On H4 and not sure if I should apply for COS to H1

[richse]

Hi I am on a H4 visa and I filed for my very first H1B visa for the year 2014 on April 1 2013 with a start date of October 1'st 2013 in my application. Assuming that I get through lottery system, I have a question about my COS from H4 to H1.

1. If the H1B visa application gets accepted, does that mean my status automatically is updated by Uscis from H4 to H1.?

2. If not, then do I have to have to separately file for my COS from H4 to H1.? How much is the processing time for such a COS and is there a premium processing option?

3. Will I be getting a new i-94 when I finish doing either 1. or 2.

If you all can help me with your suggestion and appropriate links, I will really appreciate it.

Thanks.

[JoeF]

If the H1 petition is filed with COS, your status would automatically change to H1 on Oct. 1.