A goal in the dying seconds earned Gretna the point they fully deserved.
The visitors battered the home goal virtually from the kick-off, but some brave defending and poor finishing ensured they only managed a draw.
Gretna almost went in front after only four minutes when a Ryan McGuffie header from a corner kick was saved at the second attempt by man of the match keeper Paul Mathers.
The visitors continued to look like a full time team playing a part time outfit and just before the half-hour mark, Danny Lennon saw a shot blocked by Mathers following a David Bingham cut back.
Against the run of play Peterhead took the lead two minutes before half-time. Jamie Buchan played a one-two with Martin Bavidge and sent the return ball into the top corner for a glorious goal.
Gretna continued to dominate after half time and Andy Smith saw an early chance saved by Mavers.
Two minutes from the end, Smith somehow managed to head over from just two yards out following a corner and it looked like their chance of salvaging something from the game had gone.
In the final minute, Brian Gilfillan, who had come on for Smith seven minutes from the end, stuck out a foot to knock home a through ball for a well deserved share of the points.