Nine-man North End were agonisingly denied all three-points by an injury-time equaliser from Kevin McDonald.
Daniel Johnson had put the Lilywhites in front after ten minutes, with his fifth goal of the season, before Joe Garner and Bailey Wright were both sent off.
A brilliant backs to the wall defensive display from Simon Grayson’s men looked like it could result in an unlikely win, until McDonald curled into the top corner from 30 yards in the first minute of stoppage time.
Garner returned to the starting line-up after suspension and was joined in the side by Adam Reach, who had completed an emergency loan move from Middlesbrough in time to make his debut.
The lead came ten minutes in as a ball down the right hand side by Calum Woods saw Garner head down into the path of Johnson, who danced inside onto the edge of the ‘D’ and curled the ball into the bottom left hand corner giving Emiliano Martinez no chance.
It was all North End in the opening stages and almost a dream start for PNE’s new No.32 as Will Keane teed up Adam Reach 25 yards out, his shot came off returning Wolves skipper Danny Batth and out for a corner with Martinez rooted to the spot.
Garner then teed one up for himself 25 yards out; some brilliant control and a shot that Martinez saved, but a goal kick given, just the luck that Garner was getting and within minutes he was back in the dressing room.
Another ball forward saw him challenge for the ball with Batth. Both players had their eyes on the ball, Garner raising his boot and the visitors’ No.6 ducking into it and taking a boot to his upper body. Referee Trevor Kettle wasted no time getting the red card out and after treatment the striker was off.
The best chance before the interval still came PNE’s way, even with ten men. A free kick from Reach on the left was a low ball in, it was and flicked on by Alan Browne, Tom Clarke controlled it and hooked a shot inches past the left hand upright.
Jed Wallace was the first Wolves man to test Jordan Pickford, but the PNE No.1 was up to it with a strong right hand stop denying the former Portsmouth man from the edge of the box.
Adam Reach again forced a fine save out of Martinez, when a volley from the edge of the box seemed to be heading to the bottom left hand corner until a strong hand from the on loan stopper.
With nine minutes left North End were left with an even harder job to do as Bailey Wright received a second booking in the space of three minutes, meaning the Lilywhites would be down to nine men!
Jordan Pickford kept out a header from Danny Batth with a minute of normal time left on the clock; Adam Reach – who had worked unbelievably hard on debut – cleaning up.
There was five added minutes and in the first of them Wolves drew level. The ball came to Kevin McDonald 30 yards out and he curled an effort into the top right hand corner, giving Pickford no chance taking a point back to the Black Country.
PNE line-up: Pickford, Woods, Cunningham, Welsh, Clarke (c), Wright, Reach, Browne, Keane (Hugill, 65), Garner, Johnson (Humphrey, 77). Subs not used: Kirkland, Vermijl, Kilkenny, Doyle, May.
Wolves line-up: Martinez, Iorfa, Golbourne, Price, Batth (c), Hause, Henry (Byrne, 64), McDonald, Afobe, Wallace (Ojo, 65), van La Parra (Le Fondre, 46). Subs not used: Ikeme, Doherty, Saville, Ebanks-Landell,.
Attendance: 13,049 (2,477 away fans)
Referee: Mr T Kettle