Vaughan Taylor and Mike Heinen share fourth place at six-under par. Joel Kribel, Ben Bates, Jim Benepe, Steven Alker and Jason Buha are tied for sixth at minus-five.
Kresge used a stretch on his back nine to reach the top spot. He ran home a pair of eight-foot birdie putts at 11 and 12 and added another pair of back- to-back birdies at 14 and 15.
Kresge, looking for his first professional victory, holed a 15-foot birdie putt at No. 17 to earn his share of first place.
'It was a very tough day out there,' said Kresge, who chipped in twice for birdie on Saturday. 'It was cold, windy and tough. I feel fortunate to shoot what I shot.'
Sheehan, the overnight leader, caught fire out of the gate with four birdies in his first six holes but quickly cooled down. He two-putted for bogey at the ninth and failed to get up and down from a bunker at 14, resulting in another dropped stroke.
Sheehan left himself with a tap-in birdie at the 15th to reach 10-under but missed a great chance to take sole possession of first at the last when his seven-foot birdie try missed the hole.
'This course is tough enough without any conditions and it is all about position,' said Sheehan, also searching for his first win. 'My mistakes have been minimal but I missed three short ones for birdie out there.'
Sheehan finished with a three-under 69 on Saturday.
Oberholser carded a four-under 68 in the third round and is in the middle of a major comeback. He had wrist surgery last May and now is in position to visit the winner's circle for the first time.
'The fact that I can put myself back in position to win is what is important, whether or not I win tomorrow,' Oberholser said. 'The fact that I am playing golf for a living is fantastic.'