkrug, Franklin Langham and Andrew McLardy are one stroke further back at minus-5.
Schultz opened with a birdie on the par-4 second. He came back with a 30-foot birdie putt on No. 5, Shadow Hills Country Club's first par-5. After a pair of pars, the 31-year-old rolled in a birdie at the eighth.
Schultz, whose best finish on tour was a tie for sixth at the Pete Dye West Virginia Classic earlier this year, then eagled the par-5 ninth from 35 feet out to jump to minus-5.
The Tampa, Florida native moved to 6 under with a 15-footer for birdie at the par-3 12th. Schultz cruised to five straight pars before rolling in a birdie at the last to finish one stroke off the course record of 64.
'I'm just happy I played well in the first round, real well actually,' said Schultz. 'I got in my own little world out there today. The greens are so good if you get them on line they are going to go in. I got a couple of putts to go in today and that got my confidence going.'
Simpson dropped in a birdie at the fourth to get his round going, but he tripped to a bogey at the seventh. He quickly erased that mistake with a birdie on No. 8 to make the turn at minus-1.
The 48-year-old moved to 3 under with birdies on 10 and 12. He slipped to another bogey at the 14th, but came right back with a birdie on 15 to get back to 3 under. Simpson birdied the 17th, the eagled the par-5 closing hole to take second place.
Elder posted a birdie and a bogey over his opening seven holes. Like Simpson, he birdied 17 and eagled 18 to make the turn at minus-3. On the front side, Elder picked up birdies at the first, fourth and seventh to join Simpson at minus-6.
'I putted the ball extremely well today,' said Elder. 'If you putt the ball well you're going to play well. This is a nice way to start, but there is still a lot of golf left to play. If I keep putting the way I am now though, you never know.'
Gow burst out of the gates with back-to-back birdies from the first. He then eagled the par-5 fifth to move to 4 under. After stumbling to a bogey at the seventh, he fought back with birdies on Nos. 9 and 10. After faltering to another bogey at the 14th, Gow birdied 15 and 18 to grab a share of second place.
Scott Petersen, David McKenzie, Jim Rutledge and Jeff Street share eighth place at 4-under-par 68. Jason Gore and Doug Barron lead a group of nine players one stroke further back at minus-3. They are joined there by Tim Conley, Bryant Odom, David Hearn, Nick Cassini, Brendon De Jonge, John Connelly and Doug LaBelle II.