Let me clarify. Hish suggested that the crashes I was experiencing is related to the UI mods so I uninstalled all mods except for the UI mods where I was only able to reproduce the crash at random times. The true culprit was Oblivion Stutter Remover, which I was able to resolve by reverting to the default settings in the .ini file. Referring the the note left on the guide under Oblivion Stutter Remover, crashes can occur on new games with the heap settings suggested by the author, not just on startup which I never experienced.