This problem occurs occasionally after working for a period of time.
The only way I've found to resolve this is to restart the SQL Server and Agent processes.
I've tried refreshing the registry entry (See MS Article ID: 209805) for the file Mstext40.dll / HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Jet\4.0\Engines\Text, without change.
Here's an example of the T-SQL query.
SELECT * FROM OPENROWSET('MSDASQL', 'Driver={Microsoft Text Driver (*.txt; *.csv)};DefaultDir=E:\MSSQL\;', 'SELECT * FROM [Myfile#txt];' )
Here's another version of the error.
Server: Msg 7399, Level 16, State 1, Line 2 OLE DB provider 'MSDASQL' reported an error. [OLE/DB provider returned message: [Microsoft][ODBC Text Driver] System resource exceeded.] OLE DB error trace [OLE/DB Provider 'MSDASQL' IColumnsInfo::GetColumnsInfo returned 0x80004005: ].