I have a 250GB HD in a USB external enclosure that's showing up in Finder (and Disk Utility) as only a 128 GB harddrive...this had been happening on and off for a while (ie. sometimes it'll show as 250, sometimes as 128), but ever since running a disk repair (and just recently running Disk Warrior), it stays at 128. Any ideas why?
Are you sure that your enclosure supports 300 GB? For one standard of ATA, the maximum disk size is around 130 GB.
I had similar problems with my external hard drive (it was 250, but showed up as little as 7 GB or as large as 3 TB). They deduced that it was a hardware problem, and it's in for repairs now.
It's possible that your disk is corrupted, and the utility is only seeing the "good" part of the drive. If you're still under warranty, I'd send it in.