Can't Read External Hard Drive

[sleepneed]

I reformatted my external hard drive and now it can't even read anything. I checked under disk utility and I saw this:

Figure 1.

Is there anyway to unlock/fix this? I've tried repairing in Disk Utility but it says everything is fine. Thanks in advance for your assistance.

EDIT: Just checked the log and saw this for when I was formating it if this will help:

2012-08-01 00:08:58 -0400: Disk Utility started.

2012-08-01 00:09:26 -0400: Unmounting disk2
2012-08-01 00:09:29 -0400: Removing Logical Volume from Logical Volume Group
2012-08-01 00:09:31 -0400: Disk Encryption failed with the error:

There is not enough free space in the Core Storage Logical Volume Group for this operation.
2012-08-01 00:09:31 -0400: Erase complete.
2012-08-01 00:09:31 -0400:

 

[johto]

I reformatted my external hard drive and now it can't even read anything. I checked under disk utility and I saw this:
[url=http://farm8.staticflickr.com/7125/7689214068_f34a67e0c5_n.jpg]Image[/url]
Figure 1.

Is there anyway to unlock/fix this? I've tried repairing in Disk Utility but it says everything is fine. Thanks in advance for your assistance.

EDIT: Just checked the log and saw this for when I was formating it if this will help:

The external disk you are talking about, you mean the "Time Machine" disk? How did you reformat it? Was it already encrypted via OSX own filefault2? Are you doing this with an admin account? Can you select re-partition it again(select partition 1 scheme from the pulldown menu), or is it grayed out?
I dont see any reasons why you should not be able to select a new partition scheme with 1 partition(encrypted if you wish) and then format it...if not, something fishy going on.

Maybe something has gone wrong with the encryption/permissions when you reformatted it. Have you upgraded to lion -> mountain lion in between etc?

 

[sleepneed]

EDIT:

Please lock this thread. I went to WD's site and downloaded their formatter software and it was able to somehow remake it be able to be read. So now it's back write and readable.

Thanks for the offer of help johto.