Gibson almost settled it beyond reasonable doubt when he broke clear but Adam made a superb save.
The Cowdenbeath goalkeeper stood between Stranraer and a more handsome victory and the result means Cowdenbeath go into the relegation play-offs.
Airdrieonians kept the pressure on with a 3-0 win at Ayr United but needed Stranraer to slip up for them to squeeze into the play-offs.
Alan Lithgow netted after Ayr failed to clear a corner to open the scoring and Dylan Mackin doubled Airdrie’s advantage with a left-foot shot shortly afterwards.
Airdrie made sure of the points when Sean Crighton scored late on.
Albion Rovers’ 3-1 win at Stenhousemuir also turned out to be a hollow victory. Scott McBride gave Albion a 49th-minute lead after Ally Love’s header had come back off the post. Love scored his 13th goal of the season after Stenhousemuir failed to deal with a long throw-in and then McBride fired home the third in 74 minutes.
Jamie McCormack headed a late consolation for Stenhousemuir.
Dunfermline beat Peterhead 1-0 with Joe Cardle scoring the only goal before a 6,236 crowd watched them receive the Championship trophy.
Brechin City ensured their survival with a 2-1 win at ten-man Forfar. Darren McCormack headed Brechin in front late in the first half.
Forfar were reduced to ten men early in the second half when Andy Ryan was sent off. Jamie Robson wrapped up the points with a second goal before Danny Denholm pulled one back in injury-time.