Place the bacon in a large, deep skillet, and cook over medium-high heat, turning occasionally, until evenly browned, about 10 minutes. Drain the bacon slices on a paper towel-lined plate.
Mash the black-eye peas in a bowl with a fork. Crumble the bacon into the peas, and stir in the shallot, red peppers, and enough flour to make the mixture stick together. Season to taste with salt and pepper. Form the black-eye pea mixture into 4 patties.
Melt the butter with the vegetable oil in a large skillet over medium heat. Cook the patties until golden brown and crispy on each side, about 4 minutes per side.
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