H1B Extension - Perm Approved - I140 to be applied

[immigrationmad]

My employer applied perm in EB3 category(case NO: A 16007 XXXX) in March 2016. After applying Attorney mentioned perm may get denied due to some issue in ad posting(as i am having 3 year bachelor degree from INDIA) and they will file another perm with proper add posting in November. Somehow first perm got approved in October. My current H1b Expiring in March 2017 and i may get 2 months re capture after that. Now attorney is mentioning that he will file I140 based on first perm in January and based on I140 receipt, approved perm(first) he'll apply for 1 year H1B extension and meanwhile second perm will also be applied. the Question i am having is 

1) Can we get 1 year extension on Approved perm(applied less than 365 days based on applied date mentioned to me by attorney and not  by tracking number).

2) If i apply for I140 in premium now will there be a possibility of denial? If it got denied what are my options.

 

Thanks.