Northampton skipper Kelvin Langmead scored a late leveller to cancel out Ryan Jarvis' opener after 62 minutes.
Ling admitted: "When you concede a goal two minutes into stoppage time after being one-up it does feel a little bit like a defeat.
"I certainly think I had players out there, especially the two central defenders - (Aaron) Downes and (Angus) MacDonald - and central midfielders (Lee) Mansell and (Craig) Easton who did not deserve that, nor did our keeper Michael Poke.
"When you think about it two minutes from the end of stoppage time at 1-0 we were looking at being back up in the top seven but then they scored and we are back down to 11th.
"That's football. Michael made two tremendous stops but they got on the end of it at the third attempt and got the goal.
"I could not have asked any more from my players, especially considering the conditions, because it was wet out there and then it cut up.
"It was proper winter football conditions and Northampton chucked everything at us and we stood up to it.
"It was a real test and we seemed to have come through it. At the start of the second half it was like a basketball match with both teams having a go and chances at either end.
"Ryan (Jarvis) got the goal for us after good work by Danny (Stevens) and Nathan (Craig) and I thought that would be enough because we were playing so well all things considered."