Trailing 2-0 midway through the second-half and 3-2 just seven minutes later, the Reds looked to have secured the unlikeliest of victories when Chris Burke scored in the 5th minute of stoppage time.
Bottom of the table Blackpool, despite being reduced to ten men, denied Dougie Freedman a third straight victory as Reds boss when David Ferguson headed the seventh goal of the second-half.
There were no complaints about Forest's attacking play in their first game since Britt Assombalonga's serious knee injury and they have now scored 10 goals in Freedman's short reign.
Speaking about the late, late equaliser, Freedman told the official club website afterwards: "We lacked concentration which is very alarming for me as a coach. It’s something we’ve got to work very hard on on the training ground to make sure that doesn’t happen again."