Why getting out of memory exception when trying to play images in pictureBox?

using System;
using System.Collections.Generic;
using System.ComponentModel;
using System.Data;
using System.Drawing;
using System.Linq;
using System.Text;
using System.Threading.Tasks;
using System.Windows.Forms;
using System.IO;

namespace Player_Manager
{
    public partial class ScreenShotsPlayer : Form
    {
        FileInfo[] images;
        DirectoryInfo di1;
        int current = 0;

        public ScreenShotsPlayer()
        {
            InitializeComponent();

            di1 = new DirectoryInfo(@"e:\screenshots");
            images = di1.GetFiles("*.bmp");
        }

        private void button1_Click(object sender, EventArgs e)
        {
            timer1.Start();
        }

        private void timer1_Tick(object sender, EventArgs e)
        {
            current = (current >= images.Length - 1) ? 0 : ++current;
            pictureBox1.Image = new Bitmap(images[current].FullName);
            pictureBox1.Refresh();
        }
    }
}

There are 1200 images on the hard disk and the timer is set to 100ms. After about 258-270 images played it's throwing the out of memory exception on the line:

pictureBox1.Refresh();

System.OutOfMemoryException was unhandled
  HResult=-2147024882
  Message=Out of memory.
  Source=System.Drawing
  StackTrace:
       at System.Drawing.Graphics.CheckErrorStatus(Int32 status)
       at System.Drawing.Graphics.DrawImage(Image image, Int32 x, Int32 y, Int32 width, Int32 height)
       at System.Drawing.Graphics.DrawImage(Image image, Rectangle rect)
       at System.Windows.Forms.PictureBox.OnPaint(PaintEventArgs pe)
       at System.Windows.Forms.Control.PaintWithErrorHandling(PaintEventArgs e, Int16 layer)
       at System.Windows.Forms.Control.WmPaint(Message& m)
       at System.Windows.Forms.Control.WndProc(Message& m)
       at System.Windows.Forms.Control.ControlNativeWindow.OnMessage(Message& m)
       at System.Windows.Forms.Control.ControlNativeWindow.WndProc(Message& m)
       at System.Windows.Forms.NativeWindow.DebuggableCallback(IntPtr hWnd, Int32 msg, IntPtr wparam, IntPtr lparam)
  InnerException: 

If i will remove the line pictureBox1.Refresh(); Then it will throw the exception on:

using System;
using System.Collections.Generic;
using System.Linq;
using System.Threading.Tasks;
using System.Windows.Forms;

namespace Player_Manager
{
    static class Program
    {
        /// <summary>
        /// The main entry point for the application.
        /// </summary>
        [STAThread]
        static void Main()
        {
            Application.EnableVisualStyles();
            Application.SetCompatibleTextRenderingDefault(false);
            Application.Run(new Form1());
        }
    }
}

On the line Application.Run(new Form1());

Same exception.