Wells was joined in the lead at 8-under-par 136 by Antonio Serna (69) and Byron Smith (70).
Paulo Pinto, Steve Friesen, Jose Trauwitz, Adam Bland and Benjamin Hayes share fourth place at minus-7 at El Cid Golf & Country Club.
Wells started on the back nine Friday and birdied the 11th for the second straight day. He dropped in back-to-back birdies from the 17th to make the turn at minus-7.
The 24-year-old Californian parred the first eight holes on the front side. He closed with a birdie on the ninth to grab a share of the lead.
Serna was in the first group out in the afternoon wave off the first tee. He had a steady round with three birdies and 15 pars in a bogey-free round.
Smith parred his first six holes. He drained consecutive birdies from the seventh to make the turn at minus-8. Around the turn, he carded two bogeys and two birdies to remain atop the leaderboard.
Eric Wang and Josh Habig each carded 5-under 67s Friday to move into a tie for ninth at 6-under-par 138. They were joined there by Wil Collins (69), Anthony Rodriguez (69) and Daniel DeLeon (69).
First-round leader Scott Hawley stumbled to a 3-over 75 to tumble into a tie for 21st at 4-under-par 140.
The cut line fell at the 1-over-par 145 with 67 players moving on to the weekend.