NGC 300 X-1 is a Wolf Rayet + black hole binary that exhibits periodic decreases in X-ray flux . We present two new observations of NGC 300 X-1 from the Chandra X-ray Observatory ( totaling \sim 130 ks ) along with ACS imaging data from the Hubble Space Telescope . We observe significant short-term variability in the X-ray emission that is inconsistent with an occultation by the donor star , but is consistent with structure in the outer accretion disk or the wind of the donor star . We simultaneously fit a partially-covered disk blackbody and Comptonized corona model to the eclipse egress and non-eclipsing portions of the X-ray spectrum . We find that the only model parameters that varied between the eclipse egress and non-eclipsing portions of the spectra were the partial covering fraction ( \sim 86 % during eclipse egress and \sim 44 % during non-eclipse ) and absorbing column ( \sim 12.3 \times 10 ^ { 22 } cm ^ { -2 } during eclipse egress , compared to \sim 1.4 \times 10 ^ { 22 } cm ^ { -2 } during non-eclipse ) . The X-ray spectra are consistent with the movement of the X-ray source through the dense stellar winds of the companion star . From our new HST imaging , we find the WR star within the X-ray error circle , along with additional optical sources including an AGB star and an early-type main sequence star . Finally , we use our egress measurement to rephase previous radial velocity measurements reported in the literature , and find evidence that the velocities are strongly affected by the ionization of the wind by the compact object . Thus , we argue the inferred mass of the black hole may not be reliable .