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Romero, without a PGA Tour win in five years, mixed nine birdies with a single bogey and a double-bogey on Reno's Montreux Golf and Country Club layout for midway total of 22 points.
Under the modified Stableford scoring system, points are awarded on each hole for being under-par, with birdies earning a player two points and eagles five.
A bogey costs a player one point, double bogeys and worse three points.
No points are won or lost with par.
Woodland began the day one point back of first round leader Josh Teater and ended the day in the same position returning a two-under 70 good enough for seven points and a two-day total of 21.
Sitting three off the pace on 19 points are South Korea's Charlie Wi, and Australians Stuart Appleby and Rod Pampling.
Wi returned a seven-under 65 that featured five birdies and an eagle at the par five 13th.
Appleby signed off with a 67 while Pampling made the biggest move of the day with an eight-under 64 that included nine birdies and a single bogey and added up to a second round score of 17.
American Shaun Micheel, who returns to Oak Hill Country Club next week where he picked up his one and only PGA Tour victory winning the 2003 PGA championship, will get a couple of extra days' practice after missing the cut set a six points.
Micheel, who has played in just four PGA Tour events this year missing the cut in all four, had rounds of 73 and 72 and four points.
Northern Irishman Padraig Harrington, a three-time major winner including the 2008 PGA Championship, Canadian Mike Weir, the 2003 Masters champion and American Todd Hamilton, the 2004 British Open winner were among the big names to make the weekend.
Leading second-round scores on Friday in the US PGA Tour Reno-Tahoe Open (USA unless noted, scores based on Modified Stableford points system):
22 points - Andres Romero (ARG) 8-14
21 - Gary Woodland 14-7
19 - Stuart Appleby (AUS) 12-7, Rod Pampling (AUS) 2-17, Charlie Wi (KOR) 4-15
18 - Brian Harman 5-13, Colt Knost 12-6, Greg Chalmers (AUS) 13-5
17 - David Mathis 10-7, Robert Streb 7-10, David Toms 2-15, Bud Cauley 10-7
16 - Tom Gillis 6-10, James Driscoll 14-2, Brandt Jobe 8-8
15 - Josh Teater 15-0, Rory Sabbatini (RSA) 3-12, Johnson Wagner 4-11, Chris Williams 9-6, Luke List 0-15
14 - Dean Wilson 10-4, Chris DiMarco 6-8, Davis Love 2-12
13 - Brendan Steele 5-8, Michael Bradley 5-8, Will Claxton 8-5, Kevin Stadler 9-4
(Points awarded: 8 for double eagle, 5 for eagle, 2 for birdie, 0 for par, -1 for bogey and -3 for double bogey or worse)
