It might be a limitation of Ms Excel regarding Horizontal Page Breaks but I am not 100% sure. Could you do it manually in MS Excel? If you could perform the task in MS Excel, give us your sample code (or sample console application, you may zip it) and template file to reproduce the issue on our end. We will look into it soon.
You can have 1000 horizontal and vertical page breaks in MS Excel 2003 and 1026 in MS Excel 2010. We follow MS Excel Standards, so it is a limitation of MS Excel and nothing to do with Aspose.Cells component.