No fracking moratorium. But a delay.

Gov. David Paterson on Saturday vetoed the bill that would have imposed a six-month moratorium on issuance of new state permits for natural gas wells drilled with the controversial method known as hydraulic fracturing.

In a brief written statement issued Saturday, Paterson's counsel said the governor believed the moratorium legislation would have temporarily barred other, more "conventional" types of natural-gas drilling.

But even as he vetoed the bill, Paterson signed an executive order barring the Department of Environmental Conservation from issuing new permits for "high-volume, horizontal hydraulic fracturing" until at least July 1.

Horizontal hydrofracking involves drilling vertically down into bedrock, then extending the well horizontally. Pressurized water, sand and chemicals are injected into the well, cracking the rock and freeing up gas entrained in it. Paterson's veto was meant, apparently, to allow continued use of vertical hydrofracking.

For once, both sides of the issue praised the action. The New York oil and gas industry said it was pleased the moratorium was defunct, while environmental groups were pleased that horizontal drilling was on hold.