It depends on the amount of buffer you enabled in BSplayer preferences and on the speed of you network (not the nominal speed, but the real one)
If your net speed is 1Gbit, it mean that it can ideally handle a transfer rate of 120MB/s, so it should load the entire movie in less than 1 minute, but you also have to take into consideration the speed loss in the net, the real read speed of your original media (if you load the movie from a DVD drive over a net connection and you can read from that drive at 6x it means you read 8MB/s instead of 120MB/s, that means it will take 10 minutes to read that disk)
Yes, 10 minutes to read 300MB is really toooooo much (it means 0,5 MB/s, less than 1x DVD speed)
Your maths are correct for the amount of time available on the 300MB buffer, but not for the transfer time (that depends on the system you are using)
Try to lower the buffer percentage prior to play the movie (CTRL+P -> General -> Network buffer -> Prebuffer (%) -> set it to 10% which is 30MB if the buffer is 300MB), then with the preferences page opened load the movie and see if the "Buffer status" changes from N/A to a percentage (there you'll be able to see the amount of data transferred to BSplayer buffer)
Be sure to have enabled the right options in Network buffer preferences (enable not only the first option, "Enable network buffering", but also all the other drives)
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