What was one the most highly prized regions of North America that was desperately wanted by both France and England?

Answer: Texas

Texas lay between Spanish Mexico and French Louisiana where it was considered as the most highly prized regions of North America because it was greatly wanted by both France and England.

Moreover, France was given a claim to Texas by the explorations of René Robert Cavelier and control the southeastern part of Texas. In addition, both countries are powerful that they knew that their claims to Texas would continue to be challenged until they permanently occupied or colonized the area.