The present disclosure is directed to a composition and method of fracturing a formation penetrated by a well-bore. The composition and method comprises providing a fracturing fluid that is liquefied carbon dioxide (LCO2) with at least one friction reducing polymer that is a polysiloxane dissolved in the LCO2 at a concentration of about 0.001 to 1.0 weight percent, and a first at least one co-solvent, and optionally a second at least one co-solvent that has a closed cup flash point greater than the first at least one co-solvent, in order to enable dissolution of the polymer in order to effect friction reduction.