The 35-year-old notched two penalties and a conversion but failed with a last-minute drop goal as the Ospreys left Thomond Park with a share of the spoils, a result which did little to boost either team's RaboDirect PRO12 play-off hopes.
Munster are now seven points off a top-four finish, but Penney had no complaints with the desire and effort of his players, reserving special praise for O'Gara.
"He did really well. He has had a tough couple of weeks and it shows how resilient the man is," said Penney.
"He has still got a lot left to offer. But I was really proud of the effort and energy the guys put in. Again (we lacked) a little bit of accuracy at times, but no team is perfect.
"There was no lack of commitment this week and that was important. We could easily have picked up a couple of penalties. I'm sure Rog would have slotted them and we'd be in a different state.
"I don't think it was a lack of effort. It is difficult when you have got the opposition players in your backline when you are trying to play and the officials probably let a few things slip through there.
"So, maybe, on reflection, we were not always in control, but we created opportunities, and in tight games you need the odd thing going for you and that wasn't for us."
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