Two Injury-time goals saw the Shrimps suffer a controversial defeat at St James’s Park.
Jim Bentley’s side looked set for a fine point when Exeter substitute Reuben Reid went down in the box in the 91st minute under Michael Rose’s challenge and the referee awarded a spot kick which Reid hammered past Dan Nizic.
Four minutes later the Grecians added to their advantage when substitute Liam McAlinden scored a fine individual goal when he waltzed past several challenges on the edge of the Morecambe box before firing a low shot past Nizic.
The game had looked set for a stalemate before the frustrating finale.
After a goalless first half David Wheeler gave the home side the scrappiest of leads in the 47th minute when a right wing corner ended with the ball bouncing in the box before ending up in the back of the net with Wheeler claiming the final touch.
Joel Grant went close to doubling Exeter’s advantage two minutes later when he produced a superb run into the area but failed to find the target with his final effort that went inches wide of the right-hand post.
The Shrimps hit back and produced a stunning equaliser on 61 minutes.
Paul Mullin crossed to the far post and substitute Kevin Ellison produced a brilliant volley that flew past Christy Pym and hit the top left-hand corner of the Exeter goal.
The first half saw both sides play some decent football without creating too many clear-cut chances.
Jake Taylor went close for Exeter with a shot that was deflected wide and Wheeler saw a close range shot well blocked by Nizic at full stretch.
Antony Evans, who started up front alongside Paul Mullin, forced Pym into a similar close range save in a half where both defences remained on top.
The second half saw a different story as the game opened up and ended with a dramatic finale and defeat for the Shrimps.
Exeter City: Pym, Sweeney, Moore-Taylor, Brown, Ampadu (Reid 76), Tillson, Harley, Taylor, Wheeler, Grant (Holmes 86), Watkins (McAlinden 87). Subs not used: Olejnik, James, Stacey, Croll.
Morecambe: Nizic, Edwards, Kenyon (Ellison 59), Winnard, McGowan, Rose, Fleming, Duckworth, Wildig, Evans (Molyneux 68), Mullin (Turner 78). Subs not used: Roche, Wakefield, Murphy, Whitmore.
Referee: Lee Swabey