A share of the points turned out to be about right in a poor game.
A first half virtually devoid of goalmouth action came to life after 27 minutes.
Simon Ferry played a ball into the penalty area from midfield.
Rory McAllister slipped as he tried to create space for himself but his drag-back ran kindly into the path of Nicky Riley, who side footed home from eight yards.
The only other effort of note in the first half came when Forfar centre-half Michael Dunlop sent a powerful header wide following a corner six minutes before half time.
The second half was only three minutes old when the visitors were level.
Tom O’Brien slipped a ball into the path of Gavin Swankie, who drove a low shot in by the near post to the right of goal.
Athletic then turned the game on its head after 71 minutes, full-back Iain Campbell scoring from 25 yards with a daisy cutter that gave Graeme Smith no chance.
The match was all square again in the 77th minute, Peterhead sub Andy Rodgers setting up Leighton McIntosh, who lashed a shot low into the net from 16 yards.
Two minutes later Shane Sutherland should have put the home side in front but shot straight at Scott Gallacher.
Forfar manager Dick Campbell said: “ 2-2 was a good result for both teams, who like to play attacking football.
“I am slightly disappointed that we are going down the road without all three points, but we were without five players and, when you bear that in mind, a draw maybe wasn’t a bad result “