Hearts keeper Jamie MacDonald saved the spot-kick after nominated penalty taker James Vincent allowed Billy McKay the opportunity to complete his hat-trick.
Butcher said: "Hearts might be bottom of the league, but on current form before the game they would have been sitting fourth.
"They are still formidable opponents and they certainly showed spirit and determination, but we had some great chances to have finished the game off.
"I was a bit concerned that there might be a sting in the tail, although I couldn't see it.
"The only slight disappointment was the penalty. I understand the sentimentality of it, to give Billy his hat-trick, but James Vincent is our penalty taker and he will be hitting the next one."
Hearts boss Gary Locke did not want to focus too much on the penalty incident, but will have to deal with the dismissal of Jamie Hamill.
Hamill is the third Hearts defender dismissed, which limits Locke's options has his team attempt to make up the 15-point penalty they started the season with.
Locke said: I spoke to Jamie Hamill after the game and he said the ball hit him on the head, but when I spoke to the referee, he said it was handball.
"It's a difficult one, but I don't really want to make too much of it as I don't want to make any excuses."