Fribbs fired a 4-under-par 66 at Twin Peaks Golf Course in Longmont for a two-day total of 9-under 131.
Steven Kupcho, who was tied for third entering the second round, jumped up to second with a 7-under 63. The University of Northern Colorado golfer's two-round total is 132.
Former Colorado Mesa University golfer Brandon Bingaman stands five back of Fribbs after a 69 on Saturday.
Fribbs, Kupcho and Bingaman will be in the last group for today's final round. Only the 41 players who are at 153 or better survived the 36-hole cut.