The move opened room for reliever Alex Hinshaw on the Padres' 40-man roster. The Padres also sent outfielder Blake Tekotte to Triple-A Tucson.
Owings originally went on the 15-day disabled list on April 26 with a strained right forearm.
"The diagnosis is still the same, strained forearm, but it really hasn't been healing at a fast rate," Padres manager Bud Black said. "The training staff thought it still might be 10 days or so or more to when he even picks up a ball."
Owings said it shouldn't be too much longer before he starts playing catch. In six relief appearances this season, Owings has posted a 2.79 ERA.
"It's feeling better," Owings said. "It's still nagging a little bit. I feel like we're making progress, but it's still nagging a little bit."