Zach Clough scored twice in 13 second-half minutes for bottom of the table Bolton after Luke Garbutt's first-half opener, only for Ross McCormack to add further gloom with a stunning 85th-minute equaliser.
Gray bemoaned his side's inability to kill-off Wanderers, especially in the first half, saying: "I can't believe I am only talking about taking one point.
"I said to the players at half time we haven't been clinical enough and we need to be more ruthless.
"Then same again second half.
We had a great opportunity to make it 2-0 and suddenly it bites you and Bolton get back in the game "When they go 2-1 up you are wondering if it is one of those games.
And once again we are relying on Ross to hit a 'worldie'.
"With the amount of chances we created I should be talking about three points and a good away win.
"We created so many chances and I don't think I have been in a game where there have been so many one on ones with keeper.
We missed the target on two occasions and hit the woodwork twice.
"I have been in the game long enough though to know if you don't convert your chances then it can comeback to haunt you.
"You know they are going to have a 10 minutes period in the game and that 10 minutes period was when they got their noses in front."