In the absence of their Origin stars it was playmaker Tom Dearden and returning big man Jason Taumalolo who came to the fore as the Cowboys racked up a seventh win of the season.
In the early going it was the Panthers striking first after just three minutes on the back of a penalty against Chad Townsend for late contact on Jack Cogger after he had put in a kick.
On the ensuing set the Panthers marched down field and Cogger launched a kick which was spilled by Zac Laybutt, with Izack Tago picking up the scraps to score his fifth try of the season.
The home side hit back in the 13th minute when Dearden split the Panthers defence and send a perfectly timed pass inside for Drinkwater to score. Townsend converted to level the scores at 6-6.
Panthers powerhouse Spencer Leniu got the ball over the line in the 18th minute but was penalised for a double movement and the Cowboys came away.
Midway through the half the Cowboys had a second try when Laybutt put Kyle Feldt away down the left and the veteran winger sent a pinpoint kick back inside for Dearden to gather and score.
Come the 25th minute and the premiers hit back when a left side shift featuring Dylan Edwards and Jaeman Salmon finished with Tago getting a free run to the line for his second try. Cogger failed to convert and the Cowboys led 12-10.
A dropped ball by Semi Valemei in the 30th minute handed the Panthers field possession and they capitalised through Salmon, who broke through a couple of flimsy tackles from close range and the visitors led 16-12.
Playing in just his second NRL match, Panthers winger Tom Jenkins had his first try when he crossed in the right hand corner after good lead-up by Salmon, Edwards and Tago.
After leading 20-12 at the break the Panthers stretched their lead to 10 points when Valemei was penalised for getting in front of the kicker on a short dropout and Cogger slotted the goal.
A first career try to Kulikefu Finefeuiaki in the 54th minute put the Cowboys right back in the contest at 22-18.
The home side drew level in the 63rd minute when Feldt flew into the left corner before the teams traded sets in an attempt to break the deadlock.
The Cowboys had a long range shot at field goal fall short before Cogger's attempt for the Panthers was charged down.
With 90 seconds remaining it was Townsend who stood tall for the Cowboys, slotting his 15th career field goal to make it 23-22.
Cogger then had another field goal attempt charged down but the ball rebounded to the Panthers who set for a shot again and the fill-in halfback nailed it to send the game to golden point.
A dropped ball by Edwards on the halfway mark in the Panthers' first set handed the home side a golden opportunity but Luciano Leilua made a mistake on the second tackle to hand Edwards a shot at redemption but his field goal attempt sailed wide.
A penalty against the Panthers for a strip then gave Feldt a shot from halfway but the kick was well wide of the mark and the battle continued.
With two minutes to play in the second period a dropped ball by Tyrone Peachey gave the Cowboys possession and Drinkwater made the premiers pay with a weaving run to the line from 30 metres out to secure a stunning 27-23 win.
Source:NRL.Com
