Error occured while executing the script

Error occured while executing the script

While trying to view company or contact entries using Contact Manager application with only 1220 records, I see the following error:

Error occured while executing the script.
The execution is stopped since the number of deluge statements that can be executed in an action has exceeded the maximum limit.
You can view your usage limits here.

My usage limits report:
S.No. Particulars Your quota Used Remaining  
1 Records Count 100,000 1,220 98,780  
2 File uploads and Attachments 7,168 MB - -

Any suggestions would be greatly appreciated.
Thank you in advance for your help.