Tranmere had the chance to go two points clear at the top of League One but the draw meant they are level with Doncaster Rovers on points, separated only by Tranmere's superior goal difference.
O'Halloran had already started well at Tranmere, having earned the plaudits from manager Ronnie Moore after his performance against Chesterfield in the second round of the FA Cup:
"It was a scrappy old first half and the goal we conceded arose from a catalogue of errors - it was awful. But in the second half we got a bit of tempo going and Michael has made a big difference for us.
"He made a great run to help create our second goal and he didn't stop all day. It was a workmanlike FA Cup tie and we probably just about shaded it. We were holding on a bit at the end and it shouldn't have come to that really. I will watch the third-round draw on the television and it can be so nerve-wracking it's ridiculous."
O'Halloran's first goal for Tranmere came in the 74th minute on Saturday against Portsmouth. Andy Robinson's low cross was flicked into the path of O'Halloran and it was an easy finish from the Scotland U21 international as he nodded it home from close range. The goal put Tranmere ahead but the old cliche stood firm and Rovers conceded just 60 seconds after going 2-1 up. The match ended 2-2.