130 foot run with 14 gauge COPPER wire, 120 volts @ 7.5 amps would result in almost 5 volts drop. If you are feeding it with an ACTUAL 120 volts, you are probably fine. your drill should run on 115 V just fine. If you are feeding it with 110v, the drop could be a problem. Pay attention if your drill start running hot. Stop and let it cool down. Wait a bit between holes to let the motor cool. If your extension cord is aluminum (or CCA - Copper Clad Aluminum), the voltage drop will be even more.
7.5 amps is not a particularly large load, but if it were me, I'd invest in at least a 50 foot good quality 12 gauge extension cord. You never know when you'll need it, and it will help on your current project, even if you don't run 12 gauge all the way. I buy mine from the local hardware store, since I like to give them the business when I can. If you are an "advantage member" you can get a good quality one at Northern Tool for less than $50 with free shipping. You can get a slightly less durable one from Harbor Freight for $37 plus shipping.