Biomass is renewable source of energy while the reserves of petroleum are being depleted. The latex of a potential petrocrop, Calogtropis procera, a laticifer, arid-plant which is rich in hydrocarbon type triterpene compounds etc. was found to be a better feed stock for thermal hydrocracking as compared to whole plant biomass interms of liquid product yield. Studies of chemical reaction dynamics of the thermal cracking of latex at 200-400-degrees-C showed that the process should be termed as hydrogen-tranfer (H-T) hydrocracking of latex under ambient pressure conditions. The hydrogen rich cracked triterpenoids act as the H-donors in this process, where nascent hydrogen atoms and free radicals chemically plug the cracked moities to stabilise these. Latex was also coagulated and the H-T hydrocracking of the feedstock coagulum gave a higher yield of cracked oil in comparision to that from the dried latex. A model triterpene compound, ursolic acid has been subjected to H-T hydrocracking to understand the process of hydrocracking of latex under similar conditions and it was found that triterpenes on H-T hydrocracking produced only liquid and gaseous products and no solid char. The temperature for hydrocracking of latex has been optimized to 350-degrees-C and molecular sieve was found to catalyse the H-T hydrocracking process to yield more liquid product. The distillation range of cracked latex oil (CLO) obtained from H-T hydrocracking of C. procera latex indicated that it can be used as fuel oil or substitute for diesel fuel. Moreover, CLO resembled diesel fuels and was predominantly paraffinic in nature as characterised by NMR and FTIR spectral analysis. A process has been recommended for getting value added fuels and chemicals from C. procera latex.