Fortunately, one season does not make a career, and Owens has bound back in a big way so far this year. In five starts (34 innings), Owens has given up just eight runs (a 2.12 ERA), struck out 26 and walked just two. He's walked just two batters in 34 innings. Those are nice looking numbers. He has 13 strikeouts for every walk. That's how you get things done.
As you probably already know, Owens doesn't have great stuff. What he does have is pinpoint location and a good knowledge of how to pitch. He was a 28th round draft pick, so it's not surprising that he isn't throwing in the mid 90's or striking guys out with a huge curveball, what is surprising is how far he's come with so little expectations surrounding him. For his career, he has a 3.35 ERA and 2.85 strikeouts per walk.
There isn't exactly an opening in the big league rotation in the foreseeable future, so you aren't going to see Owens in a Pirates uniform anytime soon (unless we get hit with a bunch of injuries). Owens is going to have to continue to perform for Indianapolis and await his chance. If he keeps pitching how he's been, the Pirates will have no choice but to give him a shot in the big leagues.