Travel with valid _94 abd Visa but H1-B extension pending

[nat07]

Hello All,

My Current H1 B Visa petition is getting expired on May 9, 2015 (Visa already stamped in Passport). My I-94 is also expiring on May 9, 2015.
However, I have already applied for extension of my H1-B with the USCIS on November 28, 2014 and my attorney has received I-797C (acknowledgement).

Now a situation has come up that I need to travel to India on January 12th to February 14th 2015. My wife is also going to travel with me and she is going to return 3 weeks after me and her visa and I-94 is also expiring on May 9, 2015.

We will be receiving a new I-94 on our return and my H1-B visa extension has been filed on my current I-94.
Will it be ok if I travel abroad while my H1-B extension is pending?

Also, my attorney says currently USCIS is being quick in approving H1-B extension and it might take as less as 20 days.
Please let me know your thoughts. Information on this scenario is greatly appreciated.


Thanks

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Sorry about the typo in the title.
I meant 'Travel with valid I-94 and Visa but H1-B extension pending'