Bilbao continued to impress in the early stages of the second period and levelled when Markel Susaeta pounced at the back post to tap into the empty net.
Both sides had chances in the latter stages of the match, but neither could find a winner as the points were shared in a 2-2 draw.
Read how it all unfolded in Sports Mole's minute-by-minute live commentary of the action below.
VALLADOLID: Hernandez; Sereno, Rukavina, Valiente, Pena; Rubio, Oscar, Sastre, Larsson; Guerra, Bueno
BILBAO: Iraizoz; Iraola, San Jose, Aurtenetxe, Laporte; Gurpegi, Susaeta, Herrera, Aduriz; Muniain, De Marcos