Do New Mexico Labor Statutes provide for compensatory time for overtime hours worked by FLSA exempt employees?

No federal or any state laws address this. It's not impossible to structure additional compensation for extra hours for exempt employees that will not jeopardize the exempt status, but it's not either required nor expressly prohibited by law.

OTOH, exempt employees are expected to work whatever hours are necessary to do their job and have no legal expectation of additional compensation over and above their weekly salary.

If you're asking about compensatory time (allowing time off from work) as opposed to "additional compensation" (pay), compensatory time is also legal for exempt employees but not required.