Did you try opening the program from the source? In the C: drive/program files? You might be using a short cut and this could be the reason it's saying it can't find the program.exe file that it needs to execute. You might want to find it in the the C: drive/program files and create a new short cut or try opening it up from there and then try formatting the disk again.
Are you trying to format this disk without opening up the program for the Cd Burner?