The list was announced by the Academy of Motion Picture Arts and Sciences on its official website.
The film's music, composed by Ousephachan, is among 97 scores that have been shortlisted and are vying for a place in the final nomination list for the category.
Popular international films like "The Adventures of Tintin", "Mission: Impossible - Ghost Protocol", "Moneyball" and Madonna's directorial debut project "W.E., " are among the other contenders for a place in the final nomination list.
"DAM 999" itself is competing for a nomination in the Best Film category, while for the Best Song category three numbers from the movie are up for nomination. These include "Dakkanaga Dugu Dugu", "DAM 999 Theme Song" and "Mujhe Chhod Ke".
The movie, a $10 million production, tells the tale of a cracking dam built during colonial rule and revolves around nine characters and their emotions. The lives of all the nine characters centre around the central edifice - the pressure-mounted dam.
The final 84th Academy Awards nominations will be announced Jan 24, 2012, at the Samuel Goldwyn Theater.