Panel Node display

You could either create a view (with the Views module) or configure the existing node. I recommend views because you can easily select the fields that you want to be exposed in the panel-pane

I did what you said i am getting the full node in the pane.
I need it to be half say 200px and a read more link

For Ex
See the image below
In that the first left column should be similar(height) to that of the events in the right.

you could change the panel layout to be flexible and tell the panes to be "fixed" or you could use css and tell that block or pane to be width: 200px;