Ten-man Limerick 37 salvaged a point with a goal in stoppage time at Lissywollen.
The home side had the better of the exchanges in the early stages but it was Limerick who struck first against the run of play with the opening goal five minutes before the break.
Willie Bruton's cross from the right wing picked out James Hayes who, in spite of being surrounded by a number of Town defenders, headed past the veteran Anthony Jinks in the Town goal.
Athlone were again on top after the break and deservedly equalised on 76 minutes following a corner kick, one of a dozen forced by the home side.
The dead ball delivery from Anthony Hayes was not dealt with by Limerick, and when Eric Lavine played the ball back into the danger zone Phillip Reilly forced the ball home from close range.
Dermot Lennon's men looked to have been handed a big advantage when Limerick were reduced to ten men with 10 minutes left.
Goalkeeper Dave Ryan fumbled a long ball forward from defence while under pressure from Niall Scullion and was shown the red card by the referee when he tugged on the Athlone man’s jersey in an attempt to rectify the situation.
Phillip Reilly stepped up and gave substitute 'keeper Kevin Fitzpatrick no chance with the spot kick.
Approaching full time, Niall Scullion forced Fitzpatrick into a fine save as he pushed a shot around his post.
In the second minute of stoppage time Athlone hearts were broken when Limerick grabbed an equaliser. Brendan Daly's cross from the right fell to substitute David Ryan, who found the net with a fine headed effort.
Athlone Town: Jinks, Rossiter (Hayes, 45 mins), Reilly, Hope, Keady, C Jinks, Hamm, Scullion, Moran (O'Dowd, 54), Lavine, McCartney (McGee, 87).
Limerick 37: Dave Ryan, Daly, Cleary, Danaher, Barrett, Tracey, Fogarty, Manjor (Cosgrove, 37 mins), Hayes (David Ryan, 77), Bruton (Fitzpatrick, 81), Harrington.
