After forcefully shutting down the machine I can get back into the bootloader and either try again (which reproduces the same kernel panic) or go into Advanced options for Ubuntu and select a different kernel version:
Selecting any of the non-safe mode kernels in the list except the newest one, 3.13.0-58, will allow me to boot the machine and use it (typing this question from the laptop in question). I checked my log for apt (/var/log/apt/history.log) and found that during an upgrade I did yesterday the system installed kernel 3.13.0-58 and the problem showed up after this event.
My main concern here is that the kernel panic appears to be from when the system tries to set the target cpu frequency and either it fails to set it or some integrity check fails but I don't know nearly enough to actually figure it out. I do not think it is a hardware problem because using any of the older kernels boots (and appears stable, has been running for over 2 hours on 3.13.0-38). Could it be a hardware issue which I should get an RMA for or is it a conflict between my existing system and the new kernel? If it is indeed a software issue how do I resolve it? Thanks in advanced!