Hi Darlene, you have a lot of things to think about.
One thing is which company is more likely to drill a well. If you go here, West Virginia Office of Oil and Gas Permit list you will see that there are a lot of permits for Northeast Natural Energy, and none for Precision.
You might go here Monongalia county group, Mineral Rights Forum
to join the Monongalia county group. Maybe people there have some better information.
You can go here Monongalia county records and search the two companies, under Business. You will see that there are only a couple for Precision Oil & Gas, and a lot for Northeast Natural Energy. From what I have read and understand, it is generally better to go with a company that is more active, because they are more likely to drill. '
About the fraction, you might be able to find out more about your interest by searching the records in the link I sent. I don't think it goes back very many years. That 1/280 means that somehow you own 1/280 of the total oil and gas rights for that 31.762 acres. Perhaps somewhere back in your family, someone had 7 children as heirs, one of those had 10 children, and you are one of 4 children of one of those 10. That would be 1/280. Or some other version of that. It is not uncommon in West Virginia for this sort of thing to happen. Somebody back in 1880 owned a farm, then decided to move and sell the surface but retain mineral rights. This one left all to his children. They each left to their children. Oftentimes even the children of the first one don't know there are mineral rights involved, much less the greatgrandchildren.
There are many things in a lease that are at least as important as royalty percentage, or bonus money. I recommend that you read as much as you have time for, in this forum, and especially the West Virginia groups. The Doddridge county group is very active.
I also recommend that you consider having an attorney look at your lease and help you decide what is best for you. I'm sure there are many good ones, but the one I use is a member of this forum, Kyle Nuttall. You can find him through the forum or search the internet. Please keep asking if there are other questions, and try to join the Monongalia group and the Doddridge group. Lots to learn, and it is an exciting thing to be a mineral owner. If you have siblings or cousins who are also being contacted, is is usually better to stay together and negotiate as a group. There is more clout with more interest.