It's probably re-written the partition table and created partitions that your OS doesn't recognise. I'd be willing to bet that the only partition your OS recognises is the one that's 128mb - OpenELEC is Linux based, so for example one of the partitions will be Linux Swap
If you DD/bitwise copy (which is what I assume the util is doing) an image that's only 1 gig, it would only show the disk as being 1 gig. You can resize or create a new partition.