Can I94 extended beyon 3 years based on L1 petition date?

USA L1, L2 Visa
1

Complex case: Please help to get clarity.

Situation:

  1. I am on L1 (expired in Sep 2013). My I 94 is valid till July 2015. My L1 petition max out date is in 2016. I work for company X. This company will file H1 for me this year. Also, PERM application just started for me.

  2. My wife is on L2 (expired in Sep 2013). Her I 94 is valid till July 2015. She works for same company X. This company will file H1 for her this year.

  3. Both of ours I 94 were Issued for 3 years from date of entry.

Assumption:

H1 gets approved for both of us, effective 1st Oct 2015.

Question:

  1. Can I get my I 94 extended beyond July 2015 based on my I 797 / L1 Petition?

  2. If I get my I 94 extended, will my wife get her EAD extended?