With a round that included six birdies and a bogey, Parnevik sits atop the leaderboard at 14-under 126.
He is four shots in front of Swedish countryman Mathias Grönberg, who also recorded a five-under 65 on Friday on his way to a 10-under 130 for the tournament.
Parnevik is five strokes ahead of fellow Swedes Fredrik Jacobson and Richard S. Johnson who are tied at 131 overall.
“He’s probably a great front runner,” Johnson said of Parnevik. “I said to my caddie this morning, when (Parnevik) putts well, he putts really well. And, I mean, he always hits it good. He’s going to shoot four or five under everyday if the weather is going to continue being like this.”
Jacobson made his presence felt on Friday afternoon, firing a five-under 65 en route to a 131 overall. Johnson notched a four-under 66 on the tournament’s second day.
Parnevik tore through LaCantera Golf Course in Thursday’s first round, overcoming a bogey on his first hole to finish with 10 birdies in a career-best nine-under 61.
Parnevik is looking for his first PGA Tour victory since the 2001 Honda Classic.
“I think the course has played very easy,” Parnevik said. “It’s always nice when you have a few to spare than the other way around. I would like to be in the lead by as many as possible.”