The Blue Toon’s defensive woes continued, dropping two valuable points from a winning position leaving them without a home win in the last four games at Balmoor.
It was the same old story of chances created but not taken which once again came back to haunt them, despite the return from suspension of striker Rory McAllister.
Kevin Dzierzawski also started with Nathan Blockley absent.
The visitors went straight onto the attack in the first couple of minutes but Greig
Spence completely missed the ball from a couple of yards out following a cut back from the right side of the penalty area.
Peterhead should have taken an 11th minute lead, Scott Ross with a downward header following a Steven Noble corner kick that was saved by Neil Parry and scrambled out for another corner.
Alloa responded with a Calum Waters free kick curled onto the head of Jason Marr and wide then the Blue Toon also spurned a chance, the ball hitting the midriff of Jamie Redman and past the right hand post.
The game then went into a lull with the highlight after 35 minutes when an over enthusiastic ball boy grabbed the ball whilst it was still on the pitch!
The second half started with an early run by Nicky Riley but his attempted cross was blocked then Leighton McIntosh fizzed a shot narrowly wide on the hour.
Riley shot high and wide as play went from end to end then after 67 minutes we finally had the breakthrough for Peterhead.
A free kick just outside the left corner of the penalty area was thundered low towards goal by McAllister and in the ensuing scramble the ball broke Fiacre Kelleher who stabbed home from six yards.
It was all square in the 78th minute and a disaster for the home defence.
A right wing cross from Scott Taggart was allowed to go over the heads of the entire Blue Toon rearguard and sub Jordan Kirkpatrick volleyed in for the leveller.
The error appeared to stem from keeper Smith shouting for the ball but failing to come and claim it but whatever the reason, another cheap goal had been conceded.
With time running out Simon Ferry dinked a neat pass forward to McIntosh inside the area but his effort on goal was blocked by Parry and right at the end sub Jordan Brown fired into the side netting as the game ended in stalemate.
The Blue Toon head for East Fife on Saturday with the home side just three points behind with better goal difference.
Speaking after the match, Peterhead captain Simon Ferry described the result as ‘very frustrating.’
He said: “The boys put in so much effort but we just seemed to drop deeper and deeper after we scored and it was another mistake that cost us but we just don’t seem to be getting the breaks just now but if we keep on putting in the hard work the tide will turn.
“It’s away to East Fife next week, our away form has been better this season which is the opposite of last season but it is important we start winning our home games as well and hopefully we can get three points.”