Scorers: Stranraer - Thomson (19) and Gibson (32 and 72); Peterhead - McAllister (12 and 55) and Anderson (69)
THE spoils were shared in a topsy-turvy tie at Stair Park as Stranraer made it four games unbeaten for the first time this season.
Stranraer and Peterhead shared six goals with more than 450 fans coming along to enjoy a thriller at the bottom of Scottish League One.
Stevie Farrell was able to name the same starting line-up that had picked up an impressive point at the Tony Macaroni Arena seven days earlier.
That meant just a place on the bench for the available Morgyn Neill, with Giuliano Morena missing out altogether.
It was the visitors who made the breakthrough though when Rory McAllister seized on some uncharacteristically poor defending from David Barron.
The striker still had plenty to do but curled an unstoppable effort beyond Cameron Belford from 25 yards.
Still, the Blues were only behind for seven minutes, with Ryan Thomson finding the equaliser.
The midfielder rose highest to bullet home a header from Scott Agnew's corner and the tables were turned when Willie Gibson produced a trademark free-kick just after the half hour mark.
The hosts could have extended their lead either side of the interval, with Craig Malcolm failing to truly test Graeme Smith before Agnew's low shot hit the post and bounced to safety.
Unfortunately, those missed chances were to prove costly with McAllister grabbing his second of the game ten minutes after the restart.
The striker notched his 20th of the season when he got on the end of Grant Anderson's cross.
Then, Peterhead got their noses back in front when McAllister fed Nicky Riley and his cross was perfect for Anderson to bundle home.
It looked like any chance of some points could be slipping away but Farrell's men showed their steel to find a second equaliser.
Again, it was that man Gibson, who skipped by one defender before smashing past Smith for the final goal in an end to end tie.
Stranraer: Belford, Robertson, Dick, Barron, Pettigrew (Neill 81), Bell, Thomson, Agnew, Donald (Kassarate 66), Gibson, Malcolm (McGuigan 77).
Not used: Wilson, Turner, Kemp and Currie.
Peterhead: G Smith, Comrie, McMullin, Ross, Gordon, S Brown, Anderson, Riley (McIntosh 78), McAllister, Strachan (Redman 87), Stevenson (Dzierzawski 87).
Not used: J Brown, A Smith, Baptie and Hobday.
Referee: Steven Kirkland