$dbdate = '2006-06-28 17:03:04'
echo date('F j, Y g:iA', strtotime("+38 minutes $dbdate") );
EDIT
Forgot the month change, try
$dbdate = '2006-06-28 17:03:04';
$t = strtotime($dbdate);
$t = strtotime ('+1 months', $t);
$t = strtotime ('+38 minutes', $t);
echo date ('F j, Y g:iA', $t);
see
[man]date[/man]
[man]strtotime[/man]