The points were shared in this game, which had a typical end of season feel to it.
Both sides created plenty of chances, but that failed to lift the atmosphere which was decidedly flat.
Forfar should have opened the scoring after only two minutes when David McClune was played clear through, but he blasted high over the bar.
Moments later Alloa passed up an even better chance when Forfar keeper Neal Ferrie sliced his goal-kick straight at Graeme Brown, who volleyed it straight back. Ferrie recovered just in time to scramble the ball past the post.
The deadlock was broken in the 25th minute when Alloa took the lead. A long throw-in from John Ovenstone was headed home by Juan Calderon, despite Ferrie getting a hand to the ball.
Minutes later Michael Daly almost made it 2-0, but his fierce volley was pushed over by the keeper.
Right on the stroke of half-time Forfar levelled when Hugh Davidson slipped a pin-point pass through the defence for Jay Stein to slide the ball home.
The second half was a largely forgettable affair, apart from two amazing goalmouth scrambles right at the start and end.
Moments after the interval, Alloa keeper Gary McGlynn saved his side with a trio of fantastic stops to deny Forfar.
Then in the 90th minute Darran Thomson and Brown both hammered shots off the Forfar cross bar in an amazing and frantic finale.