  We present the first detailed imaging and spatially resolved spectroscopic
study of the Galactic supernova remnant G292.2-0.5, associated with the
high-magnetic field radio pulsar J1119-6127, using Chandra and XMM-Newton. The
high-resolution X-ray images reveal a partially limb-brightened morphology in
the west, with diffuse emission concentrated towards the interior of the
remnant unlike the complete shell-like morphology observed at radio
wavelengths. The spectra of most of the diffuse emission regions within the
remnant are best described by a thermal+non-thermal model. The thermal
component is described by a plane-parallel, non-equilibrium ionization plasma
model with a temperature ranging from 1.3 keV in the western side of the
remnant to 2.3 keV in the east, a column density increasing from 1.0e22 cm^-2
in the west to 1.8e22 cm^-2 in the east, and a low ionization timescale ranging
from 5.7e9 cm^-3 s in the SNR interior to 3.6e10 cm^-3 s in the western side -
suggestive of expansion of a young remnant in a low-density medium. The spatial
and spectral differences across the SNR are consistent with the presence of a
dark cloud in the eastern part of the SNR, absorbing the soft X-ray emission.
The spectra from some of the regions also show slightly enhanced metal
abundances from Ne, Mg and Si, hinting at the first evidence for ejecta heated
by the reverse shock. Comparing our inferred metal abundances to core-collapse
nucleosynthesis models yields, we estimate a high progenitor mass of ~30 solar
mass suggesting a type Ib/c supernova. We confirm the presence of non-thermal
hard X-ray emission from regions close to the pulsar. We estimate an SNR age
range between 4.2 kyr (free expansion phase) and 7.1 kyr (Sedov phase), a
factor of a few higher than the measured pulsar's age upper limit of 1.9 kyr.
