The 25-year-old Olazabal, came to the 180-yard sixth hole tied for the lead at five under par.
The first birdie was from three and a half feet for a round of 70, which tied him with Perry at 11 under par.
Woods, the defending champion, shot a 72 to finished tied for 13th at eight under par.
Charles eventually tied Geiberger for second at 11 under par.
Tiger Woods also had a solid round, tying for eighth place at three under par.
Pak started the day tied for first with Hackney at eight under par.
Five players were tied for third place at six under par.
By that time the two were tied for the lead at 13 under par.
After the first four rounds, he was tied for third place at 277, 11 under par.
The two buddies walked to the 18th tee tied at two under par.