L1B extension while applying H1B in 2014

I have L1B visa / I94 valid till Jul-14. Now applying for H1B through some other employer. In the mean time (till getting approved H1B), can I apply L1B extension for I-94. Kindly help

I was in similar situation in 2013. I applied L1B extension in May 2013 and my H1B approved COS in Novemeber 2013.

But my emplyer was same for L1B and H1B, I do not know hot this impacts.