Can I stay in L1B when H1B is in processing

Hi All,

i am having L1B Visa valid till jul18th 2014 but hav petition valid till jul 20th 2015. If i travel to US before jul18th definitely i will get I94 till jul 20th 2015. This time i applied for H1B and got selected in lottery. My question is

If i travel to US now, after oct 1st 2014 will my status change from L1 to H1 automatically eventhough i didn’t applied for COS?

If not, can i stay with that valid I94 till jul 20th jul 2015.

Please clarify this confusion