  We present Chandra X-ray images for the interacting galaxy pair NGC 7714/5.
In addition to the unresolved starburst nucleus, a variable point source with
L(X) ~ 10^40 erg/s was detected 1.5" (270 pc) northwest of the nucleus,
coincident with a blue, extremely optically-luminous (M(V) ~ -14.1) point
source on HST images. Eleven more candidate point-like ultraluminous X-ray
sources (ULXs) are seen, two >= 10^40 erg/s. Ten of these are associated with
interaction-induced features but only two with star formation. We found diffuse
emission with L(X) ~ 3 X 10^40 erg/s extending 11" (1.9 kpc) to the north of
the nucleus. Its spectrum can be fit with a 2-temperature Mekal function (0.6/8
keV) or a 0.6 keV Mekal function plus a power law. The hard component may be
due to high mass X-ray binaries (HMXBs) with contributions from inverse Compton
radiation, while the soft component is likely from a superwind. We also
detected extended X-ray emission from four extra-nuclear HII region complexes.
This emission may be due to HMXBs or to diffuse gas heated by winds from
supernovae, if the X-ray production efficiency L(X)/L(mech) is high (~5%). To
estimate L(X)/L(mech), we collected published data for well-studied HII regions
and superbubbles in nearby galaxies. For young HII regions (<3.5 Myrs), the
median L(X)/L(mech) ~ 0.02%, while for older regions, L(X)/L(mech) ~ 0.2-7%.
Thus gas heating by supernovae may be sufficient to account for the HII region
emission. In galaxies much more distant than NGC 7714, for example, the
Cartwheel galaxy, HII region complexes similar to those in NGC 7714 will be
unresolved by Chandra and will mimick ULXs.
