A composite fracturing fluid consisting of a mixture of carbon dioxide liquid, nitrogen gas and an aqueous media. Nitrogen is present in the mixture in an amount from about 1.25 to about 15 parts by volume to about 1 part by volume carbon dioxide, and nitrogen and carbon dioxide are present in the mixture from about 1 to about 24 parts by volume to about 1 part by volume water at bottom hole conditions in a subterranean formation. Thickening agents, gelling agents, foaming agents, surfactants, cross-linking agents, proppants, and other additives may be mixed with the fluid to achieve fluid properties desired for various types of subterranean formations.