Colony Park dominated the game in the early stages, and the first chance fell to them but they were denied an opening goal when a University defender sliced a clearance against the post.
Colony were creating chances but the home defence denied them until the 42nd minute.
Good work down the right and a perfect cross from Jack Strachan was expertly converted by Craig Ross to open the scoring, his shot striking both posts before going over the line.
Colony began to play with more freedom now, and after a good spell of passing, Marc Young thought he had scored the second, but his low shot just inside the post was brilliantly saved by the keeper.
With six minutes of the second half gone, Colony increased their lead when a long ball from Mess created a chance down the left wing was picked up by Marc Young who surged into the box, and made no mistake from ten yards.
Two minutes later, Colony should have increased their lead when a great cross from Douglas was eventually headed just over the bar by Young.
Just when Colony looked like they were well in charge, Uni began coming more into the game and a move down the middle and a shot from point-blank range was brilliantly saved by youngster Dylan Faskin.
Minutes later a cross from the University right winger could have put them on the score sheet but the ball went tantalisingly across the front of the Colony goal with nobody there to convert it.
However, in the 63rd minute a mistake in the visitors defence allowed University to pull a goal back when their striker connected first time with a cross from the right wing.
Colony now pushed hard for a third goal, and Jamie Lind, and new signing Andreas Mitchell both joined the action.
Colony had numerous shots blocked, and a Roddy Mess header was cleared off the line.
With ten minutes remaining, a foul on the edge of the Colony area gave Uni the lifeline they were looking for and their number nine made no mistake from the spot.
Despite sustained pressure from Colony, and with a penalty shoot-out looming, the match finished all square.
Unfortunately for the Inverurie side, the University keeper, who had played well throughout, saved the first penalty taken.
All the others were scored, meaning that Colony were out in the first round.