I've been for awhile now trying to make this work with no luck. I have 2 extra fields of dates.
Although on the back-end it shows the format (10-31-2014) on the actual item.php page is shown as
(Friday, October 31, 2014.) I've been trying to use something like:

<?php echo JHTML::_('date', $this->item->extrafields[1], JText::_('K2_DATE_FORMAT_LC2')); ?> and
<?php echo JHTML::_('date', $this->item->extrafields[1], JText::_('m-d-Y')); ?> also...
<?php echo JHTML::_('date', $this->item->extrafields->mydatealias->value,JText::_('m-d-Y')); ?>

It "works"...LOL... but the only problem is that only brings the actual (today's) date and not the content entered in the database. I don't want ALL the dates with the same format, I just need these extra fields with that format.

Any help will be greatly appreciated.

Hello John,

Have you tried, rendering each extrafield separately like this?
You can also use var_dump() to see the exact value of the extrafield so you can manipulate it,

Hi John,

I just posted a solution here:
www.joomlaworks.net/forum/k2-en/36900-edit-extra-field-date-format-in-specific-template#143550

I hope this helps,

Joe Campbell