H1 Extention question and getting close to complete 6 year

[tomtomc80]

I am completing 6 years of H1 in July 2013.

Current I797 is valid until march 2013 with current employer, I 140 is applied in Sept, 2012.

So if i go for H1 extension in Jan/Feb 2013, hoping i will have 140 approved by Dec 2012, would i get an extension of 1 year or 3 yr or until July 13(In July 13, i complete 6yrs on H1 + L1) ?

other question is -

in worst case if i have to go on H4 after march 13 and i decide to go for MS/MBA in any of US univ, would i be eligible for OPT/CPT and new H1 after my masters is done ? or i have to be out of country for one yr to be eligible for another H1.

please suggest, also if you can guide me any other way out as of my current situation, goal is to extend stay in US and work.

[kalyan_ac]

You can file for H1 extension based on your 140 approval and it may be approved for 1 or 3 years based on USCISs discretion.

you will be eligible for OPT/CPT after completion of MS/MBA.

You will have to be out of states for an year to be eligible for a new H1.