Peterhead made life difficult for themselves after twice going behind against Annan.
It fell to two former Annan players to rescue the point.
The Blue Toon were touted as preseason title favourites but a stubborn display from the Galabank men that might easily have seen them win will illustrate that this season’s promotion push will be just as competitive as the last.
Disappointingearly moments saw little in the way of goalmouth action.
Rory McAllister sent a dipping volley over after controlling a Jamie Redman head down in the 9th minute.
But the game suddenly burst into life after 22 minutes.
Matt Flynn sent a measured ball forward from inside his own half and David Hopkirk raced clear of Scott Ross and Steven Noble, drew Graeme Smith in the home goal and stroked the ball into the net.
The Blue Toon hadchances to go in level at the break.
After 34 minutes McAllister showed his strength on the left before driving into the penalty area and squaring to a well-placed Jordan Brown who slid a shot just wide.
As half time approached a David Cox corner from the right found the head of Redman but his effort bounced off the top of the crossbar and over.
The home side began the second period in positive fashion with McAllister curling an ambitious shot high and wide then Brown wasn’t far away with a rasping volley from 22 yards out in the 55th minute.
A minute later Peterhead were level. A Cox corner from the left went into a ruck of players 8 yards out and Bryan Gilfillan rose acrobatically and headed down and into the bottom corner.
But straight from the restart Peter Weatherson rifled a pass forward for Hopkirk to race clear once more andloft the ball over Smith from the edge of the area. The Toon had it all to do again.
Annan could have scored a third after 73 minutes when another punt found Hopkirk.
Graeme Sharp failed to deal with the ball and when it was squared to Kenny Mackay it took a fine one handed save by Smith low to his left to keep his side in the game.
With time running out Peterhead levelled and then could have won the match in a dramatic last five minutes.
First substitute Dean Richardson passed the ball forward to McAllister who stopped its progress at the edge of the penalty area for Cox to drive a low shot into the corner to level.
In stoppage time a cross from the right picked out McAllister on the edge of the six yard box but his scuffed shot trickled agonisingly past the post.
Peterhead - Smith, Sharp, Ross (Rodgers 74), Noble (Richardson 81), McGlinchey (McLaren 66), Redman, Gilfillan, Cowie, Cox, Brown, McAllister; unused - Jarvie, Buchan, Fitzgerald.
Referee – Kevin Graham
Attendance – 504