Exeter City produced an heroic effort but suffered FA Cup heartbreak after a penalty shootout defeat to Premier League Nottingham Forest at St James Park. The Grecians pushed Forest all the way in a thrilling and absorbing cup tie before being beaten in the cruellest of fashions.

Josh Magennis put City ahead with only five minutes gone, but goals from Ramon Sosa and then Taiwo Awoniyi saw Nuno Espirito Santo’s men turn the tie around before the break. But the Grecians rallied and Magennis levelled things up early in the second half to make it 2-2.

Somehow that was how it finished at full time and then after extra-time despite chance after chance as both teams pushed for a winner. Gary Caldwell’s side played for 40 minutes with ten men after debutant Ed Turns’ sending off, and forced a penalty shootout.

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But the cup run dream died after Reece Cole had his penalty saved and Angus MacDonald’s effort hit the crossbar. Nico Williams, one of several first teamers who came off the bench, scored the winning spot-kick to put Forest into round five and City out.

"It was a heroic effort - it feels like we've been playing for about three days,” Caldwell said. "With 11 men I thought the game plan worked, we bought into it, we gave up possession to a team that wants to play counter-attack and we frustrated them.

"The disappointing thing was the two goals, they were soft goals from our point of view. The sending off obviously has a huge impact on the game, but against 11 we dig in, the finishers come on, we really gambled in the last 10 minutes, I didn't want extra time and we have two brilliant chances and on another night, one of them goes in.

"The players were outstanding. The mentality, the teamwork, the looking after each other and protecting each other in difficult moments was incredible. It's something we have to take forward. We have to use this performance, we have to use this feeling and take this into the next 17 games.

“On another night we might have nicked it but it wasn’t to be. But this has to be a platform moving forward and this has to be the minimum and if we do that, so much to look forward to, not just this season but forward. I am proud of the players but we have to progress and when we are at our very best, we showed ourselves off in an amazing way.”

Following the 4-1 defeat to Stevenage ten days ago Caldwell made five changes to the Grecians side. In came deadline day signings MacDonald and Turns for their debuts, while Jake Richards, Demetri Mitchell and Ryan Trevitt also came in. There was no Ryan Woods, Tony Yogane and Caleb Watts, all of whom were on the bench, while Alex Hartridge and Cheick Diabate were cup-tied. As was City’s other deadline day signing Andrew Oluwabori.

Nottingham Forest head coach Nuno Espirito Santo made 10 changes to the starting line-up from the 7-0 thumping of Brighton and Hove Albion with Danilo the only player to keep his place. But most of the big guns were on the bench in reserve if needed – and it turned out they were.

City had the first chance with only three minutes on the clock. Vincent Harper whipped in a cross which Boly nearly turned into his own net. But from the resulting corner, Exeter went ahead.

Trevitt’s corner was only half cleared and Turns kept it alive. The defender floated the ball back into the box and found Mitchell. His shot was straight at Miguel, but the goalkeeper spilled it. Magennis was lurking and the skipper poked into the empty net from only two yards out. St James Park went wild.

But in the 15 ^th minute, the Premier League side levelled. The pressure told as after a good Forest move, Sosa danced into the box after an exquisite touch. His shot squeezed past the goalkeeper and despite getting a hand to it, he couldn’t stop it from trickling over the line to make it 1-1.

It was one-way traffic with Nuno’s side on the offensive, but City’s defence was resolute and keeping them at arm’s length, restricting the chances to a premium. And in the 37 ^th minute, Forest took the lead.

It came in avoidable circumstances as Harper’s poor touch on the break saw City give the ball away. It was worked neatly to Awoniyi, who took a turn on the edge of the box, and curled a beautiful finish into the far corner giving Whitworth no chance. It had been coming.

It felt game over. But in the 50 ^th minute, it was 2-2, and the crowd went wild. Ed Francis’ corner was deep and Magennis rose highest at the back post. His header was saved by Miguel, but he pushed it straight to veteran striker who bundled the rebound home from inside the six yard box, although Boly may be credited with the own goal as he sliced the clearance in off the post to turn it into his own net.

Miguel was then forced off with injury, but Matz Sels, arguably the best keeper in the Premier League this season, was a more than able replacement, and his first action was to deny Ilmari Niskanen who should have done better..

Elliot Anderson and Morgan Gibbs-White came on, just the £80m of talent, were Forest’s next changes and they both had chances to win it. But City were going for the winner and nearly got it. Niskanen’s cross after a corner wasn’t cleared found Turns at the far post, and his shot was cleared off the line.

But in the 88 ^th minute, City’s task got tougher. Turns clattered into Gibbs-White and referee Andrew Kitchen took his time before brandishing the red card. It looked harsh in real time, on the replay, the new signing clearly caught him with his studs on the knee.

Ten minutes of stoppage-time were added-on, somehow. And that was before Awoniyi was seemingly knocked out after an aerial challenge and a heavy landing. Play eventually resumed with 102 minutes on the clock, and Chris Wood on for Forest.

Alex Moreno, Jota Silva and Anderson all came close for Forest in stoppage-time as City were hanging on. But the Grecians nearly won it. Pat Jones skipped into the box and his shot went inches wide of the post with Magennis just unable to get a touch on it sliding in.

In a scarcely ridiculous 23 ^rd minute of stoppage-time, Forest should have won it. Caleb Watts dallied on the ball in his own area and lost it, it was played to Jota Silva, and from eight yards out, his strike lashed the post.

Forest had the better of the chances in extra-time, but they couldn’t find a way through a City side who had Magennis at centre-back alongside MacDonald and Niskanen, with Jones and Tony Yogane as wing-backs. Wood, Gibbs-White and Nicholas Dominguez had chances as penalties loomed – and then arrived.

Magennis, and Wood scored their kicks, but Cole’s penalty was saved by Sels diving low to his right. Gibbs-White scored his, but MacDonald’s penalty rattled the crossbar. Anderson then put Forest on the verge of winning. Yogane kept it alive, but Williams smashed his home to give the Premier League side the win and they will host Ipswich Town in round five.

"I am really proud of the team and the whole football club really,” Caldwell added. “We showed what a special football club we are. We just came up short on penalties, which is a lottery. I am really proud of the players. I don’t like losing, but there are so many positives we can take forward.”

In previous seasons, City would have earned a replay at the City Ground. But of the decision to scrap them for this season, the manager said: “People have made the decision, and the decision is wrong, there is nothing we can do about it. Clubs will fly off for glamorous friendlies and make more money and we have to live with it, too much in football is for the bigger clubs but there is nothing we can do about it.”

Exeter City are back in action on Saturday when they travel to bottom placed Cambridge United for a 12.30pm kick-off in League One. Arguably that is a more important game in the context of the season, as with Crawley Town winning and Shrewsbury Town drawing, City are only five points above the relegation zone now, albeit with a game in hand.