The point at least took Bolton closer to Birmingham above them and pulled them further away from Fulham but Megson felt they had deserved more.
Gretar Steinsson went the closest for Bolton with an early header that hit the post while Kevin Davies had a late effort cleared off the line by Martin Petrov.
Megson said: "In terms of the game it was probably two points lost.
"In terms of the amount of chances we had and opportunities to create more - we hit the woodwork and had it cleared off the line and territorially we had the advantage - it was two lost.
"But it is certainly a point gained on the team immediately above us and a point gained on the team immediately below us."
Given the seriousness of their situation, Bolton produced a typically robust display but Megson denied his team were overly physical.
"I didn't think we were physical," Megson said. "We competed when we didn't have it and we got the ball forward.
"We compete, the situation that we are in demands that we compete and football is a competitive game.
"We compete properly. You do mistime challenges at times but there is no intent, nothing malicious. We do want to get out of there."