James Franco Goes Surfing Day Before Oscar Snub

James Franco tried riding out the storm on a surfboard Monday -- but it didn't work ... 'cause he wiped out a day later.

Paps got James Monday in Malibu surfing with some pals, and he actually seemed pretty chipper ... but his mood probably changed Tuesday after missing out on a Best Actor nomination.

Lots of folks are claiming snub, especially since he won a Golden Globe and Critics' Choice Award -- he was also nominated for a SAG Award.

Looks like those accusations were simply too much for the Academy ... bummer, dude.